Episode Transcript
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Speaker 1 (00:00):
This is Grow Omaha, the only radio show that talks
about economic development, construction, business expansion, and all of those
things that make Omaha a great place to live or visit.
Grow Omaha on News Radio eleven ten k bab Well.
Speaker 2 (00:15):
Good morning and welcome to the show. Jeff beials here
at your service, So glad you joined us. This is
the only show in the metro area that talks about
real estate and construction, economic development, the growth and development
of Omaha and the surrounding metropolitan area. We are grateful
for our title sponsors. They are Cheer Athletics, the nation's
(00:36):
number one all star cheer Jim along with Dingman's Collision
Center Best of Omaha Award winner for autobody Care for
many years running with four soon to be five metro
area locations. At this time, I want to bring on
my co host. He is a man who is absolutely
legendary in the Omaha commercial real estate market from naimp
(00:59):
DOT Commercial real Estate, Trenton Maggot.
Speaker 3 (01:02):
Thanks Jeff, and good morning, and we're especially grateful for
all of you are faithful listeners over twenty well almost
twenty two years. Come January tenth.
Speaker 2 (01:13):
That's right, in January we will have been on the
air for If we can make it just a few
more months, we'll be able to say the FCC has
not kicked us off in twenty two years. And frankly,
I don't think it's even been close.
Speaker 3 (01:23):
Now. We haven't even used the dumb button yet. Yeah,
now you may have just jinxed us. But for there
is actually a big red button in front of Jeff.
That's a sixteen second delay.
Speaker 2 (01:32):
I think about a six to twelve second delay.
Speaker 3 (01:34):
Six to twelve seconds.
Speaker 2 (01:35):
Yeah, so that's that's if someone you know, we're supposed
to you know, we're kind of letting people behind the
curtain here instead of focusing on entertaining everyone. But it's
also kind of fun. Yeah, if we say something bad
we're not supposed to do, we can we can kill it.
And all that time we've never had to use it.
Knock on wood. All right, back to business. We want
to remind everyone to show some love and some support
(01:59):
for the business. This is on the Farnham and Harney
Street corridors. I like to put those streets together and
call it the Farney Corridor. So take care of people
on the Farney Corridor. And all seriousness is really rough
right now. The streetcar construction is in full swing and
(02:19):
it really has affected businesses from Tenth Street to the
edge of the Blackstone District. And regular listeners know that
we are very much in favor of the streetcar project.
It will fundamentally change urban Omaha for the better and
create untold opportunities. But for the next two years it's rough.
And so if there is a restaurant, a store, a
(02:42):
service business, whatever on that corridor that you like, and
you ever find yourself, I don't know if I want
to drive down there because they have those construction. I
have gone to a lot of those businesses in the
last couple of weeks, Like just about a week ago,
we went to Flora, the brunch place at about tenth
(03:02):
and Farnham, eleventh and Farnham in that area, and it
was no problem. You just park a block away and
it's worth it. They really need your patronage during this
difficult time for them.
Speaker 3 (03:13):
Well, last night we went out with the Quarries and
Chris and Jen, fabulous people that are very intimately involved
with grow Home on our team, and we went to
Midtown Crossing and had no problem parking. You know those
dollar meters or whatever. You just feed the meter and.
Speaker 2 (03:30):
We had plenty of parking.
Speaker 3 (03:31):
That's a nice thing about this road construction is that
we parked right in front of the door. And I
encourage people. Now, you saw on the news that thirty
seventh to thirty eighth Avenue will be closed for a
month starting Monday, and the intersection of thirty what is it,
(03:51):
thirty seventh Avenue, I think is going to be closed
as well. But just work around it, and there's plenty
of ways to get where you want to go.
Speaker 2 (04:00):
And keep in mind if you're going to a business
in the Blackstone district. Earlier this year, a City of
Omaha parking garage opened at thirty seventh Street between Farnhum
and Harney, and it's some people are kind of deceived
by it because it's part of a nine story building.
So you look at you think, oh, that's just a
big building. Well it is, but there's a parking garage
(04:22):
in it, and it's open to the public and it's
dirt cheap to park there. So if you're going to
any of those Blackstone businesses, you can get right in there.
And again getting to them is not as daunting as
it looks when you first glance at all that construction,
and they need us to continue to support them with that.
We're going into our News of the Week, which is
brought to you by Eagle Mortgage Egle Mortgage Company dot com.
(04:44):
They are located physically at one hundred and fourteenth and
Davenport Street, And if you're thinking about buying a house,
either in the immediate couple few weeks or if you're
thinking even next spring, this is the time to sit
down with Holly Schneidewind, one of her mortgage brokers at
Eagle Mortgage. They'll listen to you figure out your unique situation,
(05:06):
and then because they can shop a variety of lenders,
a variety of banks, they can hook you up with
the best lending solution for you. So Eagle Mortgage takes
good care of you with that dream house or whatever
it is that you're thinking about buying in and you
can find them, like I said earlier at Egle Mortgage
Company dot com. Trenton, Nebraska Medicine held a groundbreaking celebration
(05:29):
this week for its one hundred and twenty five thousand
square foot three story Gretna Landing Health Center, Nebraska Medicine
is partnering with our good friends Nodel Companies on this
project and this hospital health center will open to patients
in the second half of twenty twenty seven. It's all
part of this Gretna Landing project, which is northwest of
(05:52):
Highway three seventy and one hundred ninety second straight.
Speaker 3 (05:54):
Yeah, about thirty one acres total. There'll be other buildings,
they'll be complementary buildings and services. And this is just
west of the world's largest high V one hundred and
ninety second and Highway.
Speaker 2 (06:05):
Through So that's world's largest high V in theme park. Yeah,
you got You forgot that part of their name.
Speaker 3 (06:10):
I remember the time where they cleared out they en rollers,
where they cleared out the fruits and vegetables, and the
volleyball team came in and they put up fencing and
they had an exhibition in there, the Supernovas. This is
like a year ago.
Speaker 2 (06:24):
It was crazy. You serious.
Speaker 3 (06:25):
Yeah, they have that much that's not a joke. Oh
that much room on that they can maneuver.
Speaker 2 (06:30):
They it's a big IV, world's greatest high V and
volleyball arena. Also in that same area, gretona Landing local
Omaha real estate developer held a groundbreaking earlier this week
for the collection at Gretna Landing. This is one of
those build to rent neighborhoods. It'll have one hundred and
ten free standing homes. The exact address is one hundred
(06:54):
ninety eight seventeen Ridgemont Street. That doesn't mean anything to anyone, basically,
it's just part of that great in the Landing development
northwest of one hundred ninety second and three seventy. But
the development will include you know, a dog park, all
the sorts of landscaping that the management company takes care of.
Two and three bedroom cottages alongside three and four bedroom
(07:17):
houses with attached garages. But Trenton that collection at Greton
and Landing is like several developments we've seen in suburban Omaha,
West Omaha lately where they're rental units, but they're building
them to look more like a neighborhood.
Speaker 3 (07:33):
You know, it's interesting. It's a trend that's been around
the country a lot of times. It's just slab on grades.
Sometimes they have basements probably around here because of tornadoes
and things like that, or they have a common shelter,
but they can have amenities like apartments. It's one common ownership.
Speaker 2 (07:49):
But D R.
Speaker 3 (07:50):
Horton started a couple of years ago northwest one hundred
ninety second I think north of Maple, I believe, and
then closer to Fort and then Bruce Development has a
huge development northwest of West Center Road at two hundred
and fourth that's Airy Bluesage is what. That one's there,
and they they're going to start another one. They want
(08:11):
a bunch of land right over by applied to under
riders one hundred and forty fourth south of Pacific Street.
So I haven't dug into it. But if they have permission,
if I don't, I don't. I don't know if they
even have to split the lots, because if it's all
common ownership, they take care of the lawns, they take
care of all the exterior and price some of the interier.
It's it's a whole new food group, if you will.
(08:33):
When when it comes to housing now, essentially it's like
a huge apartment complex. It acts as a apartment complex.
They can have the big pool and the common house
or the or the the.
Speaker 2 (08:46):
Like the clubhouse, yeah, a.
Speaker 3 (08:47):
Clubhouse, and and so there's a lot of people that say,
you know, big companies and developers are causing people not
to be able to afford homes and stuff like that.
And let's face it, like it or not, a lot
of people are more transient than they used to be.
