Weekly Market Report – May 4, 2023

May 4, 2023 | 0 comments

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Restaurant & Retail Updates

Williamsburg Pizza, a traditional New York pizzeria has chosen Omaha for its first location outside New York. The award-winning restaurant currently has five New York City locations. The first Omaha store will be in a 1,600 sq. ft. space next door to an existing Jimmy John’s southwest of 168th & Harrison Street. The local franchisee eventually plans to open two or three additional Omaha stores plus locations in other markets.

Hawaiian Bros. Island Grill is expected to open its first Omaha location by the end of the year southwest of Interstate 80 & Highway 370 in Gretna. The local franchisee, DKPM Investments, eventually plans to open four Omaha locations and several others throughout Nebraska and western Iowa. Kansas City-based Hawaiian Bros. has more than 35 locations in seven states and serves “island inspired plate lunches, sides and salads.”

Netties Fine Mexican Food is going to rebuild after a December fire burned the popular restaurant to the ground, according to the Bellevue Times. The new building will be constructed on the original site at 7110 Railroad Avenue in Bellevue. A planned opening date has not yet been determined.

Jim’s Rib Haven at 3801 Ames Avenue was damaged by a fire in late March. Just like Nettie’s, this locally owned barbeque restaurant is making a come-back, according to WOWT. Refurbishing efforts are now underway inside the building.

Kaiyo Sushi is taking over the 2,700 sq. ft. former Beijing Tokyo space at 3503 Samson Way in Bellevue. Opening is planned in June.

Doozies Homemade Ice Cream & Burgers is moving into the former Jimmy’s All-American Malt Shop & Grill building at 4105 South 11th Street in Council Bluffs.

A Starbucks Coffee building is under construction at 18414 Evans Street, which is along the south side of Maple. The building sits in front of the future Fleet Farm store planned for that development.

Construction has started on a PepperJax Grill location at 204th & Laramie Road, a few blocks north of West Maple Road in the Elkhorn area.

Frank’s Pizzeria officially opened its Capitol District location earlier this week. Frank’s occupies the former Lighthouse Pizza space at 1170 Capitol Avenue.

Wonton Jon’s is getting closer to opening at 2740 North 61st Street in Benson. Interior build-out is mostly complete. It will be the first bricks-and-mortar location for this popular food truck company.

We have an official opening date for Muchachos’ new Omaha location – It’s tomorrow, Friday, May 5th. The popular New Mexican barbeque restaurant from Lincoln is located at 1258 South 13th Street in Little Bohemia.

Christian Brothers Automotive plans to build a store on a 1.024-acre site northeast of 114th & Highway 370 in Papillion’s Granite Falls development, according to Bryan Hartmann of NAI NP Dodge, who represented the seller of the land. Christian Brothers has an existing location at 173rd & West Maple Road.

Central Perch Vintage & Modern Market is holding a ribbon cutting today for its store at 105 Pearl Street in downtown Council Bluffs. The retailer sells home décor and furniture.

Over Easy, a locally owned breakfast-and-lunch restaurant at 16859 Q Street, is closing permanently on June 4th.

Brought to you by:

The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!

Learn more about Anderson Convenience market at www.Anderson1952.com

The Big Story

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Above: Workers install Charles Schwab signage atop the former TD Ameritrade building in Old Mill. Photo: Brad Williams

Metro Area Construction Video Updates

Our newest edition of the Grow Omaha Construction Update video, produced by Brad Williams and sponsored by Lueder Construction, is now available on our website or by clicking HERE. Grow Omaha’s construction videos are full of footage and information about developments across the metro area.

This week’s Big Story highlights just some of the projects you’ll see in the video:

Heartwood Preserve

The massive Applied Underwriters Headquarters is nearing completion on the south side of Heartwood Preserve (south of Pacific Street). The 4-story building will have more than 1,000 underground parking stalls. We are eagerly anticipating what the landscaping will look like when it is installed around this Class-A building.

Part of the Ovation senior living apartments on the northern portion of Heartwood Preserve was destroyed by fire last year just after it was completed. Rebuilding is about to begin.

