Weekly Market Report

Nicole Buntgen, Contributing Writer

A company by the name of Terra Gaucha has registered with the state of Nebraska to establish a restaurant at 13851 FNB Parkway in the former Charleston’s location. The business is described as an “upscale Brazilian Steakhouse” and has Florida locations in Jacksonville and Tampa as well as one in Stamford, Conn. An Indianapolis location is in the works.

Tiny’s Pizza Joint has officially debuted at the Inner Rail Food Hall after a soft opening last month. Owned by Sam “Tiny” Laughlin, the business specializes in handmade, made-from-scratch, New York-style pies measuring 16 inches.

True American Bar and Spirits, a new themed cocktail bar, has officially opened in the former Marylebone Bar & Grill location at 3710 Leavenworth Street. The business amplifies its tribute to 70s culture through its motto: “Jump into your time machine and blast off to simpler times.” The bar is described as, “unique cocktails, great music, a glowing disco ball and a photo booth all in a fun and aesthetic atmosphere.”

The Underground Kitchen, the latest dining concept in Little Bohemia, has officially opened at 1424 South 13th Street. Located in the Bohemian Gardens, the reservations-only restaurant dishes four-course dining experiences with a weekly rotating menu. Reservations can be booked through the restaurant’s official Facebook or Instagram direct messages.

Jersey Mike’s Subs plans to open May 15th at 3825 Denmark Drive in Council Bluffs’ Metro Crossing development, according to Perkins-Critser Construction, which built out the space.

El Milagro Mexican Bar & Grill opened for business this week at 529 North 155th Plaza in Pepperwood Village. The sit-down restaurant is the latest concept from Javier Trujillo, owner of Javi’s Tacos and several other restaurants.

Chick-fil-A has started construction on its future location at 15701 West Maple Road in front of Hy-Vee and Union Pizzeria and Sports Bar.

It’s getting closer—signage is officially up for Smash Park, an entertainment center opening this June at 8121 South 125th Street in La Vista, across the street from Cabela’s in the Southport development. The Des Moines, Iowa-based facility will include pickleball, cornhole, darts, arcade games, axe throwing and dining for leagues, parties, events and more.

Dundee Double Shot is now serving roasts named after Omaha neighborhoods, including Benson, Dundee, and the Old Market, according to KETV. To celebrate its 10th anniversary, the coffee shop will offer $5 gift cards with the purchase of a bag of roast through May.

Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks, according to CNN. The Pennsylvania-based retailer has Omaha locations at Westroads and Oakview Mall.

A big project is in the works for Lauritzen Gardens. The Marjorie K. Daugherty Conservatory, located inside the botanical garden, will temporarily close for updates from May 13 to November 22, according to KMTV. The 17,500 sq. ft. building will undergo two phases: the first focusing on above-ground upgrades, and phase two focusing on improvements to soil and water features, along with adding new plants. The Conservatory will reopen for its annual holiday show and close again in January 2025 for phase two. Full completion is expected by late 2025.

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Dolomiti: From Italy with Love

Dolomiti Pizzeria and Enoteca sits in a 160-year-old historic building in Millwork Commons and is owned by Tim Maides and his partner Carlos Mendez. When developing the pizzeria, Maides said, “We were not allowed to change anything that had historical significance.” This worked in tandem with their vision to create a space that was rustic, timeless and not too modern.

When you step inside Dolomiti, you can’t miss the heart of the pizzeria, a Marana gas-fired pizza oven imported from Verona, Italy.

“To us, having a piece of Italy here meant a lot,” Maides said. The oven fits with the rustic décor, and its rotating base allows Maides and his staff to be faster and more efficient.

Dolomiti was busy when we arrived early for our 8 p.m. reservation on Saturday. The dining room held a packed dinner crowd and was supported by a wait staff unphased by the evening rush. We thought we’d grab a drink and take everything in while we waited for our table.

Mutual of Omaha Shares Construction Details About New Headquarters Tower

Visual construction progress is underway on Mutual of Omaha’s future headquarters – which will rise to 677 feet and 44 floors tall – as the building’s shear core, akin to a “spine,” takes shape.