Speaker 2 (09:03):
Yeah, that is true, and we continue to have a
housing shortage problem. I don't some people use the word crisis.
I've used that from time to time. Maybe it is.
I know it's a big problem, and we have an
affordability problem. And one of the ways you address housing
affordability is to create more housing, right, So it's good
that we're doing that. Every time though we talk about
(09:25):
these build to rent neighborhoods or even another apartment building
going up in the urban core, we always get a
lot of people complaining about the declining rates of home ownership,
and I think that is a real problem. So we've
got we've got competing problems here in our society. We have,
and in Omaha we have some declining home ownership rates,
(09:46):
but at the same time, we desperately need more housing units,
so it's kind of a what do you do well?
Speaker 3 (09:52):
I think the concern is is people building their equity
in their homes, which is one of the biggest ass
that they usually buy and if they're not invest see
in the stock market or have other business and building
worth the concern is that people are just living paycheck
to paycheck and not having a long term goal.
Speaker 2 (10:11):
That said, I think for the foreseeable future, you will
continue to see construction of more of these build to
rent neighborhoods, and you'll continue to see a lot of
apartment construction. But at the same time, if you drive
the suburban nice they are, and if you drive the
suburban frontier in Douglas, Western Douglas County or Sarpee County,
you're still seeing crazy amounts of single family housing construction
(10:34):
as well. Well looking downtown and changing gears a little bit.
The CHI Health Center's convention center side will soon be
undergoing renovation of its existing space. We've reported many times
about how there's a huge expansion project going on the
east side of the convention center side of the CHI Well.
(10:55):
Now the existing CHI Convention Center part is going to
be rented. According to a recent city building permit, the
existing convention center will receive updated wall paneling, acoustical treatments, WANs, coding, baseboards.
The restrooms are going to be upgraded. Additionally, operable partitions
will be installed in the existing meeting and exhibit rooms
(11:17):
that'll have better acoustic performance. These renovations are all part
of an overall two hundred million dollar expansion and upgrade
of the convention center. By the way, that expansion on
the east side will total ninety four thousand square feet
on a few different levels. A lot of steel beam
work has been installed in the east and the overall
(11:39):
project will be complete by the summer of twenty seven.
Speaker 3 (11:42):
Yeah, and let's face it, it's twenty two to twenty three
years now that that place has been in existence, and
I'm sure they've done some upgrades along the way, but
they keep it nice.
Speaker 2 (11:52):
You know. It's a mecha does an outstanding job. But
to give you a little perspective about how costs have increased,
Oh my gosh, three years ago, the entire complex, which
includes a nineteen thousand seed arena, trade show space, conventioner,
all of that, everything was three hundred sum million. The
expansion of just ninety four thousand feet and some renovation
(12:14):
work is now two hundred million dollars.
Speaker 3 (12:17):
It's crazy.
Speaker 2 (12:17):
Prices Prices are definitely going up. Hey, here's a cool project.
One World Community Health has topped out its newest building
that's under construction. One World Community Health is in the
Livestock Exchange Area, in the shadow of the live Stock
Exchange Building, if you will. In South Omaha. They already
have a couple buildings there, so this is a third one,
(12:38):
an additional one seventeen and a half million dollars, three stories,
twenty nine thousand square feet. Interestingly, most of the funding
for this comes from the State of Nebraska's two hundred
and thirty five million dollars North and South Omaha Recovery
Grant program. That particular building will be completed in twenty
twenty six.
Speaker 3 (12:56):
That's a great project and it's a they've been doing
great work down there.
Speaker 2 (13:00):
And lastly, we go to one hundred and forty fourth
and Dodge, where Northwest Bank has started construction on its
two story, twenty thousand square foot office building. The exact
address is one four six oh seven, California. It's easier
just to say northwest of one hundred and forty fourth
th in Dodge. The construction side is one and a
half acres. It's in front of Bethel Synagogue and the
(13:22):
building will have two drive through lane sixty eight parking stalls. Interestingly,
Northwest Bank will consolidate its three Omaha area locations into
that new building.
Speaker 3 (13:32):
That's what stuck out to me is, you know, obviously
there's efficiencies there, but we start seeing Chase Bank, in
Bank of America and all these banks popping up with
freestanding buildings and adding locations. I always thought that with
online banking everything, there'd be less location.
Speaker 2 (13:50):
I thought the same thing, and the number of bank
branches that have started construction in the last two years
blows my mind.
Speaker 3 (13:57):
As a real estate broker, I love it.
Speaker 2 (13:59):
Yeah, And as a show that talks about the growth
and development Omaha with a heavy emphasis on construction and
real estate, we advocate, and as a guy.
Speaker 3 (14:06):
Who has numerous pad sites for sale throughout Omaha, including
next to the new Baker's at two hundred and fourth
in Hugh Street.
Speaker 2 (14:15):
Just give me a call, ladies and gentlemen. The next segment,
Trent and will read off every single real estate listing
he has only twenty seven and give you details on
each one. And that should wrap up the rest of
the show. No, just kidding, We're going to continue talking
about a few different news items.
Speaker 3 (14:30):
Membership has its privileged ladies and gentlemen.
Speaker 2 (14:33):
If you're a real estate broker, have your own real
estate show. So in the next segment, though honestly, we're
going to talk about some news items. We're going to
be talking about progress of the Mutual of Omaha Tower.
We're going to talk about an interesting situation that may
or may not be brewing at the old Civic Auditorium site,
and a few other projects. So we're going to geek
(14:54):
out on construction and development for the next segments. So
stay with us here listening. We're here to you Grow Omaha.
It's brought to you by Dingman's Collision Center along with
Cheer Athletics, and we'll be back in a moment on
news Radio eleven ten kfab and welcome back to the show.
Jeff Beale sitting next to Trenton Maggot, and the name
of the program is Grow Omaha, brought to you by
(15:14):
Dingman's Collision Center along with Cheer Athletics. They are the
nation's number one All Start Cheer, Jim and All Start Cheer.
In case you didn't know, is becoming a very big deal.
For the first time in twenty twenty eight, it'll actually
be an Olympic sport, and people are really gravitating to
it for activities to develop their kids and grandkids. It
(15:35):
is a phenomenal way for your kids to become extremely physical,
physically fit, learn competition, learn leadership skills, teamwork, and a
variety of other things that will help them in their
future careers. Omaha's Cheer Athletics is located in Papillion, really
close to Highways fifty and three seventy, and we encourage
you to check them out if you've got kiddos in
your life. All right, Trenton, We've got few news items
(15:59):
we want to come here. And first of all, we
love talking about tall buildings. We're all about construction and
real est were little better construction and real estate development
around here, and so Mutual Vomaha put out a press
release earlier this week kind of giving an update, progress update,
if you will, about their skyscraper and the concrete core,
(16:21):
which we call the Sheer Tower, has reached its peak,
the concrete cour and the building will still get maybe
what another fifteen or twenty feet taller because there's going
to be a steel parapet wall around the top of
the core. But the concrete core has reached level forty four.
It is maxed out. Construction remains on track for completion
(16:42):
a little over a year from now, maybe about a
year from now. But here are some other little facts
that you'll find interesting. Structural steel has now extended past
level thirty five on all sides, and the steel will
be topped out next month.
Speaker 3 (16:58):
That is an incredible feet that's where the wind and
everything else.
Speaker 2 (17:01):
Yeah, Now the windows will take a little longer, but
that structural steal will be topped out in late October. Now,
back in late August, the tower crane was raised for
the final time. And so that now that tower crane
is seven hundred and.
Speaker 3 (17:16):
Eighty feet tall, and that's that's what one hundred and
three feet taller than a Yeah, because the building and
so that's the top where it's pitched up.
Speaker 2 (17:26):
That's the top of the crane. Yeah, huge peak of
the tower crane. Yeah, seven hundred and eighty feet. But yeah, Trenton,
the building when it's done will be six hundred and
seventy seven feet tall. And that at six hundred and
seventy seven feet tall, we've said this before, that'll be
the tallest building in most of the surrounding States the
only state that touches Nebraska that will have a taller building.
(17:48):
There are a couple in Denver that are a little
over seven hundred feet, but it'll be taller than anything
in Kansas City or Saint Louis.
Speaker 3 (17:54):
And you'll see Brad Williams on groma dot com. Brad
Williams has followed this thing from the beginning, unbelievab skyline shots.
