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Weekly Market Report – November 16, 2023
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Restaurant & Retail Updates
Time to Rise & Shine is a brand-new restaurant coming to the former Sunnyside Elkhorn space at 2611 North 204th Street. Opening is planned for early December. The breakfast-and-brunch restaurant is being created by Javier Trujillo, owner of Javi’s Tacos.
Also from the owners of Javi’s Taco’s, construction is under way on Frosty Mugs Sports Bar, which will open in January in the former Site-1 Taproom space on North 204th Street. Frosty Mugs will be family friendly and will feature game machines and 17 televisions. Included on the menu will be build-your-own-style burger and pizza options.
Roxxy Omaha opens today at 1150 Capitol Avenue in the Capitol District. Located just west of Texas de Brazil, Roxxy is a retro bar concept from Iowa City. A sister bar, The Stuffed Olive, will open in next month.
Circo has opened in the former Julio’s space near 192nd & Q Street. The “chef-driven” restaurant serves contemporary cuisine with curated wines, craft cocktails and local beer.
Three new tenants are coming to Metro Crossing Shopping Center in Council Bluffs, according to The Lerner Company. They are Jersey Mike’s Subs, Hotworx and Noodles & Company. Metro Crossing is a retail power center located southwest of the eastern interchange of Interstates 80 & 29.
Exterior walls are being erected for Omaha’s third Costco Wholesale Store on the southeast corner of 180th & West Maple Road.
GARAGE opened its first Nebraska store last Saturday at Westroads Mall. The national retailer sells casual clothing targeted to teens and young women.
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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 assemble a tower crane yesterday at 72nd & Dodge Street on the Omaha Central Library construction site
(photo by Brad Williams)
Development Progress Along Dodge
Many decades ago, Omaha was considered a “north-south” city, meaning most development activity spread to the north and south of downtown. Neighborhoods and commercial districts stretched from Florence to Bellevue. In those days, the west side of the city wasn’t as significant.
But now Omaha is more of an east-west town with development stretching 18 miles west of the Missouri River all the way to the Elkhorn River. Along that east-west orientation, much of the focus is on the spine – Dodge Street/West Dodge Road. That corridor tends to be the most densely populated in the city and has the highest real estate values.
In today’s Big Story, we focus on that spine, highlighting some of the major construction projects currently underway along the Dodge corridor, or at least within a couple blocks…
On the east side of the Holland Performing Arts Center, along the south side of Dodge, construction is just about to go vertical on the $108 million Tenaska Center for Arts Engagement. Completion is planned for 2026. Just a block south of Dodge, the shear tower is starting to rise between 14th & 15th streets for the $600 million Mutual of Omaha headquarters. When the 44-story, 800,000 sq. ft. tower opens in 2026, it will be the tallest building in a multi-state region.
The current epicenter of Dodge corridor construction is in Midtown, where countless projects totaling billions of dollars are planned or underway. At 39th & Dodge Street, Lueder Construction is the general contractor on The View on 39th, a 4-story apartment project. At 48th & Dodge Street, ACCESS Commercial, Sower Investment Partners and Burlington Capital have started work on a 5-story, 329-unit multi-family building.
MH Hospitality is building a 6-story Hampton Inn on the southwest corner of 44th & Douglas Street that will serve the booming Med Center area once it opens. The Child Saving Institute southwest of Dodge Street & Saddle Creek Road has started working on a $46 million expansion project that will double its square footage.
The University of Nebraska Medical Center is Midtown’s anchor, and it’s the site of Omaha’s biggest planned projects. Work is expected to begin next year on a $2 billion expansion of the Med Center’s medical-surgical space on the southeast corner of 44th & Farnam Street. Dirt work started a couple weeks ago on the southwest corner of that same intersection for the $105 million, 6-story Campus Operations and Research Excellence Building. A former steel factory on UNMC’s new west campus is being converted into the $65 million Catalyst project that will bring together academia and commerce.
Technically, it’s not the busiest intersection in town, but most people consider 72nd & Dodge to be the most important intersection. It’s our “crossroads,” the corner that divides the city into unofficial quadrants. It also happens to be a construction hot spot.
Crews erected a tower crane this week on the southwest corner of 72nd & Dodge Street, which will be used to build the City of Omaha’s central flagship library. The 3-story, $150 million building will be an architectural landmark. Completion is planned for 2026.
On the northwest corner, infrastructure has now been installed for the long awaited, mixed-use development planned on the former Crossroads Mall site. We could see buildings start to go vertical next year.
This section is sponsored by RENZE. For over 128 years, we have been providing our clients with innovative solutions for interior corporate and retail branding, as well as unique exhibits and graphics for tradeshows and events. With leading-edge equipment and quality craftspeople working out of our 90,000 sq. ft. facility, we partner with you to help create your vision. We like watching brands grow. Click HERE to see our recent work for Steelhouse Omaha!
