Weekly Market Report – October 6, 2022

Oct 6, 2022

Brought to you by:

Eagle Mortgage logo

Grow Omaha is proud to deliver this market report to you each week. This would not be possible without the support of our sponsor, The Offices at Turner Park!

Restaurant & Retail Updates

The former Lo Sole Mio restaurant at 3001 South 32nd Avenue is kind of coming back to life after closing this past July. The business has been purchased by local entrepreneurs Lance and Sara Brown, who plan to open a similar concept called “The Mio.” The new owners plan to offer many of Lo Sole Mio’s favorite menu items. Opening is planned for December.

More Good News – The former Lo Sole Mio banquet hall – on the west side of 32nd Avenue across the street from the restaurant – is getting a new restaurant tenant. Elie Berchal of Omaha plans to open a Puerto Rican restaurant to be called Chinchorro Caribbean Bistro in November.

Greenbelly plans to open a new location soon at 9810 Giles Road in La Vista. The restaurant will be in an endcap space of a fairly new building shared with Swimtastic. Greenbelly is a healthy quick-serve restaurant with existing locations near 114th & Davenport, 204th & Pacific Street and Aksarben Village.

SinfulBurger has opened its west location at 14544 West Center Road in Harvey Oaks Plaza. The original location is at 4005 Twin Creek Drive in Bellevue.

Bike Union and Coffee, located in a “George Jetson-style” building at 1818 Dodge Street, is changing its name to Astute Coffee and opening a second location near 29th & California Street.

Starbuck’s Coffee plans to open a location in a former Payless Shoe store building at 2716 North 90th Street.

First Row Fitness has moved to a larger space at 4040 Rivers Edge Parkway in Broadmoor at River’s Edge in Council Bluffs. First Row Fitness established in 2016, focuses on effective low-impact exercise, customized for every “Body” to accommodate all fitness levels.

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

Brought to you by:

digital rendering of Flatiron District project buildings

UNMC Project Will Facilitate Growth of Research & Collaboration

The NU Nebraska Board of Regents last week approved the University of Nebraska Medical Center’s plan to build an innovation hub on its new Saddle Creek campus in Omaha.

The project will bring UNMC’s UNeMed and UNeTech branches together to facilitate the growth of research and innovation and allow entrepreneurs, investors and innovators to collaborate in the renovated, 116-year-old Omaha Steel Castings industrial tract, located south of Farnam Street between 48th Street and Saddle Creek Road.

The Innovation Hub will be a UNMC-owned facility within the larger office development project known as “Catalyst.” Remaining space will be unfinished and leased to a wide spectrum of biotech and technology startups.

“The UNMC Innovation Hub at Catalyst is the next step to transform the Saddle Creek Campus from industry to innovation,” said UNMC chancellor Jeffrey P. Gold. “The flexible lease space will support entrepreneurial businesses in a collaborative environment, will generate income for UNMC and spur regional economic development.”

Within the building, the UNMC Innovation Hub at Catalyst will have access to shared conference rooms, amenities and collaboration zones. The project includes 40,834 sq. ft. of designated condo space for UNMC, including 8,510 sq. ft. for UNeMed, currently housed in Annex 14 at 4460 Farnam Street, and UNeTech, currently in Annex 32 at 3929 Harney Street.

“This innovation space will help us with our ultimate goal of seeing more university technologies developed into products that make the world a better place,” said Michael Dixon, president and CEO of the UNeMed Corporation, which works with UNMC faculty, staff and students to commercialize innovative ideas that have the potential to improve health for Nebraska residents and beyond. “In addition to the new building, the associated entrepreneurship development programs will develop and attract more entrepreneurs and collaborators.”

Associate vice chancellor Rodney Markin agreed: “The Innovations Hub is critical to the development of a start-up and tech/biotech ecosystem and will be the center piece for our technology development initiatives,” said Markin, who is also executive director of the UNeTech Institute, Omaha’s only university-supported startup incubator.

Construction work is expected to begin in the fall of 2022 with completion in spring 2024.