Construction of a skyscraper of this magnitude within a small footprint in a populated downtown area can present challenges. With the ingenuity of something called the DOKA Shear Core Climber, or self-climber, the project is making safe and efficient strides.

“Mutual of Omaha currently has the second largest self-climber ever built in the U.S.,” said Brian Krouse, Director of Construction with Lanoha Real Estate Company, the developer for the project. “Not only does the formwork provide a mold for forming the shear core, it also creates a safe working environment, serving as a hive of activity with crews working at three levels within the core.”

Over the next several months, the construction crew will engage in a repetitive cycle of preparing, pouring and erecting the shear core. The self-climber, which is identifiable as a yellow encasement around the structure, creates a mobile concrete formwork system surrounding three levels of the structure at a time.

The entire self-climbing formwork structure weighs approximately 1 million pounds. The top deck, which is above the yellow encasement, receives materials while iron workers tie rebar for the walls. The middle level, inside the yellow encasement, is a work platform for installation of rebar for the shear walls, as well as steel embeds and block-outs to be installed in the walls before they are poured. The lowest level of the system is a working platform and gantry system for the installation of steel beams, metal deck and concrete that form the floors within the core.

After the concrete is poured and sufficiently cured, 18 hydraulic cylinders lift the top two levels of the self-climber 15 feet to its new position. Once they are locked into place, the hydraulics lift the bottom level up to create the new platform position. The work cycle will repeat to a full height of 650 feet near the top of the tower. When the core work is complete, the tower crane will be used to disassemble the self-climber and safely lower its components to the ground.

“The assembly of the self-climber itself has been a culmination of months of engineering, planning and pre-assembly of the many parts that create the mobile concrete formwork system,” Krouse said. “A representative from DOKA, which is based in Germany, will be on site every week to make sure all the components to this intricate system are working properly.”

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Isaiah Ang, Contributing Writer

The South 13th Street Business Improvement District took a step forward as the City Council approved a resolution to formally create the City’s newest BID. It is roughly bounded by Mason and Vinton streets along 13th Street and extends east to 12th and west to 14th streets.

Like other BIDs – Downtown, Benson, and South 24th, among others – the 13th Street BID imposes a special assessment against real property located within the district’s boundaries to help fund infrastructure improvements, events, beautification efforts and maintenance of public improvements. Proponents of the BID seek to prioritize improvements to pedestrian experience and safety.

The former North Downtown Sol’s Jewelry and Loan properties at 507 and 514 North 16th Street will be sold to the City of Omaha under a development agreement with Kiewit. The City Council approved a purchase agreement of those parcels, in addition to 1502 Cass Street, to aid the development of the Noddle Companies-led Builder’s District. Under the agreement, Kiewit will reimburse all costs incurred by the City to acquire those properties. Sol’s has relocated to a new downtown location at 2215 Harney Street.

The City of Bellevue is considering a mixed-use project that would transform an existing industrial building at 2009 Franklin Street. The owner plans to build a second story onto the current 1-story, 9,000 sq. ft. The second story will consist of seven apartment units, while the first story will be renovated into a 6,000 sq. ft. daycare center and two ADA-compliant apartment units. The $2.7 million redevelopment lies south of a new townhome development in the Washington Park neighborhood.

The Omaha City Council this week approved the final plat for Hagen Hills, a 46-parcel subdivision northeast of 168th & Military Road. This future subdivision, just south of Bennington High School, consists of nearly 40 acres. Adjacent to the east of Hagen Hills is the location for the future Papio-Missouri River NRD Dam Site 7.

Council Bluffs seeks to open new areas of development with a new sewer line near the I-80 & Kanesville Boulevard interchange. Located north of Iowa Western Community College, the sewer project would connect from a BNSF rail line to the west side of the I-80 interchange. The City is considering a second phase that would extend east of I-80 as future development dictates. The $2.6 million project will be covered by ARPA funds. Construction is slated to begin in July or August.