Grow Omaha Snippets
Grow Omaha Snippets Sponsored by:
A groundbreaking ceremony took place today for the $6 million “Baby Bob” pedestrian bridge, which will connect North Downtown with the Bob Kerry Missouri River Pedestrian Bridge. Construction has already started along the north side of CHI Health Center Omaha. Completion is planned for the end of next year.
Nebraska is the Number 10 best state to work in 2023, according, according to a study released this week by Peak Sales Recruiting. The study analyzed wages, union representation, work hours, taxes and remote work. The 10 best states are (in order) Oregon, New Hampshire, Massachusetts, Montana, Delaware, Washington, Minnesota, North Dakota, South Dakota, and Nebraska.
The ImagiNE Act, passed in 2020 to spur economic growth, has so far attracted agreements with 50 companies that pledge to create a total of 2,481 jobs and invest $1.55 billion, according to Nebraska Examiner. The largest project so far is Mutual of Omaha’s headquarters tower. Other large projects are Clean Harbors of Kimball ($180 million in investment and 80 new jobs), Perfect Day Inc. of Blair ($275 million and 70 jobs) and Novozymes of Blair ($267 million and 50 jobs).
New buildings have been constructed on the northwest corner of 192nd & Blondo Street. Lockbox storage has opened a 95,000 sq. ft. self-storage facility with full-time, on-site staff and security features. It offers 12×40 units, a 55-foot drive lane to back in RVs or boats and both climate-and-non-climate controlled drive-up units.
Right next door, McGregor Interests has completed construction on a 30,000 sq. ft. multi-tenant building. D1 Sports Training and Chipps performance baseball training are already operating in the building. Trekk Engineering plans to open in the building within 30 days.
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.”
Local Business News Sponsored by FranNet of The Heartland:
Werner Enterprises declared a regular quarterly cash dividend of $0.14 per common share. This dividend will be paid on January 17, 2024, to stockholders of record at the close of business on January 2, 2024. Werner has paid a quarterly cash dividend to its stockholders every quarter since July 1987.
Turner Construction was awarded “Business of the Year” at the Sarpy County Chamber of Commerce awards program last week. Turner has had a presence in the country since 2017.
A recent Mutual of Omaha survey revealed that just 37 percent of women have life insurance coverage that could replace their income should something happen to them. That compares to 50 percent of men.
Blue Kangaroo Packoutz of Omaha/Lincoln has leased 6,000 sq. ft. of industrial space at 14543 Industrial Road, according to John Meyer and Will Schneidewind of NAI NP Dodge, who represented the tenant. The company provides full-service cleaning and restoration services and has locations in 30 states.
Through a new program called Canola MVP, Omaha-based Scoular is partnering with Kansas and Oklahoma farmers to expand canola production to feed the growing renewable fuels market.
NP Dodge Real Estate won first place for the “Best of Omaha” contest presented by Omaha Magazine, KETV and Boomer! Radio Network. This is the 32nd year of the contest, but only the fourth year a real estate company category has been included. NP Dodge Real Estate has been voted first place every time.
Werner Enterprises earned two Military Friendly designations for 2024. The Omaha-based transportation company was named Number 3 on the Top 10 Military Friendly Spouse Employer list and Number 5 on the Top 10 Military Friendly Employer list for 2024. Werner also earned Number 49 on the 2023 Military Times Best for Vets: Employers list. Werner was the highest ranked trucking company and Nebraska-based company listed.
For a third straight month, the Creighton University Rural Mainstreet Index sank below growth neutral. The index is a survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The region’s reading for November fell to 40.4 from 44.4 in October and 49.5 in September. A reading of 50.0 represents growth neutral.
Thanks in part to lower gasoline prices, inflation cooled to 3.2 percent in October, according to the Wall Street Journal.
Given the presence of out-of-control “tipflation,” The Pew Research Center surveyed 20,000 U.S. adults about their tipping habits. Ninety-two percent tip at sit-down restaurants. Smaller majorities tip when getting a haircut (78%), having food delivered (76%), buying a drink at a bar (70%), or using a taxi or rideshare service (61%). Relatively few Americans always or often tip when buying a coffee (25%) or eating at a fast casual restaurant (12%).
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
2024 Housing Market Forecast
By Joe Finlay
The New Year is right around the corner, and the housing market forecast is looking pretty good. Let’s take a look at prices and number of sales.
Experts Forecast Ongoing Home Price Appreciation
Experts from Fannie Mae, the Mortgage Brokers Association and the National Association of Realtors, have all weighed in on their housing market forecasts for next year. On average, they forecast prices will end this year up about 2.8 percent overall, with Omaha likely being even higher than that. They forecast an increase of another 1.5 percent by the end of 2024.