Speaker 2 (18:01):
In fact, after the show, we're going to post a
project of the day and it will be a photograph
that Brad just took of this mutual tower. So vertical construction,
like I said, is expected officially top out in November,
and at that time they'll have a topping out ceremony
and that's when they raise and install the final steel beam. Well,
(18:23):
they've picked that steel beam. It's thirteen feet long and
three hundred and fifty pounds, and that steel beam is
currently located inside the existing mutual of Omaha's home office
headquarters and employees are signing it so they get to
sign their names on and then when they're ready for
it late next month, they'll take it down to fourteenth
(18:44):
and Farnham and install it in the new building. Pray
to the beam that is. That's pretty cool stuff.
Speaker 3 (18:51):
All right.
Speaker 2 (18:51):
Hey, another news, a couple news items we wanted to
hit real fast. We've got demolition starting in Millwork Commons.
That is the very cool mixed use development just north
of Charles Schwab Fields called Milwork Commons. A lot of
buildings under construction there right now, but demolition has started
(19:13):
on some old rundown buildings on a square block bounded
by eleventh, twelfth Nicholas Street and Milwork Avenue. That is
where we are going to have a City of Omaha
owned parking garage. You'll have six hundred stalls, so it'll
provide tremendous parking. It'll create a tremendous fill a tremendous
(19:34):
need for parking in that Milwark Commons area. Demolition has
already started and that was a square block that looked disgusting.
Speaker 3 (19:41):
Well, and it'll help future development as well. So it's
almost like the infrastructure out West when they widened West
Maple and some of the other corridors. Then developers come
and if you have the parking, they'll be more excited
about building there.
Speaker 2 (19:56):
Yeah, it's going to be really just like kind of
the last little thing that that thri District needs.
Speaker 3 (20:01):
To imagine the Ashton Building and Asha Building and the
other buildings. You know, fifteen years ago you and I
were involved in the sale of the master Craft Building
and it was a mess. And now just look at
that area. Now it's the anchor of a cool area. Well,
we got some drama brewing. It appears at the old
(20:21):
Civic Auditorium site in downtown Omaha. The Civic was torn
down many years ago. It has been sitting there as
a vacant field begging for development, and the developer that
currently has it, White Lotus, has frankly, been pretty slow
at moving. There's probably a lot of reasons for that.
White Lotus is a good company with good people, done
(20:43):
amazing projects, and they were moving into the next phase
of construction after completing rough grading earlier this year. But
last week KTV reported that the city plans to buy
back the site from White Lotus under the terms of
the contract, citing insufficient progress. Now, the agreement with the
(21:03):
developer set timelines for it to complete fifty percent of
the infrastructure and buildings, which could be footings and foundations
within two years. Otherwise, the city can exercise an option
and its right to buy back the property. The city
is apparently planning to exercise that right in November.
Speaker 2 (21:23):
Now. The City of Omaha has not provided details, but
representatives have shared there is another party interested in developing
the civic site. So you've got, frankly, kind of an
uncomfortable situation on our hands.
Speaker 3 (21:36):
Well, it's interesting though, the city council approved a development
plan by White Lotus just like.
Speaker 2 (21:41):
A month ago. Yeah, one that long ago. So I
don't know.
Speaker 3 (21:44):
I mean I saw some amazing renderings and they call it
the Nest. I mean, I think the concept is good
as what And we've talked about this on the show, Jeff,
is that all these developments when you have the builders
district and all these developments are kind of talk to
each other, and this one they wanted to be a
student centered and as.
Speaker 2 (22:04):
Well as everybody else. Oh yeah, for Creighton and all
that sort of thing. And you know, you know what
I think the problem is, And hindsight is always twenty twenty,
but given what we know now, I think it should
have been developed in little pieces. I think maybe for
where we are as a as a market, healthy market
with tons of development going on and decent population growth,
(22:28):
were great, But I don't know if we're big enough
and growing fast enough to accommodate a mega development downtown
with all of the other mega developments we have downtown.
Speaker 3 (22:37):
Well, remember when Crossroads is two hundred million dollars when
it first started, they started talking about it seven years ago, ten,
eight years ago, whatever, and now it's like, what nine
hundred million dollars. Yeah, just a straight up to the
national developer and stuff, and they have one project. Well,
you're right that this is a multimillion, hundred million dollar
project as well. I don't know if they put a
(22:57):
price tag on it yet, no, but but it would
be based on the renderings. If they did what they
showed in the renderings, it would be hundreds of millions
of dollars. What you're saying is if there was four
different developer developers. There's a hotel developer, there's a retail
with a grocery store, there's a civic portion of it. Yeah,
maybe block by block and get it going, and you know,
whats is certainly capable of. But but I can also
(23:19):
see with all the activity everything going on, and to
get the commitments and get it going, it's a monstros
It's a big.
Speaker 2 (23:28):
Yeah, it's three and a half city blocks. And you
know developing eight acres, isn't it. Yeah, developing one city
block is a big deal in a downtown area. Developing
three and a half city blocks is a really big deal.
Speaker 3 (23:39):
Well, they're putting the infrastructure in and and so it'll
be interesting to see if that gets u gets done
soon and and see if the city and the developer
can work something out. And if there really is somebody
waiting in the wings, who who that group is?
Speaker 2 (23:54):
We'll see. All right, Well, if that we're going to
go into our news of well, our Fox News of
the Day. I almost said News of the week, but
the Fox News of the Day and the weather. We're
going to do all that middle of the show break.
When we come back, we've got our Nodel Companies, commercial
real estate development spotlight, and we have some more things
that you're going to find very interesting. So stay with us.
You're listening to grow Omaha. Jeff and Trenton were brought
(24:16):
to you by Cheer Athletics and Dingman's Collision Center on
News Radio eleven ten. Kyfabe and welcome back to the show.
Jeff Meials and Trenton maggot. Here we are brought to
you by Cheer Athletics and Dingman's Collision Center, which is
just the gold standard for auto body repair and auto
painting and other auto services. And as Trenton announced last week,
(24:39):
there is a new Gretna location under construction and that
will join the existing four locations in Papillion, one hundred
and twentieth in Maple Midtown on Saddle Creek Road, and
also at one hundred and forty fourth and Dodge. All right,
it's time for your non companies commercial real estate development
Spotlight of the Week, in which we talk about well
(25:00):
one of the many not all companies developments and things
happening in or around them. You should know that not
All Companies is a pillar of the community. Not only
do they support shows like this, but they support so
many worthy causes. And when they're not doing that, they're
building amazing real estate development projects, office buildings, destination areas.
(25:21):
They have a big history with retail and shopping centers.
And today we talk about a very cool nodle companies development,
the Builders District, that is the area in north downtown,
east of Creighton University and west of Charles Schwab Field
and in the Builders District. We've got a very cool
business that is getting close to opening. It is called
(25:44):
the Scene Sceny, the Scene Event Space, and it will
open in January of twenty twenty five. The address will
be seventy six. Sorry, yeah, it's a TYPEO. January twenty
twenty six. The address will be set forty five North
fourteenth Street in the former Urban Outfitters location in the
(26:05):
Builders District and that is between Rally Coffee and the
Slow Down. There's also a Mexican restaurant there in that area,
a lot of good stuff. There's a Cambria Sweets hotel
in the area. Anyway, the Scene Event Space will actually
be two stories because there was a mezzanine in that
old Urban Outfitter space. Total size is eighty five hundred
(26:27):
square feet and the owners of this new event space
also operate Salon for Women which has been in business
for ten years and West Omaha in the Lakeside Hills Plaza.
Speaker 3 (26:38):
Yeah, great people. I work with them on Slan for
Women representing them and they do great in both businesses
and we're very happy for them.
Speaker 2 (26:47):
And that is your Nodle Companies Commercial real Estate Development
Spotlight of the week. You can learn more about what
Nodel Companies does online at Noelcompanies dot com. Got a
couple quick concer struction projects. Wood framing has started at
the Oxworth Apartments twenty seventh and Elevenworth Downtown. This is
(27:07):
a five story, one hundred and ninety four unit project.
It's one of those pedestal buildings where they build the
concrete first floor and then floors two through five or
wood framed. Well, they've already gone to the wood framing,
so that one's coming along pretty fast. And then at
seventy second and Farnham Street Southwest Corner, Lockwood Development's forty
(27:29):
four million dollars five story building really getting started. The
elevator tower has been installed just recently. You'll see that
if you drive by. When that building's done, it'll actually
be mixed use. It'll have one hundred and seventy six apartments,
but on the ground level it'll have a Williamsburg Pizza
and a relocated Jimmy Johns.