The Innovation Hub at Catalyst is part of UNMC’s larger Saddle Creek redevelopment project. In June, the Board of Regents approved the administrative facility at the corner of Saddle Creek Road and Farnam Street. Construction on the seven-floor office facility will begin this year with completion in late 2025.

This section is sponsored by TR Construction. With over 25 years of commercial concrete construction experience, TR Construction has expertise with projects large and small to include commercial building concrete, footings, paving, remove and replacement of concrete, industrial projects, and special projects for clients. TR Construction can deliver Concrete Excellence on your next project. Learn more HERE!

Grow Omaha Snippets

Grow Omaha Snippets Sponsored by:

Midtown Crossing Logo

The Omaha City Council has approved Tax Increment Financing for an $82 million, 5-story apartment building planned for the southeast corner of 48th & Dodge Street. The building will have 329 apartment units and a small amount of commercial space. Several existing commercial and residential structures will be demolished including a former gas station which has become an eyesore. The historic Pittman building at 4629 Dodge Street will be saved and incorporated into the project.

The Kennedy Square East project won approval this week from the Omaha City Council. Plans call for mixed-income apartments in a 4-story building to be constructed on a 6-acre site at 30th & Bristol Street in north Omaha. The new apartments will replace some of the units lost by the demolition of the Spencer Homes public housing project.

Many readers have asked us about the massive dirt moving project southeast of Interstate 80 & Highway 31. It’s the future Gretna Logistics Park, a 170-acre industrial development just south of Nebraska Crossing. Plans call for multiple large industrial buildings. The first one, a 400,000 sq. ft. speculative warehouse, should go vertical very soon and will be completed by late next year. A second building of 300,000 sq. ft. is on the drawing board.

A 111-year-old building next to the Douglas County Courthouse will go through a major renovation. The City of Omaha approved Tax Increment Financing this week for Shamrock Development’s planned $6.8 million renovation of the Keeline Building at 319 South 17th Street. The 7-story, 61,000 sq. ft. building will be used for office space with street-level retail.

The Omaha metro area is ranked #6 on the list of Best-Paying Cities for Gen Z, according to Lattice Publishing. Researchers ranked metro areas by the cost-of-living adjusted median annual wage for full-time Gen Z workers. Bridgeport, Conn. came in first place followed by Albany, N.Y.; Worcester, Mass.; Boston; Indianapolis; Omaha; Milwaukee; Harrisburg, Pa.; Cincinnati; and Grand Rapids, Mich.

Nebraska was ranked #3 on SmartAsset’s “States with the Best Infrastructure – 2022 Edition.” Nevada was first and Utah second. Rounding out the top five just behind Nebraska were Oregon and Maryland. The three worst states were West Virginia, Louisiana and Mississippi. Here are the rankings of Nebraska’s border states: #8 Kansas; #11 South Dakota; #15 Iowa; #17 Colorado; #19 Wyoming; and #35 Missouri. SmartAsset compared states according to road, bridge and public transportation quality, internet coverage, water system needs and electric grid reliability.

Creighton University’s $37 million residence hall under construction at 23rd & Burt Street will be named Graves Hall, after alumnus Lee Graves, CEO of ELM Companies of Fort Worth, Tex. Graves donated $12 million to the project. The 400-student building will open for occupancy Fall of 2023.

The University of Nebraska Medical Center’s research and sponsored projects continue to grow, with total research expenditures reaching $183 million in fiscal year 2022, a 3 percent increase from the previous year and the largest total in UNMC’s history.

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:

Real Estate News from CoStar – U.S. apartment sales during the past nine months have outpaced last year but some analysts say it could fall short in the fourth quarter of reaching 2021’s record level.

Apartment sales volume totaled $174.4 billion through the end of September, led by a record second quarter of nearly $75 billion. Third-quarter sales were lower than last year but roughly on par with 2019. Last year’s sales followed a 2020 pandemic-induced lull. Rent growth boomed in the back half of 2021 to help drive investor interest in apartments.