That’s big news, considering so many people thought prices would crash this year. The truth is prices didn’t come tumbling way down in 2023, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted them. That inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into 2024.
Experts project home prices will continue to rise next year, but not quite as much as they did this year. Remember that home price appreciation is cumulative. If the experts are right, after your home’s value goes up by 2.8 percent this year, it should increase by another 1.5 percent next year. That ongoing price growth is a big reason why owning a home can be a smart decision in the long run.
Sales Should Increase Slightly Next Year
While 2023 hasn’t seen a lot of home sales relative to normal years, experts are forecasting a bit more activity next year. While we expect just a slight uptick in total sales, improved activity next year is a good thing for the housing market – and for buyers and sellers. As people continue to move, that opens up options for hopeful buyers.
So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who need to move. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.
If you’re wondering what it will take to sell your home in 2024, or what you need to do to get ready,let’s connect and talk through the 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
Sponsored by Dundee Bank
LEADERSHIP & MANAGEMENT
U.S. companies spend a total of about $170 billion on training each year. Globally, it’s nearly $380 billion. Training is not urgent but it’s extremely important. Because of that, companies can fall into the trap of putting it off. “Training procrastination” eventually catches up with you.
Leadership can often be equal parts “high confidence and self-esteem” and “worrying if you’re doing it right while continually searching for answers,” according to Gallup. Whether you’re a leader in an organizational setting or have high influence in some other capacity, improving your leadership begins with a focus on improving what you’re already good at.
Attention new sales managers: If you ask a lot of experienced sales leaders what they would have done differently in their first year, many of them would say, “spend more time recruiting.”
Heads up: Google has notified its customers that it will delete millions of old Gmail accounts. The company will purge accounts that have dormant for two or more years. The move is expected to cut down on phishing and fraud.
Referrals are the single most efficient form of prospecting, yet many sales reps don’t take advantage of them. Why? Perhaps reps don’t want to impose after they already made money from a person or they don’t want to “go to the well one too many times.” Maybe they’re worried they didn’t do a good enough job. Maybe it’s just a matter of procrastination.
Every sales department has a “master,” a salesperson who is always on top of the leader board, says sales expert Chris Corey. If you want to know how to be that person, read more HERE.
Companies with a formal coaching process see 91.2 percent of overall quota attainment as compared to 84.7 percent quota attainment for companies with an informal coaching process, according to The Center for Sales Strategy.
You can improve your sales skills without burdening your already-overloaded schedule. It’s called BragBird, and it fits into your regular sales meetings. You can also use it for new sales rep training. Because it’s cloud-based, you have constant access to all the content on demand. Here’s a free module so you can take it for a test drive. Click HERE now!
“Nothing is as powerful as an idea whose time has come.” – Victor Hugo
Did You Know?
Surprising Facts, Figures & Points of Pride That Make Omaha Unique
This section is sponsored by Lockbox Storage.
Did you know that the Omaha metro area is home to the largest concentration of Google operations in the world? Google operates two data centers in Council Bluffs, the larger of which is undergoing yet another massive expansion. Google continues to build its Papillion data center and is making a lot of progress on its newest Omaha-area center near 114th & State Street.
Did you know the Magnolia Hotel Omaha at 1605 Howard Street was originally an office building? It was called the Aquila Court and was built in the 1920s. Offices were on the upper floors, while upscale retailers operated on the ground level. Aquila is the Latin word for eagle. (Source: The late Omaha historian Howard A. Hamilton).
Did you know the City of Omaha plans to invest $54 million to turn Tranquility Park in northwest Omaha into a premier youth multi-sports complex? The entire project is scheduled for completion in 2027.
This section is sponsored by Lockbox Storage, an affiliate of Omaha-based McGregor Interests Inc. We provide storage solutions for all of your storage needs. Our facilities have full-time managers and bright lighting to provide superior security for your belongings. In addition to space for rent, we also provide packing supplies, protection plans and locks along with complimentary handcarts and dollies. Visit LockBox Storage and let us help you with all your storage needs.
Upcoming Events in the Metro
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Elf Movie Party on November 17th: Come out to Alamo Drafthouse and spread the cheer at this sugar-fueled, interactive holiday spectacular, packed with games, props, and of course, singing loud for all to hear. The ELF Movie Party features all sorts of fun props, a gift “wrap off” before the film your very own elf hat. Bring a friend, family member or just yourself to kick off the holiday season with the classic Elf Movie!