In the northeast corner of Heartwood Preserve, closer to 144th & West Dodge Road, Gunderson’s Jewelers is building a 2-story flagship store. Just behind it will be an upscale cigar bar. To the east of Gunderson’s, construction is coming along on a Charleston’s Restaurant and A Mahogany Prime Steakhouse. These restaurants are relocating from 137th & West Dodge Road. The land right along 144th Street in front of these restaurants will include a free-standing Starbuck’s and a strip center with a Little King Deli Subs.

Lakeside Hills

The Lakeside retail development has three new projects underway. Chase Bank is under construction in front of Baker’s Supermarket. To the east, Rocket Carwash is expected to replace a former Arby’s building. A new indoor entertainment and recreation venue known as Sparetime Entertainment is taking over the 50,000 sq. ft. former Gordman’s store.

204th Street Corridor

Coventry Pointe is a mixed-use development at 6249 Coventry Drive and is very similar to the Prairie Queen development in Papillion. The Rows of Coventry at 207th & West Q Road is a large multi-family development in the far northwest corner of the mile-long Coventry development. On the south side of Coventry, utility work is underway for a Children’s Hospital & Medical Center clinic to be built near 205th & Harrison Street.

The North Streams mixed-use development, is going up northeast of 204th & Q Street. Plans call for up to 500 apartment units on the site plus single-family houses.

The Lueder Construction Project of the Month

The View on 39th is being built on a long-vacant site on the northwest corner of 39th & Dodge Street. The project will have two floors of underground parking with four floors of apartments on top. It will have 136 apartment units and 88 underground parking stalls. Building amenities will include a courtyard, community room and rooftop pool.

Northwest Omaha Development

Construction has gone vertical on a Burger Detour restaurant at 182nd & West Maple Road. On the northwest corner of 168th & Fort Street, The Westline at Flanagan Lake is a 237-unit apartment complex with great views of the lake.

Check out the video to see what all these projects look like!

Grow Omaha Snippets

Grow Omaha Snippets Sponsored by:

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A Guatemalan Consulate is set to open in Omaha soon, according to WOWT. Once it does, it will be Omaha’s second new Latin American consulate to open this year. El Salvador opened a consulate in March at 11422 Miracle Hills Drive. Mexico has had an Omaha consulate for many years. The number of Guatemalans in Omaha increased 50 percent between 2010 and 2020. The closest existing Guatemalan consulates are in Chicago and Denver.

The Omaha Public Library’s new downtown branch at 1401 Jones Street will officially open to the public on May 21st.

A developer is planning to tear down an outdated, 48,000 sq. ft. office building at 7101 Mercy Road and replace it with a 4-story, 200-unit, market-rate apartment building. A new, 5-story parking structure would also be built on the 3.15-acre site. Construction is expected to begin March 2024 with completion September 2025.

NewStreet Properties and Darland Construction recently broke ground on a 400,000 sq. ft. warehouse in the new Gretna Logistics Park southeast of Interstate 80 & Highway 31. The building will have 36-foot ceilings, precast walls and a cross-docking system. When completed, the 170-acre development will be Omaha’s largest contiguous industrial park with more than 2 million sq. ft. under roof. The first building should be competed March 2024.

Tommy’s Express Car Wash plans to build a location southeast of 180th & Harrison Street. Construction is already coming along on a Tommy’s between Panera and Costco near 124th & West Dodge Road.

An urban infill project is planned for the northwest corner of 13th & Pine Street in Little Bohemia. The site is comprised of three parcels totaling half an acre and includes the former Ethnic Sandwich Shop, which would be demolished. Plans call for 5-story building with 59 apartment units and 5,400 sq. ft. of ground-level commercial space.

Last year was a record breaker for Tax Increment Financing loans, according to the Omaha World-Herald. The City of Omaha approved $159 million in TIF, a financing tool used to encourage private investment in areas needing housing and revitalization. Over the previous seven years, TIF averaged $42.3 million per year. Two projects – Mutual of Omaha’s 44-story office building and Warhorse Gaming’s planned casino – accounted for 54 percent of the total 2022 TIF money.

Grow Omaha Snippets are brought to you by Omaha Car Care with four metro area locations – 131st & Dodge, 58th & Center, 85th & L and 144th & Harrison.

Omaha Car Care “We’ll be along for the ride.”