Work is getting underway on the Salvation Army’s North Corps Community Center at 24th & Pratt Street. A $30 million renovation and expansion will include a gym, technology center and meeting space. Completion is planned for 2026.

Grow Sarpy issued its first Quarter 2024 Progress Report highlighting economic and development indicators. While valuation of total building permits ($148 million) surpassed those of Q1 2023 ($137 million), single-family housing permits were 30 percent lower. 167 building permits for single family housing were issued in Q1 2024 compared to 240 in Q1 2023. The number of platted single-family lots dropped dramatically with 217 in Q1 2023 and 13 in Q1 2024. Similarly, multi-family permits were down to 44 from 210 in Q1 2023/

Omaha Performing Arts has announced that its three major venues between 11th and 13th Streets and Douglas Street and Capitol Avenue will now comprise the Dick & Mary Holland Campus, in recognition and honor of the late couple’s support of the arts. The campus includes the Holland Performing Arts Center, Steelhouse Omaha and the Tenaska Center for Arts Engagement (opening in 2026).

U.S. News placed Nebraska at #3 in its 2024 Best States rankings. To compile the list, U.S. News draws on thousands of data points to measure how well states are performing for their citizens. Nebraska ranked particularly high in fiscal stability, infrastructure and natural environment. Here’s the top 10: 1. Utah; 2. New Hampshire; 3. Nebraska; 4. Minnesota; 5. Idaho; 6. Iowa; 7. Vermont; 8. Washington; 9. Florida.

The City of Omaha has announced that Roger Daltrey of The Who and Irish rock band, Inhaler, will headline the annual Memorial Park summer concert Friday June 28th. The concert begins at 6:30 p.m. followed by a fireworks show at 10 p.m.

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Berkshire Hathaway held its annual shareholders meeting, known as “Woodstock for Capitalists, last weekend in Omaha. The company reported a huge year-over-year increase in operating earnings in the first quarter, while its cash holdings bubbled to record levels, according to CNBC.

The Warren Buffett-led conglomerate posted an operating profit — which encompasses earnings from the company’s wholly owned businesses — that surged 39 percent to $11.22 billion from the year-earlier period.

3M celebrated the groundbreaking of a $67 million expansion project at its manufacturing plant in Valley, as reported by the Omaha World Herald. The expansion will add 90,000 sq. ft., including additional production lines and warehouse space. The company is utilizing incentives offered under the ImagiNE Act as it also plans to add 40 jobs.

The owner of the Cloud 9 Billiards Club received City Council approval for a special use permit to operate a members-only billiards club in a largely industrial district. Opening at 13435 A Street, Cloud 9 will be limited to 64 memberships. Boasting eight total 7-to-9-foot billiards tables, the club will be open 24 hours and will host tournaments.

Union Pacific Railroad is now offering a domestic intermodal service that cuts transit time down to three days for customers transporting goods from Southern California to the Chicago area. The new service runs daily from Union Pacific’s intermodal terminal in City of Industry, Calif. to Northlake, Ill.

Regus plans to open a co-working office in a 7,200 sq. ft., second-level space at Aksarben Center southeast of 72nd & Pacific Street, according to ACCESS Commercial.

Green Plains Inc. announced financial results for the first quarter of 2024. Net loss attributable to the company was $51.4 million, or ($0.81) per diluted share compared to net loss attributable to the company of $70.3 million or ($1.20) per diluted share, for the same period in 2023. Revenues were $597.2 million for the first quarter of 2024 compared with $832.9 million for the same period last year.

Werner Enterprises, Inc. has been recognized by Forbes on its 2024 America’s Best Large Employers list. Out of 600 companies featured on the list, Omaha-based Werner came in at #10 in the Transportation and Logistics category.

Scoular has been selected as a 2024 US Best Managed Company, the second year in a row it has received the designation. Now in its fifth year, the award, sponsored by Deloitte Private and The Wall Street Journal, recognizes the achievements of private companies and the successes of their management teams.

Haven Hospice has leased 2,700 sq. ft. at 11016 Mockingbird Drive, according to Gabrielle Estivo of NAI NP Dodge, who represented the landlord.