Creatives & Coffees on November 18th: Unlock the power of connection at Creatives & Coffees, where entrepreneurship, creativity and remote work converge to break the isolation barrier. Open to all active minds, whether you’re crafting art, penning poetry, composing melodies, coding or building a business, you’re invited! Join in every 2nd and 4th Saturday from 1-3 p.m. for a dynamic gathering of like-minded individuals. It’s the perfect opportunity to collaborate, create and receive valuable feedback on your latest projects!
“Feztival” of Trees 2023 from November 18th-22nd and 24th-25th: The Tangier Shrine Center is hosting a holiday display like no other! This is an all-ages event with a special chance to win a fully decorated Christmas tree and the gift associated with the tree. Wander through the sparkling displayed trees and make it a Thanksgiving week tradition! Children under the age of 12 get free admission!
Coming Home for the Holidays Annual Celebration on November 19th & 20th: This year the annual Coming Home for the Holidays event features not one, but two days of holiday cheer and shopping in support of the Durham Museum. Grab a few friends and join the Durham Museum’s On Track Guild for a wonderful time of food and shopping that is sure to put you in the holiday spirit! Sunday, November 19, 6-9 p.m., enjoy the festive Great Hall while munching on tasty hors d’oeuvres and shopping local vendors. Monday, November 20, 10:30 a.m. to 2 p.m., enjoy the same vendors and the museum’s signature Christmas tree and join in on the local shopping and luncheon from 10:30 a.m. to 12 noon. Monday will also feature a speaker, Katie Laughridge, the new steward of Nell Hill’s Kansas City’s home decor, furnishings, fabric and home and garden accents destination. Come to one or both events; a discounted ticket will be available if you purchase tickets to both events!
Turkey Trot on November 23rd: Participate in this year’s Turkey Trot happening on Thanksgiving Day at the CHI Health Center in Omaha. Kick off turkey day by joining a 5k course estimated to take about 1 hour and 20 minutes! Start and finish line is at Charles Schwab Field and the run begins at 9:00 a.m. Special treats and Cake Creation Donuts will be waiting for you at the finish line. Bring out the family for a fun run and a special treat!
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
The Federation Internationale des Bureaux d’Extraits de Presse, a global media intelligence membership association, has elected Todd Murphy, president of Truescope and longtime Omaha business leader, as president of its board of directors. Murphy is the first member from North America to lead the organization in more than 30 years. He joined the board in 2021 as vice president and has been a member since 2016.
Union Bank & Trust has hired Nick Wimmer as vice president – commercial lending in the Omaha market His will originate commercial lines of credit, term loans and other lending products to borrowers while cross-promoting other bank products and services.
The Salvation Army of Omaha has added two new members to its advisory board, serving three-year terms: Marcus Bell is CEO of Omaha Bridges Out of Poverty. Carrie Zoucha is vice president of commercial payments at FNBO.
Wall Street: The Week in Review
with George Morgan
Morgan is the 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.
We need to have a talk about the evil F word: Fees! And the even more evil F word: HIDDEN FEES. Like death and taxes in the real world, fees are an inevitable component of the investment process. Also, like death and taxes, we cannot eliminate them, but we can learn to deal with them.
There are two significantly different business models currently operating in the financial services industry.
The first model belongs to the full-service broker dealers. Their clients have a designated broker who advises them and manages their assets. The discount/internet broker dealers represent the other model. Most of their clients make their own investment decisions and place their own trades.
Three decades ago, the Securities and Exchange Commission put forth a dictum that the full-service broker dealers must monitor their employees’ communications with the public. Initially, that meant reviewing and recording their brokers’ snail mail. It was time consuming but manageable.
Then along came social media and the monitoring function grew exponentially. Now the SEC is dealing with how to regulate texting. Suppose a broker texts a clint and says, “Let’s do lunch.” Is that a “communication with the public?” Then the broker’s kid asks for a ride home from school. How does a compliance department monitor and retain this smorgasbord of electronic chatter?
Now to the hidden fees thing…So far this year, the SEC has fined full-service broker dealers $1.2 billion for failure to properly monitor their employees use of text messages. Who pays the $1.2 billion? Well, folks, I hate to tell you this, but Santa is dead. The fines are a cost of business that is somehow passed on to the clients.
The other business model belongs to the internet/discount brokers. Most of their clients manage their own accounts. They place their trades directly without the advice of a broker. Thus, internet/discount firms have no brokers to monitor. These firms do not have the regulatory expenses or potential fines incurred by the full-service firms. There’s nothing to pass on to the client.
Who am I to say one of the business plans is right and one is wrong? NOT! Investing is not a one-size-fits-all proposition, and an informed investor is a better investor. Successful investing begins with defining what you want to accomplish and then choosing a methodology that will get you there.
P.S. Not only is Santa dead, so are the Easter Bunny and Tooth Fairy. Have a nice day.
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Have You Watched Grow O on Video Yet?
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.
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