Werner Enterprises, Inc., one of the nation’s largest transportation and logistics companies, has signed a definitive agreement and closed on the acquisition of Baylor Trucking, Inc. Founded in 1946, Indiana-based Baylor operates 200 trucks and 980 trailers in the east central and south-central United States, with their network of two terminals. The acquisition increased Omaha-based Werner’s fleet size by 2.4 percent.

Viterra Limited has completed a $1.125 billion acquisition of Gavilon’s grain and ingredients business, according to the Omaha World-Herald. Gavilon is headquartered at 1331 Capitol Avenue. Viterra, a Dutch multinational agriculture company, purchased Gavilon from Tokyo-based Marubeni Corp.

The Greater Omaha Chamber held a ribbon cutting September 20th for FSC Edge’s new 60,000 sq. ft. facility in a former call center at 13831 Chalco Valley Parkway. FSC Edge is a new Omaha-based company that manages documents and data for the U.S. Patent and Trademark Office. It is a subsidiary of Paris-based Luminess Group.

The Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, fell again in September but remained above growth neutral for the 28th straight month. The index, which ranges between 0 and 100 with 50.0 representing growth neutral, dropped to 52.7 in September from August’s 55.5. This marks the index’s lowest reading since June 2020, and the fifth decline in the past six months.

The City of Blair is getting a $1.5 million federal grant to help accommodate a $300 million expansion of Novozymes’ biotech facility along the Missouri River, according to Nebraska Examiner. The grant will help build a larger water main to the expanded facility. Blair will match the grant with $2 million in local funds.

Novozymes, based in Denmark, first located in Blair a decade ago and is part of a larger campus operated by Cargill. The expansion will allow the production of plant-based proteins. Novozymes now employs 145 people at a plant that provides enzymes used in the production of ethanol at more than 100 facilities.

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

The Cost of Waiting for Mortgage Rates to Go Down

By Joe Finlay

Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision when you set your home buying plans.

The Impact of Rising Mortgage Rates

As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here’s how it works:

Let’s assume you want to buy a $400,000 home (the median-priced U.S. home according the National Association of Realtors is $389,500). If you’re trying to shop at that price point and keep your monthly payment low, your purchasing power changes as mortgage rates climb. For example, for every 1 point the interest rate increases, your monthly payment increases 10 percent. At 6 percent, your monthly mortgage would be about $2,400 and at 7 percent, your monthly mortgage would be about $2,700.

What about Points?

A time-tested way to manage the higher rate environment is to pay points. What are points? Mortgage points are the fees a borrower pays to trim the interest rate on the loan. Points faded away in the last decade. They will be making a comeback and are already on some lender rate sheets. In the near future, sellers may even elect to pay points on behalf of the purchaser.

Bottom Line

If you make a purchase and rates increase, then it was a smart purchase. If you make a purchase and rates decrease, you can refinance. Each person’s situation is unique. To make the best decision for you, let’s connect and explore your options.

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-founJeff Bealsder and sales trainer 

Sponsored by MyStaff, Inc.

Leadership & Management

While 87 percent of workers say they’re productive, only 12 percent of leaders are confident that their teams are productive, according to The Hustle. This has led to “productivity paranoia.” If you suffer from this affliction, pivot from stressing over whether employees are working enough to helping them prioritize what’s most important. Clarify what to do and reward impact over activity.

It’s not as ubiquitous as “quiet quitting,” but here’s a new term for you: “soft life.” Some members of the younger generation are opting to live so-called soft lives, according to Fortune, rejecting the struggle, stress, and anxiety that come with working a traditional schedule and grinding out one’s days on life’s hamster wheel. Let’s just hope not too many people from your team have gone soft.

We are often advised to “benchmark” our performance against other companies or other leaders. Ever wonder where that term came from? “Benchmarking” was first used by cobblers to measure customers’ feet for shoes. They would place someone’s foot on a “bench” and mark it to make a pattern for the shoes.