Speaker 3 (27:49):
Absolutely great operator. Both those restaurants are the same Hodges Enterprises,
and Lockwood is going to build a state of the
art apartment complex.
Speaker 2 (28:00):
Lever every quarter. NAI NP Dodge Commercial Real Estate Company
produces a real estate market report and we like to
highlight what's going on each quarter. And we're going to
look at the third quarter report, which just came out
about a week ago, and first of all, we look
at the office market. There is right at fifty million
(28:22):
square feet of office space that is considered for this report.
Vacancy is now seven point seven percent, which is down
from last quarter, and there is approximately one point six
million square feet of office space under construction at this time.
Half of that is the mutual of Omaha Tower, by
the way.
Speaker 3 (28:41):
Absolutely, So when it comes to the different food groups, industrial, office,
and retail, we've got office, which is about fifty thousand feet,
retails about sixty six thou sixty six sixty So let
me go back fifty million square feet for office, sixty
six million square feet for retail, and then industrial is
(29:02):
about one hundred and eleven million square feet and we'll
cover those.
Speaker 2 (29:07):
Yeah, So basically at the office we said seven point
seven percent vacancy retail, by the way, a lot of
people are surprised how low that vacancy rate is for office.
Speaker 3 (29:18):
First of all, office, Jeff is probably the softest market
I've seen a lot of deals, and interestingly, you don't
see a lot of discounts being advertised for vacant office spaces,
but behind the scenes you'll see some free rent, you'll
see some negotiations, landlords giving more improvements, and it's still vibrant,
(29:40):
but there's most equilibrium when it comes to the leverage
between tenants and landlords. Office is the most equal.
Speaker 2 (29:48):
And then retail vacancy only four point four percent, not
a lot of vacant retail space out there, which a
lot of people would also find surprising. And finally, Trenton
and industrial vacancy only two point nine percent, but that's
up from last quarter. That's more vacancy than we had
last quarter. Industrial well, because there's a lot of projects online.
(30:10):
You know, we have everything from twenty thousand square foot
and smaller but up to one hundred and fifty thousand
square foot for lease in our portfolio on clients we
represent retail wise, Now keep in mind it's all different levels,
so you go from Class A new to Class C,
so it might be some older shopping centers and things
like that. When you consider that four percent for retail
(30:34):
is really low, very low, and that's low. Yeah, you
need to have some space for people to go into.
Speaker 3 (30:41):
Where we're really tight on that two percent for industrial
is the five to ten thousand square foot spaces.
Speaker 2 (30:47):
All right, we've got to take our final break of
the hour, and you know what that means. When we
come back. It's the Perkins Chritzer Construction Lightning Round, in
which we talk about a lot of things super fast.
We got a lot on the dockets, so stay with us.
You're listening to you Grow Omaha. Brought to you by
Cheer Athletics, Dingman's Collision Center and Perkins Chritsler Construction. Back
in a moment on news radio eleven ten KFAB It's
(31:10):
the Perkins Chritzer Construction Lightning Round, in which we talk
about a lot of things really fast. Brought to you
by Perkins Chritzer Construction. They are a full service, top
notch class A general contractor headquartered here in Omaha, doing
work all over eastern Nebraska and western Iowa. Very experienced
team led by our friend Dave Kreutzer. A lot of
(31:32):
times we like to talk about projects that they they're
doing that relate to restaurant or retail during this segment,
and they do a lot of those buildouts. So sometimes
people think, oh, they're like the company does restaurant and
retail buildouts. Well, they do, but they do a lot
more than that. I mean, they'll build entire buildings and
they could build you an office building, they could build
(31:53):
you a shopping center, they could build you a new church,
they could build you a new industrial building. They do
every thing at Perkins Kritzer Construction, and they do it well,
and they do it for the right price, and they
communicate well with their clients during the project. Perkins Chritzer
Construction is easy to reach. Just go to P dash
(32:14):
C construction dot com. That's p dash cconstruction dot com. Well, Trenton,
we've got let's get the bad news out of the way. First,
we got a closure. Backswing Brewing Company or Backspring Brewing,
I'm sorry. Backswing Brewing is closing its Omaha tap room
at one hundred and twenty ninth in Maple. They've been
there for four years. The brewery, the main one in Lincoln,
(32:37):
will remain open, but we're losing that. And then a
change in operating hours. Cunningham's as ending service on Sundays,
so they're going to be closed on Sundays at both
locations and the reason for it the increasing price of
NFL Sunday ticket.
Speaker 3 (32:55):
That's too bad, isn't that crazy? They I like that
Blackstone location really pops?
Speaker 2 (32:59):
Yeah, they do. They have the Blackstone location and the
Old Mill location just Sundays the rest of the time. Family. Yeah,
they remain open all right. Paison's Pizzeria announced that it
will remain open despite the recent and very unexpected death
of owner Matt Versil. The pizzeria is located at one
hundred and fifty sixth in West Center Road. Versil was
(33:20):
a former Husker offensive lineman, a high school football coach,
a popular personality on local radio. So it's nice to
see that that restaurant will continue on after Matt's absence.
Good guy, Matt Versil. The Little King Deli and sub
Sandwich Shop at eighty sixth and Dodge now serves breakfast.
We mentioned this last week, but we do want to
(33:40):
give you a little reminder because this is kind of cool.
If you go in anytime now between November tenth and
say grow Omaha when you order, you get twenty five
percent off. That's great press.
Speaker 3 (33:52):
Also on their app, if you type grow Omaha one
word all caps you can get it as well.
Speaker 2 (33:57):
North Italia, which is the big time national Italian restaurant
chain that is affiliated with the Cheesecake Factory, opening its
first Nebraska location on November nineteenth. We found news this
week that they are now hiring and they are hosting
an ongoing on site jobfare each day through November second.
(34:20):
So from what I understand, you can just show up
at the site at Village Point and find out what
jobs are available there. So if you're in the restaurant
business and looking for a new place, they want to
talk to you. North Italia has about forty locations in
thirteen states right now. Closest existing ones are in Kansas
City and Denver Pizza Ranch and Council Bluffs Metro Crossing
(34:43):
shopping Center undergoing a renovation. The restaurant does remain open
during construction, and the Pizza Ranch will include a Pizza
Ranch fun Zone arcade. I don't know what that is.
Speaker 3 (34:56):
But we have one at Frederick Square on eighty four.
Speaker 2 (34:58):
Well, I bet it's a lot of fun. Oh yeah,
we have Cedar, the popular cocktail bar in Countryside Village,
celebrates its ten year anniversary today October eighteenth, from three
pm to midnight. The celebration will include food on the grill,
games and live music. In Council Bluffs, we have a
couple new stores opening, Sierra, which used to be known
(35:22):
as Sierra Trading Post and Home Goods. They both will
open October twenty third in the Manawa Power Center. They're
both part of the TJ Max family of brands, and
like I say, they're both opening on the twenty third.
It'll be Sierra's fourth Iowa location. They already have locations
in Omaha Lincoln on the Nebraska side, and so that'll
(35:46):
be a nice get for that part of Council Buffs.
They're in the same building as Ross Dress for Less,
which opened last weekend. Beauty First will open a papillion
store in the shops at Market Point eighty five forty
South seventy first Street in late October. They already have
a handful of stores in Omaha. And then we have
(36:07):
NAPA Auto Parts plans to open a store just west
of Mohall's Nursery in one hundred and twentieth and Maple area.
And finally, Riddell's Jewelry plans to hold a ribbon cutting
for a Shadow Lake store on November seventh. They are
a jewelry company based out of Rapid City, South Dakota.
They also have a store under construction at Village Point.
(36:31):
They currently have more than sixty stores in ten states.
And then I guess the real final final. Nebraska Brewing
Company will officially close on October nineteenth, which is tomorrow.
We reported last week that they were closing, but we
didn't know the exact date. Now we do. Their last
date will be tomorrow. And with that, Trenton, well, we
(36:54):
think Nebraska Brewing Company for one, Yeah, they did a
good job as a product. Hate to see him go.
Music is playing, which means that we are done. Hope
everyone has a great weekend. I'm Jeff Beils and I'm
Trenton Maggott. You've been listening to Grow Omaha, brought to
you by Dingman's Collision Center, Cheer Athletics, and Perkins Chritzer Construction.