Valmont Industries, Inc. has declared a quarterly dividend of $0.60 per share payable on July 15th, to shareholders of record on June 28, 2024.

The Midlands African Chamber is hosting its 2024 Pitch Black Conference and Tech Showcase, presented by Google, June 29th. The theme is ‘Digital Disruption: Unleashing Opportunities for BIPOC Entrepreneurs.” Attendees will hear from national speakers and learn about AI innovation, fundraising and strategies to take businesses to the next level in the digital age. Five finalists will compete for a grand prize of up to $15,000 in the Pitch Black competition. The event will be held at Creighton University’s Harper Center from 8:30 a.m. to 5:30 p.m. Tickets HERE.

LEADERSHIP & MANAGEMENT

When hiring new talent, you might want to look for a candidate who has competency in your company’s weakest areas, according to Forbes Business Council: “Determine the key traits that comprise the company’s vision and culture and hire in alignment. Start by filling in the traits where the team is weakest and stabilizing the foundation of the business.”

Some companies post jobs they have no intention of filling. It may not be ethical, but there are several reasons companies post these “ghost jobs,” according to The Hustle: 1. To maintain a pool of potential applicants; 2. To give the appearance of growth; 3. To placate overworked current employees; 4. To motivate current employees.

Big companies are famous for highly specialized job titles, so you may not be surprised that Intuit hired a “Head of Company Listening.” This person leads a team that gathers employee sentiment data, analyzes it to produce insights from workers’ experiences, and then works with HR and other teams to help formulate talent strategies.

Fifty-six percent of Americans have an unfavorable view of TikTok, and half support a nationwide U.S. ban on the app from China-based ByteDance, according to a recent Reuters/Ipsos poll. A new federal law, passed with bipartisan support, requires ByteDance to sell its stake in TikTok within nine months.

New York City has lost a lot of high-net-worth individuals to other cities lately, but the Big Apple is still the richest metro area in the world, according to Bloomberg. NYC has 350,000 millionaires and 60 billionaires.

SALES

You don’t want to talk about price too soon. Sales expert Kevin Davis has a way to delaying answering the question. Let’s say the prospective client says, “What will this cost me?” You say, “I’d love to answer that question. Is it okay if I ask you a few questions first to make sure that I can give you an accurate quote?” Most times, they will say yes.

Sales leaders must focus on results rather than their reps’ busy work. “You will get what you choose to measure,” Says sales author Anthony Iannarino. “If you choose to measure activities, you will get activities. If you choose to measure results, you will get results.”

Sales Statistic – Only 39 percent of salespeople intended to go into sales.

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WISDOM

“If you give up freedom to get security, you deserve neither.” – Ben Franklin

Did you know Sarpy County recently completed a series of road construction projects covering nine square miles at $2 million under budget? The CONNECTSarpy – West project added several miles of new roadway between Harrison Street and Highway 370 from 168th to 204th streets.

Did you know that Westroads Mall was the 8th biggest shopping mall in the nation when it opened in 1967?

Did you know there are only two people who have the honor of being buried in downtown Omaha? Bishop Robert Harper Clarkson (1826-1884) and his wife Meliora McPherson Clarkson (1827-1902) are buried along Capitol Avenue next to Trinity Episcopal Church. (Source: Howard Hamilton)

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Mother’s Day Brunch at Crescent Moon on May 12th: Bring your Mom to the Crescent Moon Ale House for Brunch this Mother’s Day 10 a.m. to 3 p.m., and her first drink is on the house! Mom’s first drink – including tap beer, mimosas, house Bloody Mary, Beermosa, well liquor cocktails, house wine, domestic bottled beer or a non-alcoholic beverage, is on the house with the purchase of a meal. She’ll also get discounted bottomless mimosas and a whole lot of fun!

Mother’s Day Bubbles & Brunch on May 12th: Make Mom feel special this Mother’s day with a Brunch and Spritz cocktail experience! Join others on Sunday, May 12th for a unique experience celebrating moms in a fun and sophisticated way! Tickets must be purchased in advance, so get them while they last!