Sales

Top salespeople protect their time and the time of others, writes sales author Mark Hunter. They know that the most valuable resource they have is their time, and they don’t allow it to be wasted. And they don’t allow themselves to waste other people’s time, either. This is why they’re able to get meetings with people that other salespeople can’t – Because customers know that they’re going to respect their time, and not belabor the issue.

Egocentric bias might be at work when you send a prospecting email, according to Keith Lubner of SalesGravy. There’s a disconnect when it comes to expectations of email senders and recipients: “Our egos get the best of us because we think people can read our minds. We then get frustrated when they don’t respond to us in the timeframe that we have in our heads, but which we didn’t clearly articulate.”

Lubner recommends a simple hack: be specific with your request. In the case of the email, give the person the expected timeline for a response. It could be a quick sentence at the end, say something like, “I need a response by Tuesday at noon.”

Wisdom

“Leaders think and talk about the solutions. Followers think and talk about the problems.” – Brian Tracy

“We herd sheep, we drive cattle, we lead people. Lead me, follow me, or get out of my way.”- George S. Patton

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

Upcoming Events in the Metro

Powered by Vesta

Eagle Mortgage logo

Mimosa Bar Crawl on October 8th: Experience a bar crawl like no other! Bring your friends to experience a variety of breakfast foods and mimosas. This is the first Mimosa Bar Crawl in Omaha and one you’ll never forget!

Farnam Festival on October 8th: Farnam street is shutting down for their annual block party! This is an adult event with lots of fun activities for you to experience and even compete in. The line-up includes a dog show, an adult spelling bee, drag show, live music, and more!

Tacotopia on October 8th: The humble and delicious Taco offers the world so much and asks for little more than a tilted head. NFM is happy to be hosting another taco-filled festival with vendors, entertainment, and activities the whole family can enjoy! Make sure to stop on October 8th starting at noon and celebrate National Hispanic Heritage month with a tasty taco.

Family Fall Festival on October 13th: The Granary is kicking off fall season with a family festival in Ralston! This free event has something for everyone to enjoy. You can expect lots of fun activities and games throughout the day as well as hay rack rides! In honor of the spooky season there will be a showing of the movie Hocus Pocus and a spooky storyteller. Costumes and good times are encouraged!

Lunch and Learns on October 12th: This recurring event provides an informative lunch that focuses on a wide range of topics that benefit entrepreneurs and small business owners. Lunch is catered on the 2nd and 4th Wednesday of each month! Come out on October 12th to learn about work-life harmony and breaking the myth of work-life balance with Reana Mulcahy!

Prospect Hill Cemetery Tour on October 13th: Tour Omaha’s most historic cemetery and learn the tales of prominent settlers, the Queen of the Underworld, and the heartbreaking tale of a mass grave containing the remains of four boys. This is a guided, narrated experience full of tales that are interesting, educational and entertaining. The tour guides provide stories of cemetery residents, review symbolism found on gravestones, and engage in discussion about anything you’d like to know more about.

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

Metropolitan Area Planning Agency has announced its 2022 annual awards. David Brown, retired president & CEO of the Greater Omaha Chamber, received the Award of Merit. Korena Neppl, city clerk in Pacific Junction, Iowa, received the Regional Citizenship Award. The Regional Service Award went to Front Porch Investments, a non-profit focusing on affordable housing.

D&M Roofing & Siding, Inc. has promoted Tim Greve to general manager and Daniel Satterlee as sales director. D&M is a family owned full-service roofing and siding contractor serving the Omaha and Des Moines, Iowa metro areas.

Tony Smith has been appointed vice president and medical director at Mutual of Omaha. Before joining Mutual, Smith was a physician in the United States Air Force. He has experience as a family medicine physician in private practice and emergency medicine with EmCare at the Erlanger Health System. Smith was most recently a medical consultant at UNUM.

Scantron Technology Services has appointed Jodi Hilton vice president and Chief People Officer. She has more than 25 years of experience in HR leadership roles at a variety of companies.