We'll chat with you next week at nine o'clock right
(37:14):
here on News Radio eleven ten KFAB
This is Grow Omaha, the only radio show that talks
about economic development, construction, business expansion, and all of those
things that make Omaha a great place to live or visit.
Grow Omaha on News Radio eleven ten k bab Well.
Speaker 2 (00:15):
Good morning and welcome to the show. Jeff beials here
at your service, So glad you joined us. This is
the only show in the metro area that talks about
real estate and construction, economic development, the growth and development
of Omaha and the surrounding metropolitan area. We are grateful
for our title sponsors. They are Cheer Athletics, the nation's
(00:36):
number one all star cheer Jim along with Dingman's Collision
Center Best of Omaha Award winner for autobody Care for
many years running with four soon to be five metro
area locations. At this time, I want to bring on
my co host. He is a man who is absolutely
legendary in the Omaha commercial real estate market from naimp
(00:59):
DOT Commercial real Estate, Trenton Maggot.
Speaker 3 (01:02):
Thanks Jeff, and good morning, and we're especially grateful for
all of you are faithful listeners over twenty well almost
twenty two years. Come January tenth.
Speaker 2 (01:13):
That's right, in January we will have been on the
air for If we can make it just a few
more months, we'll be able to say the FCC has
not kicked us off in twenty two years. And frankly,
I don't think it's even been close.
Speaker 3 (01:23):
Now. We haven't even used the dumb button yet. Yeah,
now you may have just jinxed us. But for there
is actually a big red button in front of Jeff.
That's a sixteen second delay.
Speaker 2 (01:32):
I think about a six to twelve second delay.
Speaker 3 (01:34):
Six to twelve seconds.
Speaker 2 (01:35):
Yeah, so that's that's if someone you know, we're supposed
to you know, we're kind of letting people behind the
curtain here instead of focusing on entertaining everyone. But it's
also kind of fun. Yeah, if we say something bad
we're not supposed to do, we can we can kill it.
And all that time we've never had to use it.
Knock on wood. All right, back to business. We want
to remind everyone to show some love and some support
(01:59):
for the business. This is on the Farnham and Harney
Street corridors. I like to put those streets together and
call it the Farney Corridor. So take care of people
on the Farney Corridor. And all seriousness is really rough
right now. The streetcar construction is in full swing and
(02:19):
it really has affected businesses from Tenth Street to the
edge of the Blackstone District. And regular listeners know that
we are very much in favor of the streetcar project.
It will fundamentally change urban Omaha for the better and
create untold opportunities. But for the next two years it's rough.
And so if there is a restaurant, a store, a
(02:42):
service business, whatever on that corridor that you like, and
you ever find yourself, I don't know if I want
to drive down there because they have those construction. I
have gone to a lot of those businesses in the
last couple of weeks, Like just about a week ago,
we went to Flora, the brunch place at about tenth
(03:02):
and Farnham, eleventh and Farnham in that area, and it
was no problem. You just park a block away and
it's worth it. They really need your patronage during this
difficult time for them.
Speaker 3 (03:13):
Well, last night we went out with the Quarries and
Chris and Jen, fabulous people that are very intimately involved
with grow Home on our team, and we went to
Midtown Crossing and had no problem parking. You know those
dollar meters or whatever. You just feed the meter and.
Speaker 2 (03:30):
We had plenty of parking.
Speaker 3 (03:31):
That's a nice thing about this road construction is that
we parked right in front of the door. And I
encourage people. Now, you saw on the news that thirty
seventh to thirty eighth Avenue will be closed for a
month starting Monday, and the intersection of thirty what is it,
(03:51):
thirty seventh Avenue, I think is going to be closed
as well. But just work around it, and there's plenty
of ways to get where you want to go.
Speaker 2 (04:00):
And keep in mind if you're going to a business
in the Blackstone district. Earlier this year, a City of
Omaha parking garage opened at thirty seventh Street between Farnhum
and Harney, and it's some people are kind of deceived
by it because it's part of a nine story building.
So you look at you think, oh, that's just a
big building. Well it is, but there's a parking garage
(04:22):
in it, and it's open to the public and it's
dirt cheap to park there. So if you're going to
any of those Blackstone businesses, you can get right in there.
And again getting to them is not as daunting as
it looks when you first glance at all that construction,
and they need us to continue to support them with that.
We're going into our News of the Week, which is
brought to you by Eagle Mortgage Egle Mortgage Company dot com.
(04:44):
They are located physically at one hundred and fourteenth and
Davenport Street, And if you're thinking about buying a house,
either in the immediate couple few weeks or if you're
thinking even next spring, this is the time to sit
down with Holly Schneidewind, one of her mortgage brokers at
Eagle Mortgage. They'll listen to you figure out your unique situation,
(05:06):
and then because they can shop a variety of lenders,
a variety of banks, they can hook you up with
the best lending solution for you. So Eagle Mortgage takes
good care of you with that dream house or whatever
it is that you're thinking about buying in and you
can find them, like I said earlier at Egle Mortgage
Company dot com. Trenton, Nebraska Medicine held a groundbreaking celebration
(05:29):
this week for its one hundred and twenty five thousand
square foot three story Gretna Landing Health Center, Nebraska Medicine
is partnering with our good friends Nodel Companies on this
project and this hospital health center will open to patients
in the second half of twenty twenty seven. It's all
part of this Gretna Landing project, which is northwest of
(05:52):
Highway three seventy and one hundred ninety second straight.
Speaker 3 (05:54):
Yeah, about thirty one acres total. There'll be other buildings,
they'll be complementary buildings and services. And this is just
west of the world's largest high V one hundred and
ninety second and Highway.
Speaker 2 (06:05):
Through So that's world's largest high V in theme park. Yeah,
you got You forgot that part of their name.
Speaker 3 (06:10):
I remember the time where they cleared out they en rollers,
where they cleared out the fruits and vegetables, and the
volleyball team came in and they put up fencing and
they had an exhibition in there, the Supernovas. This is
like a year ago.
Speaker 2 (06:24):
It was crazy. You serious.
Speaker 3 (06:25):
Yeah, they have that much that's not a joke. Oh
that much room on that they can maneuver.
Speaker 2 (06:30):
They it's a big IV, world's greatest high V and
volleyball arena. Also in that same area, gretona Landing local
Omaha real estate developer held a groundbreaking earlier this week
for the collection at Gretna Landing. This is one of
those build to rent neighborhoods. It'll have one hundred and
ten free standing homes. The exact address is one hundred
(06:54):
ninety eight seventeen Ridgemont Street. That doesn't mean anything to anyone, basically,
it's just part of that great in the Landing development
northwest of one hundred ninety second and three seventy. But
the development will include you know, a dog park, all
the sorts of landscaping that the management company takes care of.
Two and three bedroom cottages alongside three and four bedroom
(07:17):
houses with attached garages. But Trenton that collection at Greton
and Landing is like several developments we've seen in suburban Omaha,
West Omaha lately where they're rental units, but they're building
them to look more like a neighborhood.
Speaker 3 (07:33):
You know, it's interesting. It's a trend that's been around
the country a lot of times. It's just slab on grades.
Sometimes they have basements probably around here because of tornadoes
and things like that, or they have a common shelter,
but they can have amenities like apartments. It's one common ownership.
Speaker 2 (07:49):
But D R.
Speaker 3 (07:50):
Horton started a couple of years ago northwest one hundred
ninety second I think north of Maple, I believe, and
then closer to Fort and then Bruce Development has a
huge development northwest of West Center Road at two hundred
and fourth that's Airy Bluesage is what. That one's there,
and they they're going to start another one. They want
(08:11):
a bunch of land right over by applied to under
riders one hundred and forty fourth south of Pacific Street.
So I haven't dug into it. But if they have permission,
if I don't, I don't. I don't know if they
even have to split the lots, because if it's all
common ownership, they take care of the lawns, they take
care of all the exterior and price some of the interier.
It's it's a whole new food group, if you will.
(08:33):
When when it comes to housing now, essentially it's like
a huge apartment complex. It acts as a apartment complex.
They can have the big pool and the common house
or the or the the.
Speaker 2 (08:46):
Like the clubhouse, yeah, a.
Speaker 3 (08:47):
Clubhouse, and and so there's a lot of people that say,
you know, big companies and developers are causing people not
to be able to afford homes and stuff like that.
And let's face it, like it or not, a lot
of people are more transient than they used to be.
Speaker 2 (09:03):
Yeah, that is true, and we continue to have a
housing shortage problem. I don't some people use the word crisis.