Business News

Local Business News Sponsored by FranNet of The Heartland:

Sign of the Times – Crews started installing “Charles Schwab” signage this week on the 12-story, former TD Ameritrade building in Old Mill. Schwab acquired Omaha-based TD Ameritrade in 2020.

Berkshire Hathaway’s first quarter earnings release will be posted online Saturday at 7:00 a.m. Prior to Berkshire’s annual shareholders meeting Saturday in Omaha, Warren Buffett, Berkshire’s Chairman and Chief Executive Officer, Charlie Munger, Berkshire’s Vice Chairman, Greg Abel, Vice Chairman Non-Insurance Operations and Ajit Jain, Vice Chairman Insurance Operations, will hold a question-and-answer session, which will be broadcast on CNBC beginning at 9:00 a.m.

For a third straight month, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, expanded above growth neutral in April. The index, which ranges from 0 to 100 (with 50.0 representing growth neutral), climbed to 54.8 from 50.8 in March.

King’s Home Kreations has opened a showroom at 20330 Veteran’s Drive. The locally owned “resurfacing” business specializes in kitchen and bathroom “face lifts.”

Green Plains Inc. has announced financial results for the first quarter of 2023. Net loss attributable to the company was $70.3 million, or ($1.20) per basic and diluted share compared to net loss attributable to the company of $61.5 million or ($1.16) per basic and diluted share, for the same period in 2022. Revenues were $832.9 million for the first quarter of 2023 compared with $781.4 million for the same period last year. EBITDA of ($27.7) million compared to ($27.8) million for the same period in the prior year.

Union Pacific Railroad, CN and GMXT have teamed up to create Falcon Premium intermodal service, a “best-in-class Mexico-US-Canada service with a seamless rail connection in Chicago.” It will directly connect all CN origin points within Canada and Detroit to GMXT terminals in Mexico: Monterrey, Nuevo Leon, and Silao, Guanajuato. “This service will directly benefit intermodal customers shipping automotive parts, food, FAK (freight all kinds), home appliances, and temperature-controlled products.”

Integrated Windows will open a gallery showroom at 12434 Westport Parkway in La Vista’s Southport West area in June. The Omaha-based company offers a full suite of Hunter Douglas window treatments.

Engineering News-Record has ranked Omaha-based HDR #6 among top design firms. It’s the ninth straight year, HDR has been ranked in the top 10. Standings are based on company annual revenue. HDR’s 2022 design revenue was $2.8 billion.

Werner Enterprises, Inc. has reported results for the first quarter ended March 31, 2023. Total revenues for the quarter were $832.7 million, an increase of $68.1 million compared to the prior year quarter, due to Truckload Transportation Services revenue growth of $29.9 million and Logistics revenue growth of $39.7 million.

McArthur Company leased 30,000 sq. ft. of industrial space at 4444 South 94th Street. In business since 1913, McArthur Company is a building materials supplier. John Meyer and Ed Petsche of NAI NP Dodge represented the landlord.

This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”

Grow Omaha Residential

Think Twice Before Waiting for Lower Home Prices

By Joe Finlay

Previously Owned Home Sales Numbers

Existing home prices in the Omaha area are up 2 percent over April 2022, but the number of existing homes sold is down about 35 percent. Monthly sales are down due to limited inventory. There was less than a one-month supply of existing homes on the market at the end of April, representing a seller’s market.

This is far below the 4-to-6-month supply needed for a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7 percent before falling again in recent weeks.

New Construction Sales Numbers

New home prices in the Omaha area are up 14 percent over April 2022. The number of new homes for sale has increased more than 75 percent over last year and represents more than a seven-month supply, creating a bit of a buyer’s market for new construction.

Omaha still exceeds the national average in terms of pricing gains. The west coast continues to bring the national average down with negative increases throughout California, specifically Oakland.

Bottom Line

While the national media reporting about home prices may be alarming, it is important to understand what is going on locally. Let’s connect and talk through the opportunity to invest in the Omaha market.

Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.

Grow Omaha University

Leadership & Sales Insights for Ambitious People

Compiled by Grow Omaha co-founder and sales trainer Jeff Beals.