University of Nebraska Medical Center Chancellor Jeffrey Gold is among a group of surgeon educators inducted last week as members in the American College of Surgeons Academy of Master Surgeon Educators during an event in Chicago. Individuals are selected as members, associate members or affiliate members following a peer review process. Gold was a “member” inductee. There were 64 members, affiliate members and associate members inducted this year.

Lutz has added Robyn Davis and Tom Hodgson to its Omaha office. Davis joins the firm as a client resource assistant. Hodgson joined the financial division as an Investment Advisor. He specializes in providing comprehensive financial planning, investment advisory and retirement planning services for high net-worth individuals and families.

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.

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

Unless you spent the last few months on a distant planet, you may have noticed that Mr. Market remains in a manic-depressive mood, and there is no indication that he is about to reverse course. The Wall Street media continue to contribute to the hysteria by continually hyping the Fed’s every jot and twiddle.

To help you create a response to Mr. Markets erratic perversity, I offer the following observations from the British economist Sir John Maynard Keynes, with a little help from the Oracle of Omaha, Warren Buffett.

In addition to being a revolutionary economist, Keynes was also a prolific investor. Keynes’ contemporary professional money managers devoted their days to devouring all the available information about the economy and then calculating what they thought it was worth.

Keynes took and entirely different tack. He believed the only thing that mattered was what investors thought it was worth. He approached investing from the perspective of someone who was asked to select the winner of a beauty contest. Keyes said not to choose the one you think is the best choice. Keynes stressed that you are not the one who determines the winner. That decision is up to the judges. Your choice should be the one you think the judges will choose.

Buffett takes Keynes observations one step further and gives the stock market a human persona he calls Mr. Market. Buffett’s Mr. Market is an emotional investor who constantly offers to buy and sell stocks to any interested party. Mr. Market is a tongue-in-cheek recognition of the fact that most of the time the stock market’s actions are based on arbitrary, random activity rather than rational, calculated reasoning.

At times, Mr. Market feels euphoric and can only see the favorable factors affecting the world of finance. When in that mood, he names a very high price, because he fears you’ll snap up his offer and rob him of potential gains. At other times, he’s depressed and can see nothing but trouble ahead for the economy. On these occasions, he will name a very low price, since he’s terrified that you will unload your stocks on him. Mr. Market doesn’t mind being ignored, and he’ll always be back tomorrow ready to quote you a new irrational price.

The Gnomes’ closing thought is that you should watch CNBC and read Yahoo Finance. Do this knowing that it’s not Jim Cramer’s job to make you rich. His job is to bring eyeballs and sponsor dollars to CNBC. You don’t have to take their advice, but you should be aware that there are some who do. As always, “forget the needle, buy the haystack.

Sofra Kitchen Now Open in Midtown Crossing!

Sofra Kitchen is now open on Farnam Street in Midtown Crossing. Located in the former Grey Plume space, Sofra Kitchen is a sister restaurant to Sofra Creperie, the fast-casual eatery in Aksarben Village.

Owner Nils Gjoca says Sofra Kitchen is a full-service restaurant now serving breakfast and lunch items. Unique dishes include the Truffle Shrimp Roll made with a French Brioche, Lox Avocado Toast and the BLT Benedict, as well as classic items such as the Sofra Burger, which is their take at the famous Big Mac.

All of their dishes are curated by Mikel Fane, a European chef with over a decade of experience working in regions such as Italy, Greece and the Mediterranean coast.

Sofra Kitchen is open daily from 7am-2:30pm at 220 S. 31st Avenue, Suite #3101.

Click here for more information.

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.

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

Don’t keep this newsletter to yourself. Forward it to your friends, clients and co-workers. You want to know the real reason we produce this report? It’s to remind Omahans about the vibrant, prosperous and growing city they call home. The more Omaha residents believe in their city, the more successful we’ll all be. Spread the news!

Know of someone else who wants to receive this newsletter? Have them send their name and email address to news@growomaha.com!

Subscribe Today!