I've used that from time to time. Maybe it is.
I know it's a big problem, and we have an
affordability problem. And one of the ways you address housing
affordability is to create more housing, right, So it's good
that we're doing that. Every time though we talk about
(09:25):
these build to rent neighborhoods or even another apartment building
going up in the urban core, we always get a
lot of people complaining about the declining rates of home ownership,
and I think that is a real problem. So we've
got we've got competing problems here in our society. We have,
and in Omaha we have some declining home ownership rates,
(09:46):
but at the same time, we desperately need more housing units,
so it's kind of a what do you do well?
Speaker 3 (09:52):
I think the concern is is people building their equity
in their homes, which is one of the biggest ass
that they usually buy and if they're not invest see
in the stock market or have other business and building
worth the concern is that people are just living paycheck
to paycheck and not having a long term goal.
Speaker 2 (10:11):
That said, I think for the foreseeable future, you will
continue to see construction of more of these build to
rent neighborhoods, and you'll continue to see a lot of
apartment construction. But at the same time, if you drive
the suburban nice they are, and if you drive the
suburban frontier in Douglas, Western Douglas County or Sarpee County,
you're still seeing crazy amounts of single family housing construction
(10:34):
as well. Well looking downtown and changing gears a little bit.
The CHI Health Center's convention center side will soon be
undergoing renovation of its existing space. We've reported many times
about how there's a huge expansion project going on the
east side of the convention center side of the CHI Well.
(10:55):
Now the existing CHI Convention Center part is going to
be rented. According to a recent city building permit, the
existing convention center will receive updated wall paneling, acoustical treatments, WANs, coding, baseboards.
The restrooms are going to be upgraded. Additionally, operable partitions
will be installed in the existing meeting and exhibit rooms
(11:17):
that'll have better acoustic performance. These renovations are all part
of an overall two hundred million dollar expansion and upgrade
of the convention center. By the way, that expansion on
the east side will total ninety four thousand square feet
on a few different levels. A lot of steel beam
work has been installed in the east and the overall
(11:39):
project will be complete by the summer of twenty seven.
Speaker 3 (11:42):
Yeah, and let's face it, it's twenty two to twenty three
years now that that place has been in existence, and
I'm sure they've done some upgrades along the way, but
they keep it nice.
Speaker 2 (11:52):
You know. It's a mecha does an outstanding job. But
to give you a little perspective about how costs have increased,
Oh my gosh, three years ago, the entire complex, which
includes a nineteen thousand seed arena, trade show space, conventioner,
all of that, everything was three hundred sum million. The
expansion of just ninety four thousand feet and some renovation
(12:14):
work is now two hundred million dollars.
Speaker 3 (12:17):
It's crazy.
Speaker 2 (12:17):
Prices Prices are definitely going up. Hey, here's a cool project.
One World Community Health has topped out its newest building
that's under construction. One World Community Health is in the
Livestock Exchange Area, in the shadow of the live Stock
Exchange Building, if you will. In South Omaha. They already
have a couple buildings there, so this is a third one,
(12:38):
an additional one seventeen and a half million dollars, three stories,
twenty nine thousand square feet. Interestingly, most of the funding
for this comes from the State of Nebraska's two hundred
and thirty five million dollars North and South Omaha Recovery
Grant program. That particular building will be completed in twenty
twenty six.
Speaker 3 (12:56):
That's a great project and it's a they've been doing
great work down there.
Speaker 2 (13:00):
And lastly, we go to one hundred and forty fourth
and Dodge, where Northwest Bank has started construction on its
two story, twenty thousand square foot office building. The exact
address is one four six oh seven, California. It's easier
just to say northwest of one hundred and forty fourth
th in Dodge. The construction side is one and a
half acres. It's in front of Bethel Synagogue and the
(13:22):
building will have two drive through lane sixty eight parking stalls. Interestingly,
Northwest Bank will consolidate its three Omaha area locations into
that new building.
Speaker 3 (13:32):
That's what stuck out to me is, you know, obviously
there's efficiencies there, but we start seeing Chase Bank, in
Bank of America and all these banks popping up with
freestanding buildings and adding locations. I always thought that with
online banking everything, there'd be less location.
Speaker 2 (13:50):
I thought the same thing, and the number of bank
branches that have started construction in the last two years
blows my mind.
Speaker 3 (13:57):
As a real estate broker, I love it.
Speaker 2 (13:59):
Yeah, And as a show that talks about the growth
and development Omaha with a heavy emphasis on construction and
real estate, we advocate, and as a guy.
Speaker 3 (14:06):
Who has numerous pad sites for sale throughout Omaha, including
next to the new Baker's at two hundred and fourth
in Hugh Street.
Speaker 2 (14:15):
Just give me a call, ladies and gentlemen. The next segment,
Trent and will read off every single real estate listing
he has only twenty seven and give you details on
each one. And that should wrap up the rest of
the show. No, just kidding, We're going to continue talking
about a few different news items.
Speaker 3 (14:30):
Membership has its privileged ladies and gentlemen.
Speaker 2 (14:33):
If you're a real estate broker, have your own real
estate show. So in the next segment, though honestly, we're
going to talk about some news items. We're going to
be talking about progress of the Mutual of Omaha Tower.
We're going to talk about an interesting situation that may
or may not be brewing at the old Civic Auditorium site,
and a few other projects. So we're going to geek
(14:54):
out on construction and development for the next segments. So
stay with us here listening. We're here to you Grow Omaha.
It's brought to you by Dingman's Collision Center along with
Cheer Athletics, and we'll be back in a moment on
news Radio eleven ten kfab and welcome back to the show.
Jeff Beale sitting next to Trenton Maggot, and the name
of the program is Grow Omaha, brought to you by
(15:14):
Dingman's Collision Center along with Cheer Athletics. They are the
nation's number one All Start Cheer, Jim and All Start Cheer.
In case you didn't know, is becoming a very big deal.
For the first time in twenty twenty eight, it'll actually
be an Olympic sport, and people are really gravitating to
it for activities to develop their kids and grandkids. It
(15:35):
is a phenomenal way for your kids to become extremely physical,
physically fit, learn competition, learn leadership skills, teamwork, and a
variety of other things that will help them in their
future careers. Omaha's Cheer Athletics is located in Papillion, really
close to Highways fifty and three seventy, and we encourage
you to check them out if you've got kiddos in
your life. All right, Trenton, We've got few news items
(15:59):
we want to come here. And first of all, we
love talking about tall buildings. We're all about construction and
real est were little better construction and real estate development
around here, and so Mutual Vomaha put out a press
release earlier this week kind of giving an update, progress update,
if you will, about their skyscraper and the concrete core,
(16:21):
which we call the Sheer Tower, has reached its peak,
the concrete cour and the building will still get maybe
what another fifteen or twenty feet taller because there's going
to be a steel parapet wall around the top of
the core. But the concrete core has reached level forty four.
It is maxed out. Construction remains on track for completion
(16:42):
a little over a year from now, maybe about a
year from now. But here are some other little facts
that you'll find interesting. Structural steel has now extended past
level thirty five on all sides, and the steel will
be topped out next month.
Speaker 3 (16:58):
That is an incredible feet that's where the wind and
everything else.
Speaker 2 (17:01):
Yeah, Now the windows will take a little longer, but
that structural steal will be topped out in late October. Now,
back in late August, the tower crane was raised for
the final time. And so that now that tower crane
is seven hundred and.
Speaker 3 (17:16):
Eighty feet tall, and that's that's what one hundred and
three feet taller than a Yeah, because the building and
so that's the top where it's pitched up.
Speaker 2 (17:26):
That's the top of the crane. Yeah, huge peak of
the tower crane. Yeah, seven hundred and eighty feet. But yeah, Trenton,
the building when it's done will be six hundred and
seventy seven feet tall. And that at six hundred and
seventy seven feet tall, we've said this before, that'll be
the tallest building in most of the surrounding States the
only state that touches Nebraska that will have a taller building.
(17:48):
There are a couple in Denver that are a little
over seven hundred feet, but it'll be taller than anything
in Kansas City or Saint Louis.
Speaker 3 (17:54):
And you'll see Brad Williams on groma dot com. Brad
Williams has followed this thing from the beginning, unbelievab skyline shots.