Sponsored by Dundee Bank


Leadership Tip – Determine your biggest weakness as a leader. Then identify a staff member who excels at that skill and ask them to coach you. Let others know what you are doing so it will improve both your skill level and your image with the executive team – courtesy MindSet, LLC, a Bellevue-based leadership consultancy.

As a leader, you’re a mentor, but you might benefit from having your own mentor. If so, consider a trustworthy individual with proven leadership experience and a good reputation. I know of a couple leaders who actually have retired executives on retainer or even on the payroll. Their only job is to mentor the boss.

Nearly 70% of C-suite leaders in a Deloitte survey say they’ve considered quitting their jobs in favor of new opportunities that better support their well-being. Forty percent say they always or often feel overwhelmed in their roles. Twenty-six percent report struggling with depression.

Business Travel – If you’ve booked a flight lately, you probably noticed that ticket prices are really high. Why is that? According to an article by Anurag Kotoky of Bloomberg, there are several reasons: 1. Lack of planes; 2. Pent-up demand from travelers who didn’t travel during the pandemic; 3. Shortage of airline employees; 4. High fuel prices; 5 Many travelers who accumulated points during the pandemic are trying to use them at once.

Geoffrey Hinton, the “godfather of artificial intelligence” just quit his job at Google and says he regrets his life’s work because of the likelihood bad actors will use the technology for bad things.


According to HubSpot, 92 percent of buyers trust referrals from people they know. That’s why I always say referrals are the single most efficient form of prospecting.

Most sales pros consider qualification to be all about discovering prospective clients’ motives and determining their ability to perform financially. That’s true, but In reality, qualification is also about elimination. The faster you can eliminate an illegitimate prospect, the more time you have to spend on the good ones.

A very useful sales book dropped this week. Do It! Selling by David Newman shows you the inside track on sales positioning, packaging, prospecting, outreach, pricing, and how to get better clients. You can order your copy now by clicking HERE.


“There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle.” – Albert Einstein

Founded in 2006 right in the heart of Omaha’s Dundee community, Dundee Bank is all about local ownership, friendly customer service, and supporting the needs of our beloved community. With nearly 100% of your deposits going right back into our neighborhoods, Dundee Bank is committed to fueling growth, enabling loans, and fostering stability for you and your neighbors. So why not open an account at Dundee Bank and discover what it means to truly support local?

Upcoming Events in the Metro

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Cinco de Mayo at The Granary on May 5th: Celebrate Cinco de Mayo at The Granary Green with Union Omaha showing the soccer game on the big screen. Enjoy tacos from Taco El Chavo food truck, drinks from Bushwackers and other food from Granary Grill. There will be activities for both kids and adults to enjoy. Bring your friends and family out for a Cinco De Mayo celebration like no other!

The Omaha Farmers Market beginning on May 6th: The Omaha Farmers Market is celebrating 30 years in 2023! Beginning on May 6th, you’ll be able to come out every Saturday to the Old Market for Omaha’s best selection of farm-fresh, local produce and other goodies. The Market will be open every Saturday morning, rain or shine, from May 6th to October 14th! Come out to the first Farmers Market of the season and support your local businesses.

Doga at Omaha Dog Bar on May 6th: Get ready to start your weekend off on the right paw with DOGA! Unwind with your furry friend and stretch out those limbs with yogi extraordinaire Amber Ostblom. This event is not only a great bonding experience for you and your pooch, but it’s also the perfect way to get in some exercise before the weekend officially starts. Whether you’re an experienced yogi or a newbie to the practice, all are welcome to join in the fun. But don’t wait too long to RSVP – space is limited and spots are filling up fast!

Poetry & Music Concert on May 7th: Opera Omaha presents the premiere of 16 original pieces, which combine words from Nebraska students’ poems with music by professional composers. The event features the work of Gabrielle Herbst and J.E. Hernández. These poems were selected from a pool of 135 submissions by young poets in grades 3 through 12 from 14 Nebraska counties. Poets and composers collaborated in the behind-the-scenes artistic process. The FREE concert is part of the 2022-23 Poetry & Music Project, celebrating the power of words and music to inspire and move us. Come out to experience the creativity and talent of young poets and composers!

