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Weekly Market Report – September 2, 2021
Cutchall Management Company plans to open the Omaha area’s seventh First Watch restaurant in La Vista’s Southport East development in 2022. The free-standing restaurant would be built near an existing Hampton Inn. First Watch currently has four locations in Omaha, one in Papillion and one in Bellevue.
Construction on the new Starbucks location at 86th & West Dodge Road has gone vertical, and the new building will soon be enclosed. The Starbuck’s sits on a pad site in front of the recently renovated 8601 Dodge building, which includes both office and retail space.
Speaking of coffee shops, The Beanery plans to open a fourth location southwest of 168th & Giles Road. The building will be constructed out of old shipping containers and is scheduled to open next summer. The Beanery operates existing locations in Ashland, Gretna and Papillion.
Interior buildout is well underway on the future Main Street Cellar, a wine bar coming to 2714 Main Street in Olde Town Elkhorn. Main Street Cellar will feature wine by the glass or bottle, charcuterie boards, wine lockers, a membership program and a three-season, roof-top patio. Main Street Cellar will be a “sister location” of Pacific Cellars at 17919 Pierce Plaza.
An AutoZone store is planned for the southwest corner of a small retail development under construction at U.S. Highway 6 and Bryan Street in Gretna. Other businesses in the development include a Fareway Meat & Grocery store, a Casey’s General Store and a yet-to-be-announced fast-food restaurant.
Sing Omaha Studios will hold a ribbon-cutting ceremony on September 9th, celebrating their new location at 8438 Park Drive.
Dripped + Draped, a coffee shop restaurant at 6015 Maple Street has closed. The owners have hinted that it may reopen in some form or location in the future.
The “Restaurant & Retail Updates” section is sponsored by TR Construction, and Omaha-based commercial and industrial company “building concrete excellence.”
The Big Story
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New Building in the Old Market
When we talk about construction downtown, much of the focus lately has been on the $400 million renovation of Riverfront, which includes the Gene Leahy Mall, Heartland of America Park, Lewis & Clark Landing and the Kiewit Luminarium science museum. Other downtown projects include the $100 million Steehouse Omaha and an 8-story juvenile justice center.
But construction activity is also occurring in one of downtown’s oldest neighborhoods and one of its most enduring tourist attractions: the Old Market. While sometimes taken for granted, the historic Old Market is always remaking itself for the future.
Foundation footings are now in place and construction is just starting to go vertical on the Moxy by Marriott hotel (pictured above) planned for a very small lot on the southwest corner of 12th & Harney Street. The site was once home to the beloved Old Market Diner.
The Moxy will be a 6-story boutique hotel that appeals to young professional and urban customers.
Moxy is a relatively new Marriott concept with only 25 existing locations in North America (there are 70 in Europe and 13 in Asia). Omaha will be the second smallest Moxy market ahead of only Chattanooga, Tenn. The closest existing locations are in Minneapolis, Chicago and Denver.
Just to the northeast of the Old Market area, at 10th & Farnam Street, a 5-story, 375-unit apartment complex is under construction as part of the new Mercantile development. That mixed-use project will eventually include several buildings on the northern part of the ConAgra campus.
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Grow Omaha Snippets
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As part of the Gene Leahy Mall renovation, construction is now underway on the Cascades, an interactive water feature along the north side of the mall between 10th and 11th streets. The Cascades will have three levels of flowing, filtered water and will be designed so that kids (and adults) can play in the water.
Iowa-based R&R Realty will build a 38,000 sq. ft., single-story medical office building southwest of 192nd & Dodge for MD West One. Construction will begin this fall with completion in early 2023. Just to the east, R&R recently completed the 180,000 sq. ft., four-story Waterford Building.
The College of St. Mary has opened its $18 million, 75,000 sq. ft. indoor athletic facility on the north edge of its campus, just west of Aksarben Village. The college has 190 student-athletes who compete in 11 sports.
Lockwood Development has started marketing its planned Shoppes at Heartwood, a retail development within a future 40-acre mixed-use development southwest of 144th & West Dodge Road. Free-standing, in-line and end-cap retail spaces are available ranging from 1,600 to 11,600 sq. ft.