Speaker 2 (18:01):
In fact, after the show, we're going to post a
project of the day and it will be a photograph
that Brad just took of this mutual tower. So vertical construction,
like I said, is expected officially top out in November,
and at that time they'll have a topping out ceremony
and that's when they raise and install the final steel beam. Well,
(18:23):
they've picked that steel beam. It's thirteen feet long and
three hundred and fifty pounds, and that steel beam is
currently located inside the existing mutual of Omaha's home office
headquarters and employees are signing it so they get to
sign their names on and then when they're ready for
it late next month, they'll take it down to fourteenth
(18:44):
and Farnham and install it in the new building. Pray
to the beam that is. That's pretty cool stuff.
Speaker 3 (18:51):
All right.
Speaker 2 (18:51):
Hey, another news, a couple news items we wanted to
hit real fast. We've got demolition starting in Millwork Commons.
That is the very cool mixed use development just north
of Charles Schwab Fields called Milwork Commons. A lot of
buildings under construction there right now, but demolition has started
(19:13):
on some old rundown buildings on a square block bounded
by eleventh, twelfth Nicholas Street and Milwork Avenue. That is
where we are going to have a City of Omaha
owned parking garage. You'll have six hundred stalls, so it'll
provide tremendous parking. It'll create a tremendous fill a tremendous
(19:34):
need for parking in that Milwark Commons area. Demolition has
already started and that was a square block that looked disgusting.
Speaker 3 (19:41):
Well, and it'll help future development as well. So it's
almost like the infrastructure out West when they widened West
Maple and some of the other corridors. Then developers come
and if you have the parking, they'll be more excited
about building there.
Speaker 2 (19:56):
Yeah, it's going to be really just like kind of
the last little thing that that thri District needs.
Speaker 3 (20:01):
To imagine the Ashton Building and Asha Building and the
other buildings. You know, fifteen years ago you and I
were involved in the sale of the master Craft Building
and it was a mess. And now just look at
that area. Now it's the anchor of a cool area. Well,
we got some drama brewing. It appears at the old
(20:21):
Civic Auditorium site in downtown Omaha. The Civic was torn
down many years ago. It has been sitting there as
a vacant field begging for development, and the developer that
currently has it, White Lotus, has frankly, been pretty slow
at moving. There's probably a lot of reasons for that.
White Lotus is a good company with good people, done
(20:43):
amazing projects, and they were moving into the next phase
of construction after completing rough grading earlier this year. But
last week KTV reported that the city plans to buy
back the site from White Lotus under the terms of
the contract, citing insufficient progress. Now, the agreement with the
(21:03):
developer set timelines for it to complete fifty percent of
the infrastructure and buildings, which could be footings and foundations
within two years. Otherwise, the city can exercise an option
and its right to buy back the property. The city
is apparently planning to exercise that right in November.
Speaker 2 (21:23):
Now. The City of Omaha has not provided details, but
representatives have shared there is another party interested in developing
the civic site. So you've got, frankly, kind of an
uncomfortable situation on our hands.
Speaker 3 (21:36):
Well, it's interesting though, the city council approved a development
plan by White Lotus just like.
Speaker 2 (21:41):
A month ago. Yeah, one that long ago. So I
don't know.
Speaker 3 (21:44):
I mean I saw some amazing renderings and they call it
the Nest. I mean, I think the concept is good
as what And we've talked about this on the show, Jeff,
is that all these developments when you have the builders
district and all these developments are kind of talk to
each other, and this one they wanted to be a
student centered and as.
Speaker 2 (22:04):
Well as everybody else. Oh yeah, for Creighton and all
that sort of thing. And you know, you know what
I think the problem is, And hindsight is always twenty twenty,
but given what we know now, I think it should
have been developed in little pieces. I think maybe for
where we are as a as a market, healthy market
with tons of development going on and decent population growth,
(22:28):
were great, But I don't know if we're big enough
and growing fast enough to accommodate a mega development downtown
with all of the other mega developments we have downtown.
Speaker 3 (22:37):
Well, remember when Crossroads is two hundred million dollars when
it first started, they started talking about it seven years ago, ten,
eight years ago, whatever, and now it's like, what nine
hundred million dollars. Yeah, just a straight up to the
national developer and stuff, and they have one project. Well,
you're right that this is a multimillion, hundred million dollar
project as well. I don't know if they put a
(22:57):
price tag on it yet, no, but but it would
be based on the renderings. If they did what they
showed in the renderings, it would be hundreds of millions
of dollars. What you're saying is if there was four
different developer developers. There's a hotel developer, there's a retail
with a grocery store, there's a civic portion of it. Yeah,
maybe block by block and get it going, and you know,
whats is certainly capable of. But but I can also
(23:19):
see with all the activity everything going on, and to
get the commitments and get it going, it's a monstros
It's a big.
Speaker 2 (23:28):
Yeah, it's three and a half city blocks. And you
know developing eight acres, isn't it. Yeah, developing one city
block is a big deal in a downtown area. Developing
three and a half city blocks is a really big deal.
Speaker 3 (23:39):
Well, they're putting the infrastructure in and and so it'll
be interesting to see if that gets u gets done
soon and and see if the city and the developer
can work something out. And if there really is somebody
waiting in the wings, who who that group is?
Speaker 2 (23:54):
We'll see. All right, Well, if that we're going to
go into our news of well, our Fox News of
the Day. I almost said News of the week, but
the Fox News of the Day and the weather. We're
going to do all that middle of the show break.
When we come back, we've got our Nodel Companies, commercial
real estate development spotlight, and we have some more things
that you're going to find very interesting. So stay with us.
You're listening to grow Omaha. Jeff and Trenton were brought
(24:16):
to you by Cheer Athletics and Dingman's Collision Center on
News Radio eleven ten. Kyfabe and welcome back to the show.
Jeff Meials and Trenton maggot. Here we are brought to
you by Cheer Athletics and Dingman's Collision Center, which is
just the gold standard for auto body repair and auto
painting and other auto services. And as Trenton announced last week,
(24:39):
there is a new Gretna location under construction and that
will join the existing four locations in Papillion, one hundred
and twentieth in Maple Midtown on Saddle Creek Road, and
also at one hundred and forty fourth and Dodge. All right,
it's time for your non companies commercial real estate development
Spotlight of the Week, in which we talk about well
(25:00):
one of the many not all companies developments and things
happening in or around them. You should know that not
All Companies is a pillar of the community. Not only
do they support shows like this, but they support so
many worthy causes. And when they're not doing that, they're
building amazing real estate development projects, office buildings, destination areas.
(25:21):
They have a big history with retail and shopping centers.
And today we talk about a very cool nodle companies development,
the Builders District, that is the area in north downtown,
east of Creighton University and west of Charles Schwab Field
and in the Builders District. We've got a very cool
business that is getting close to opening. It is called
(25:44):
the Scene Sceny, the Scene Event Space, and it will
open in January of twenty twenty five. The address will
be seventy six. Sorry, yeah, it's a TYPEO. January twenty
twenty six. The address will be set forty five North
fourteenth Street in the former Urban Outfitters location in the
(26:05):
Builders District and that is between Rally Coffee and the
Slow Down. There's also a Mexican restaurant there in that area,
a lot of good stuff. There's a Cambria Sweets hotel
in the area. Anyway, the Scene Event Space will actually
be two stories because there was a mezzanine in that
old Urban Outfitter space. Total size is eighty five hundred
(26:27):
square feet and the owners of this new event space
also operate Salon for Women which has been in business
for ten years and West Omaha in the Lakeside Hills Plaza.
Speaker 3 (26:38):
Yeah, great people. I work with them on Slan for
Women representing them and they do great in both businesses
and we're very happy for them.
Speaker 2 (26:47):
And that is your Nodle Companies Commercial real Estate Development
Spotlight of the week. You can learn more about what
Nodel Companies does online at Noelcompanies dot com. Got a
couple quick concer struction projects. Wood framing has started at
the Oxworth Apartments twenty seventh and Elevenworth Downtown. This is
(27:07):
a five story, one hundred and ninety four unit project.
It's one of those pedestal buildings where they build the
concrete first floor and then floors two through five or
wood framed. Well, they've already gone to the wood framing,
so that one's coming along pretty fast. And then at
seventy second and Farnham Street Southwest Corner, Lockwood Development's forty
(27:29):
four million dollars five story building really getting started. The
elevator tower has been installed just recently. You'll see that
if you drive by. When that building's done, it'll actually
be mixed use. It'll have one hundred and seventy six apartments,
but on the ground level it'll have a Williamsburg Pizza
and a relocated Jimmy Johns.