May Modus Coworking Free Coworking Day on May 11th: Modus is offering a free coworking day on the second Thursday of each month from 8am-5pm. High-speed wifi, office amenities, unlimited coffee and tea, and catering from a local business are all available for free. Stay for the complimentary happy hour starting at 4pm, which includes free wine and snacks. It’s a great opportunity to network and connect with other professionals. Whether you’re traveling through Omaha or looking for a new workspace, Modus is the perfect place to upgrade your workday. Join us for a productive and fun experience!

This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.

Eagle Mortgage can help you realize your dream of owning a home.

People in the News

Sponsored by Baird Holm Attorneys at Law

a beautiful blue and white house with a green lawn
digital rendering of Flatiron District project buildings

Dr. Kandace Miller, president & CEO of the AIM Institute, plans to step down after 30 years with the organization. The institute’s board of directors is conducting a national search for a successor. The non-profit AIM Institute fosters the growth of Omaha’s tech sector.

Ervin & Smith, and Omaha-based marketing firm, has promoted Megan Jenkins to director of client success and Alfredo Lang, as director of client strategy.

WoodmenLife has appointed Travis Lowe as regional director of Louisiana. He joined WoodmenLife as a sales representative in Sparta, Tenn., in 2003. He was promoted to recruiting sales manager in the Tennessee East region in 2006, and then appointed regional director of Pennsylvania/Maryland in 2017. In 2018, he was appointed regional director of North Carolina West.

Dodge Partners Insurance has added Joe Herold as an account manager. An Omaha native, Herold graduated from the University of Nebraska-Lincoln 2020 and has been working in the insurance industry ever since.

Lutz, an Omaha-based business solutions firm, recently added Melanie Owens as receptionist and Tara Rediger as an administrative assistant in the company’s Omaha office.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

Wall Street: The Week in Review

with George Morgan

The author is founder of Morgan Investor Education of Omaha.

Sponsored by Baird Holm Attorneys at Law

Views and opinions expressed herein are solely those of the author.

Mr. Market continues to stumble his way through the Q1 earnings season. The good news is that it gives Cramer something other than the Fed to talk about. The Fed jibber jabber is BORING because the Fed’s next move is already baked into the brownies.

Reaching deep into their wordsmith pool, the brainiacs at CNBC came up with a new term. They have declared this earnings season, “the season of the big cap tech stocks.” A bit of a stretch unless you consider a guy in a navy-blue Dodge van who pulls up to my doorstep and drops off my new pickle ball paddle, a tech stock.

Oh well…Who am I to question the media kings?

There is a plethora of lessons to be learned from this earnings season. That first lesson is that the market is not monolithic. There are a whole bunch of other players other than just the guys who invest based on the financial fundamentals. If you paid attention to the activity immediately following the release of the earnings reports, you will see massive spikes in volume and index numbers – followed by an equally violent reaction when the next data point hits the wire. This is algo driven, not the result of geeks crunching numbers.

Another lesson reinforces the academics’ position that the markets are efficient. That is, they immediately respond to all available public data. YES, they do respond to all public data, but the bigger issue is the nature of the response. There were a couple of the big tech stocks that had better-than-expected earnings. Mr. Market’s reaction was not what you would expect. He sold them rather than bought them. The big dark secret is what the algos have programmed into their black boxes. One person’s good news is another person’s bad news.

A third lesson is that the market infrastructure is not static. Rather, it’s constantly changing. In their quarterly Top Advisors Review, Barron’s Magazine reported that Wall Street advisor teams are beginning to divide themselves into two camps. The first being the traditional teams who tout their ability to beat the market. But, there are a growing number of financial advisors who are taking the index fund approach. Ten years ago, using index funds was an impeachable offense.

I have often lamented the lack of media coverage of the index/passive approach. Just recently, I have noticed an uptick in ads for passive/discount products. Ads for SPYD index funds frequently pop up on CNBC during market hours. Fidelity ads are showing up during weekend golf shows, and Schwab is running full-page ads in the WSJ. If you can’t lick ‘em, join ‘em.

George Morgan is founder of Morgan Investor Education of Omaha.

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Have You Watched Grow O on Video Yet?

Jeff Beals, Trenton Magid and a guest in the KFAB 1110 Radio Booth

The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.

Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!

Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.

Support the Grow “O” Mission

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