Montclair Shopping Center near 132nd & West Center Road is under contract to be purchased by an out-of-town buyer. Seldin Company is the current owner and originally developed the 300,000 sq. ft. center after buying large tracts of farmland along West Center Road in 1957. By the way, Hy-Vee’s new liquor-store concept, Wall-to-Wall Wine & Spirits recently signed a 22,000 sq. ft. lease at Montclair.
Spencer Morrissey and Deb Graeve-Morrison of NAI NP Dodge are marketing an entire floor for lease at the FNBO office building northwest of 114th & West Dodge Road. The 7-story, 112,324 sq. ft. building has spaces available between 1,534 sq. ft. and 14,175 sq. ft.
88 Tactical will hold a groundbreaking ceremony September 16th for the expansion of their complex southeast of Interstate 80 and Highway 370.
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Local Business News
Local Business News Sponsored by FranNet of The Heartland:
Real Estate News from CoStar – After a stronger-than-expected summer for the travel industry, U.S. hotel occupancy increased 30%, average daily rate increased 10% and revenue per available room increased 40% year over year through July, largely reversing the declines in 2020 due to significant pent-up demand post-lockdown. That’s despite the recent uptrend in coronavirus infections.
A major Omaha company could be sold soon, according to TheMiddleMarket.com. Centerbridge Partners and Caisse de dépôt et placement du Quebec are nearing a deal to buy Omaha-based Medical Solutions, a travel nurse staffing firm, currently owned by private equity firm TPG Growth. The deal would value the company at about $2.3 billion.
Restaurant technology company Toast, which has a major office in downtown Omaha, is going public. The Boston-based company filed for an Initial Public Offering with plans to raise $100 million. Founded in 2011, Toast offers point-of-sale and kitchen display systems as well as restaurant delivery and marketing software. In addition to Boston and Omaha, Toast has offices in Chicago, Dublin, Ireland and Reno, Nev. The company has more than 2,200 employees who are referred to as “toasters.”
Since declining to a record low in April of last year, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, has remained above growth neutral for 15 of the last 16 months.
The Business Conditions Index, which ranges between 0 and 100, fell to a healthy 68.9 in August from July’s 73.1. Supply managers reported that supply chain bottlenecks represented the greatest challenge for the next 12 months.
New data from ACI Worldwide, a digital payment software company with a major office in Omaha, shows more consumers are shopping online for ease and convenience (76%) as opposed to avoiding potential COVID risks (59%). The survey of 2,342 adult U.S. consumers, which addresses grocery shopping habits since the start of the pandemic, also shows that online shoppers are more likely to use mobile devices (55%) than laptops and desktops (38%) to place their orders. Additionally, 31 percent of online shoppers use PayPal, while 22 percent use other mobile wallets such as Apple Pay and Google Pay.
CB Career Acceleration is a new program of the Council Bluffs Area Chamber of Commerce in partnership with Iowa Western Community College. The program helps under or unemployed residents, who are interested in a skilled career. The program is open to participants at any education or skill level. Financial support is available. Find out more HERE.
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People in the News
Sponsored by Baird Holm Attorneys at Law
Megan Skiles is the new executive director of the Greater Fremont Development Council, a public-private partnership that works to bring jobs and investment to the Fremont area. Skiles had previously served as manager of business attraction, retention and expansion at the Greater Omaha Economic Development Partnership.
WoodmenLife of Omaha has announced four new appointments: Kelly Liberty as vice president, strategic initiatives; Jen Hough as director, Agile business practices; Robert Cain as regional director of central Georgia; and Garrett Emerson as Florida regional director.
Lutz, an Omaha-based business solutions firm, has announced several promotions: Michael Greteman, M&A manager; Lauren Harris, CAS manager; Tyler Hohenstein, tax manager; Brad Newton, operations manager; Mark Otte, M&A manager; Robby Renshaw, HR manager; Dani Sherrets, M&A manager; Zach Weis, tax manager.
Creighton University has named Marcus Blossom as its new athletic director, replacing Bruce Rasmussen, who announced his retirement in August. Blossom most recently served as athletic director at Holy Cross in Worcester, Mass.
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