Speaker 3 (27:49):
Absolutely great operator. Both those restaurants are the same Hodges Enterprises,
and Lockwood is going to build a state of the
art apartment complex.
Speaker 2 (28:00):
Lever every quarter. NAI NP Dodge Commercial Real Estate Company
produces a real estate market report and we like to
highlight what's going on each quarter. And we're going to
look at the third quarter report, which just came out
about a week ago, and first of all, we look
at the office market. There is right at fifty million
(28:22):
square feet of office space that is considered for this report.
Vacancy is now seven point seven percent, which is down
from last quarter, and there is approximately one point six
million square feet of office space under construction at this time.
Half of that is the mutual of Omaha Tower, by
the way.
Speaker 3 (28:41):
Absolutely, So when it comes to the different food groups, industrial, office,
and retail, we've got office, which is about fifty thousand feet,
retails about sixty six thou sixty six sixty So let
me go back fifty million square feet for office, sixty
six million square feet for retail, and then industrial is
(29:02):
about one hundred and eleven million square feet and we'll
cover those.
Speaker 2 (29:07):
Yeah, So basically at the office we said seven point
seven percent vacancy retail, by the way, a lot of
people are surprised how low that vacancy rate is for office.
Speaker 3 (29:18):
First of all, office, Jeff is probably the softest market
I've seen a lot of deals, and interestingly, you don't
see a lot of discounts being advertised for vacant office spaces,
but behind the scenes you'll see some free rent, you'll
see some negotiations, landlords giving more improvements, and it's still vibrant,
(29:40):
but there's most equilibrium when it comes to the leverage
between tenants and landlords. Office is the most equal.
Speaker 2 (29:48):
And then retail vacancy only four point four percent, not
a lot of vacant retail space out there, which a
lot of people would also find surprising. And finally, Trenton
and industrial vacancy only two point nine percent, but that's
up from last quarter. That's more vacancy than we had
last quarter. Industrial well, because there's a lot of projects online.
(30:10):
You know, we have everything from twenty thousand square foot
and smaller but up to one hundred and fifty thousand
square foot for lease in our portfolio on clients we
represent retail wise, Now keep in mind it's all different levels,
so you go from Class A new to Class C,
so it might be some older shopping centers and things
like that. When you consider that four percent for retail
(30:34):
is really low, very low, and that's low. Yeah, you
need to have some space for people to go into.
Speaker 3 (30:41):
Where we're really tight on that two percent for industrial
is the five to ten thousand square foot spaces.
Speaker 2 (30:47):
All right, we've got to take our final break of
the hour, and you know what that means. When we
come back. It's the Perkins Chritzer Construction Lightning Round, in
which we talk about a lot of things super fast.
We got a lot on the dockets, so stay with us.
You're listening to you Grow Omaha. Brought to you by
Cheer Athletics, Dingman's Collision Center and Perkins Chritsler Construction. Back
in a moment on news radio eleven ten KFAB It's
(31:10):
the Perkins Chritzer Construction Lightning Round, in which we talk
about a lot of things really fast. Brought to you
by Perkins Chritzer Construction. They are a full service, top
notch class A general contractor headquartered here in Omaha, doing
work all over eastern Nebraska and western Iowa. Very experienced
team led by our friend Dave Kreutzer. A lot of
(31:32):
times we like to talk about projects that they they're
doing that relate to restaurant or retail during this segment,
and they do a lot of those buildouts. So sometimes
people think, oh, they're like the company does restaurant and
retail buildouts. Well, they do, but they do a lot
more than that. I mean, they'll build entire buildings and
they could build you an office building, they could build
(31:53):
you a shopping center, they could build you a new church,
they could build you a new industrial building. They do
every thing at Perkins Kritzer Construction, and they do it well,
and they do it for the right price, and they
communicate well with their clients during the project. Perkins Chritzer
Construction is easy to reach. Just go to P dash
(32:14):
C construction dot com. That's p dash cconstruction dot com. Well, Trenton,
we've got let's get the bad news out of the way. First,
we got a closure. Backswing Brewing Company or Backspring Brewing,
I'm sorry. Backswing Brewing is closing its Omaha tap room
at one hundred and twenty ninth in Maple. They've been
there for four years. The brewery, the main one in Lincoln,
(32:37):
will remain open, but we're losing that. And then a
change in operating hours. Cunningham's as ending service on Sundays,
so they're going to be closed on Sundays at both
locations and the reason for it the increasing price of
NFL Sunday ticket.
Speaker 3 (32:55):
That's too bad, isn't that crazy? They I like that
Blackstone location really pops?
Speaker 2 (32:59):
Yeah, they do. They have the Blackstone location and the
Old Mill location just Sundays the rest of the time. Family. Yeah,
they remain open all right. Paison's Pizzeria announced that it
will remain open despite the recent and very unexpected death
of owner Matt Versil. The pizzeria is located at one
hundred and fifty sixth in West Center Road. Versil was
(33:20):
a former Husker offensive lineman, a high school football coach,
a popular personality on local radio. So it's nice to
see that that restaurant will continue on after Matt's absence.
Good guy, Matt Versil. The Little King Deli and sub
Sandwich Shop at eighty sixth and Dodge now serves breakfast.
We mentioned this last week, but we do want to
(33:40):
give you a little reminder because this is kind of cool.
If you go in anytime now between November tenth and
say grow Omaha when you order, you get twenty five
percent off. That's great press.
Speaker 3 (33:52):
Also on their app, if you type grow Omaha one
word all caps you can get it as well.
Speaker 2 (33:57):
North Italia, which is the big time national Italian restaurant
chain that is affiliated with the Cheesecake Factory, opening its
first Nebraska location on November nineteenth. We found news this
week that they are now hiring and they are hosting
an ongoing on site jobfare each day through November second.
(34:20):
So from what I understand, you can just show up
at the site at Village Point and find out what
jobs are available there. So if you're in the restaurant
business and looking for a new place, they want to
talk to you. North Italia has about forty locations in
thirteen states right now. Closest existing ones are in Kansas
City and Denver Pizza Ranch and Council Bluffs Metro Crossing
(34:43):
shopping Center undergoing a renovation. The restaurant does remain open
during construction, and the Pizza Ranch will include a Pizza
Ranch fun Zone arcade. I don't know what that is.
Speaker 3 (34:56):
But we have one at Frederick Square on eighty four.
Speaker 2 (34:58):
Well, I bet it's a lot of fun. Oh yeah,
we have Cedar, the popular cocktail bar in Countryside Village,
celebrates its ten year anniversary today October eighteenth, from three
pm to midnight. The celebration will include food on the grill,
games and live music. In Council Bluffs, we have a
couple new stores opening, Sierra, which used to be known
(35:22):
as Sierra Trading Post and Home Goods. They both will
open October twenty third in the Manawa Power Center. They're
both part of the TJ Max family of brands, and
like I say, they're both opening on the twenty third.
It'll be Sierra's fourth Iowa location. They already have locations
in Omaha Lincoln on the Nebraska side, and so that'll
(35:46):
be a nice get for that part of Council Buffs.
They're in the same building as Ross Dress for Less,
which opened last weekend. Beauty First will open a papillion
store in the shops at Market Point eighty five forty
South seventy first Street in late October. They already have
a handful of stores in Omaha. And then we have
(36:07):
NAPA Auto Parts plans to open a store just west
of Mohall's Nursery in one hundred and twentieth and Maple area.
And finally, Riddell's Jewelry plans to hold a ribbon cutting
for a Shadow Lake store on November seventh. They are
a jewelry company based out of Rapid City, South Dakota.
They also have a store under construction at Village Point.
(36:31):
They currently have more than sixty stores in ten states.
And then I guess the real final final. Nebraska Brewing
Company will officially close on October nineteenth, which is tomorrow.
We reported last week that they were closing, but we
didn't know the exact date. Now we do. Their last
date will be tomorrow. And with that, Trenton, well, we
(36:54):
think Nebraska Brewing Company for one, Yeah, they did a
good job as a product. Hate to see him go.
Music is playing, which means that we are done. Hope
everyone has a great weekend. I'm Jeff Beils and I'm
Trenton Maggott. You've been listening to Grow Omaha, brought to
you by Dingman's Collision Center, Cheer Athletics, and Perkins Chritzer Construction.
We'll chat with you next week at nine o'clock right
(37:14):
here on News Radio eleven ten KFAB
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