Culture Talk: Graffiti & Urban Art on May 15th: The Holland Center is hosting a free event open to all. Join others for the last Culture Talk of the season, taking a deeper look into the creative process behind graffiti with canvas displays. This conversation will be led by Hugo Zamorano, Alexander Houston & more! Please register prior to attending so everyone can be accommodated.

Napkin Sketches to National Impact: Gordon Whitten’s Entrepreneurial Journey on May 16th: Scale Omaha serves as a vibrant platform for startup founders, investors, and talent in the Omaha-Lincoln area, fostering connections, collaboration and growth. This month features Gordon Whitten, Principal & CEO of I See It Ventures, Inc., and multi-time exited founder, as the speaker. With a storied career that epitomizes the entrepreneurial spirit, Gordon has founded multiple successful companies, transforming industries and creating hundreds of jobs along the way. Join the conversation and learn from a successful local entrepreneur!

Toast Nebraska Wine Festival on May 17th & 18th: One of Omaha’s most beloved festivals is back. At Toast Wine Festival you’ll get a wine glass and unlimited tasting at 16 Nebraska wineries! Additionally, attendees receive a tote and access to over 30 artisans and food vendors, live music and dancing, educational sessions covering topics like charcuterie board making and explanations of Nebraska grape varieties, and the crowd-favorite wine bingo activity. Make sure to get your tickets before the big event!

Fraser Stryker has added attorney M. Olivia M. Norman. She helps clients with contract disputes, collection actions, labor and employment matters, appellate and insurance defense litigation. She most recently practiced law in Milwaukee.

McGrath North has added attorney Margaret Rossiter to its business and corporate practice group. The Omaha native received a law degree from Creighton University in 2019.

Koley Jessen has added Adam Odle as counsel to its commercial and technology contracts practice. With more than seven years of experience as in-house counsel for a global data advice and analytics firm, Odle brings a unique combination of legal and practical business acumen to the firm.

The Greater Omaha Chamber is a catalyst and connector, advocating for businesses small and large. Learn, share and grow with more than 12,000 professionals from 3,000 member businesses across Greater Omaha. Click HERE to see our latest events.

Last week, Mr. Market went through more mood changes than a gaggle of a 2-year-olds.

If anybody tells you they fully understand what Mr. Market is doing, they are smoking wacky tobacky. One thing we can say with some degree of certainty is that Mr. Market is just confused, not in the middle of full-blown trauma.

Currently, Mr. Market is preoccupied with the short term. In a week or so, he’ll put on his rose-colored glasses and return to a calmer state of mind. What’s driving his short-term distraction is the media’s hysteria about the economy, and WHAT’S THE FED IS GOING TO DO NEXT???

For the last six months, the Fed has simply rearranging the chairs on the Titanic deck. The only people who believe that the Fed is capable of fine tuning the economy are the Fed and a bunch of academic economists who don’t get out much.

What’s happened ever since The Fed stopped raising interest rates? Interest rates have gone up. The Fed does not set interest rates plural. They raise an interest rate singular. The only rate they can change is the discount rate – the rate they charge commercial banks to borrow from them. All the other rates are moved by the guys at the big banks and insurance companies who have skin in the game. When the Fed gets it wrong, they apologize. When bond traders get it wrong, they lose money.

That’s the short-term perspective. The longer-term perspective has to do with regression to the mean. This may sound like some highfalutin scientific theorem, but its rough English translation is, “things always return to the average.” An example of this is your local average temperature. When you have a hotter-than-normal summer, you might experience a colder-than-normal winter. If you didn’t, the average temperature would go up. And we know that, in most locations, the average temperature is fairly constant.

For the past century, the S&P 500 has grown at an average annual rate in the 10 percent range. Look at a chart of the S&P 500. It gently climbs upward to the right. You will also notice that in the process of doing this, it looks like a saw tooth. The market knows what the long-term trend line is, but there are times when it over shoots it. The only way for it to get back to normal is to go negative, but then it in the process, it over shoots it to the down side. The next step is to repeat the process all over again.

Moral of the story: Forget the Needle, Buy the Haystack.

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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