Daily Business Report-April 29, 2016
Rendering of Beech Street tower in Downtown San Diego.
35-Story Residential Tower Downtown
Approved by Civic San Diego Board
The Civic San Diego Board approved the design and related permits for Beech Street Inc.’s proposed 35-story residential apartment tower to be located on the south side of Beech Street between First and Second Avenues in the Cortez neighborhood.
Designed by AVRP Studios, the project will contain approximately 269 units, and 364 parking spaces in three subterranean levels and four above-grade levels.
Of the 269 total residential units, 146 will be one-bedroom, 107 will be two-bedroom and 16 will be three-bedroom. The project will pay more than $2 million in development impact fees to fund new parks, fire stations and traffic circulation improvements in the Downtown community plan area.
It is estimated the project will generate approximately 280 construction jobs and seven permanent jobs
The project received unanimous approval by both the CivicSD Design Review Committee and Downtown Community Planning Council.
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DeSouza’s Illumina Plans
Illumina’s sequencing platforms have powered a number of companies and research institutions, keeping it a little bit behind the scenes despite its ubiquity, but Fast Company writes that that’s about to change.
“We spent a decade selling instruments to researchers who are experts and understand genomics,” new CEO Francis deSouza tells Fast Company’s Christina Farr. “Now we’re seeing applications take off, which is a much bigger market for us.”
DeSouza, who recently took over the top job at Illumina from Jay Flatley, has a five-year plan to bring the company’s sequencers into doctors’ offices. To that end, the company has recently moved into the prenatal genetic testing field and is pursuing tests for cancer and for use in forensics, Farr adds.
“We’re at a pivotal point right now,” deSouza says. “We have to deliver more than instruments.”
Illumina has also begun to spin out companies like Helix, a consumer genetics firm, and Grail, a firm focused on developing sequencing-based screens to detect early-stage cancer.
As Farr writes, deSouza envisions a future in which genetic testing for disease or for ancestry is far more common. And Illumina, by providing the machines and the tests, will be even bigger. “As we look ahead, so many companies are looking to add a genetics component,” he says. “In five years from now, Illumina will touch people’s lives in so many ways.”
Read the full story here.
USD Index Up in March
The USD Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County rose 0.4 percent in March. Strong positive moves in initial claims for unemployment insurance and local stock prices led the move to the upside. There were also moderate gains in help wanted advertising and the outlook for the national economy. These advances overwhelmed a big dip in building permits and a small decline in consumer confidence to push the USD Index to its fifth increase in six months.
March’s gain was solid but not spectacular. The local economy remains on track to have good year. Through the first three months of the year, job growth hovers near the 40,000 mark in terms of year-over-year growth in wage and salary employment. The main worries are external forces, specifically, the health of the national and international economies. The International Monetary Fund is projecting global growth of 3.2 percent, up slightly from the 2015 growth rate. Growth in China is expected to continue slowing, although remaining above the 6 percent level. There continues to be turmoil in Europe with financial problems, concerns over immigration, and the possible exit of Britain from the European Union. In the United States, employment growth remains strong but Gross Domestic Product (GDP) growth is weak. That prompted the Federal Reserve to decide in its April meeting to leave interest rates unchanged. The Fed cited weak growth and inflation being under the target rate of 2 percent. Interest rates are expected though to increase one or two more times in 2016.
How to Get Rid of Unwanted
Or Expired Prescription Drugs
Get rid of unwanted or expired prescription drugs during the Drug Enforcement Agency’s National Prescription Drug Take Back Day this weekend. Some 40 sites in San Diego County are participating in the event from 10 a.m. to 2 p.m., Saturday, April 30.
This service is free and anonymous. Pills and other solids, like patches, will be collected, but no liquids or sharps, such as needles or lancets, will be accepted.
Drug overdoses are now the leading cause of injury-related deaths in the U.S., according to the DEA. Help fight the epidemic of substance abuse and addiction by removing these items from your home.
The Sheriff, Probation and District Attorney are participating at the locations below or see the full list.
Alpine Sheriff’s Station, 2751 Alpine Blvd.
Fallbrook Sheriff’s Substation, 388 East Alvarado St.
Hall of Justice, 330 W. Broadway, San Diego (District Attorney)
Imperial Beach Sheriff’s Substation, 845 Imperial Beach Blvd.
Juvenile Hall, 2801 Meadow Lark Drive, San Diego (Probation)
Kaiser Permanente, 400 Craven Road, San Marcos (Sheriff)
Lakeside Walgreen’s parking lot, 9728 Winter Gardens Blvd. (Sheriff)
Lemon Grove Sheriff’s Substation, 3240 Main St.
Poway Sheriff’s Station, 13100 Bowron Road
Ramona Albertson’s parking lot, 1459 Main St. (Sheriff)
Rancho San Diego Sheriff’s Station, 11486 Campo Road
Santee Walgreens parking lot, 10512 Mission Gorge Road (Sheriff)
Scripps Encinitas Hospital, 354 Santa Fe Drive (Sheriff)
Valley Center Elementary School, 28751 Cole Grade Road (Sheriff)
Vista Walgreens parking lot, 310 Sycamore Ave. (Sheriff)
You can also drop off unwanted prescriptions in designated boxes at any Sheriff’s station or substation or in the lobby of the County Administration Center at 1600 Pacific Highway in San Diego during normal business hours.
U.S. Navy Transfers Research
Vessel to Philippine Navy
The Navy transferred ownership of Research Vessel Melville to the Philippine Navy, during a ceremony Wednesday at Naval Base San Diego.
The ship was transfered under the U.S. Department of Defense’s excess defense articles program to help augment the Republic of the Philippines oceanographic research and study capabilities.
Melville, named for George Melville, an explorer and rear admiral in the United States Navy, was launched from La Jolla in 1968. Since then, it has served the Office of Naval Research, been operated by Scripps Institute of Oceanography, and also played a role in the 1976 film “King Kong.”
Melville will be received as the Philippine Navy’s first dedicated research vessel.
“The Philippines is and will remain a vital strategic ally in the region for the foreseeable future, and I am proud to play a part in that relationship,” said Vice Adm. Nora Tyson, commander, U.S. 3rd Fleet. “Today, we not only transfer a platform that will enhance the Philippines’ environmental research and law enforcement capabilities but will also contribute to the security and stability of the region.”
With the signing of handover paperwork between Tyson and the Honorable Leo Herrera-Lim, Consul General of the Philippines in Los Angeles, the vessel transferred ownership to the Philippine Navy.
”The transfer of the vessel Melville to the Philippines today signifies the shared commitment of the Philippines in terms of furthering scientific research in our part of the world but also our shared values of advancing security of our common people in terms of the future ahead of us,” said Herrera-Lim.
The ship’s new sponsor, Fidelis Herrera-Lim, wife of the Honorable Leo Herrera-Lim, smashed a bottle of wine against the hull, officially christening the vessel BRP Gregorio Velasquez, named after Gregorio Velasquez, a renowned leader in the Philippine scientific community.
Once christened, official orders were read, the commissioning pennant was hoisted, watches were set, and the vessel was officially placed in commission.
Historical Resources Board
Delays Downtown Mural Vote
By City News Service
A decision on the fate of the large advertising mural in Downtown San Diego for the Agua Caliente racetrack was delayed Thursday by the city’s Historical Resources Board, until at least June.
The 80-by-40-foot ad is on the west wall of the dilapidated California Theatre, which a developer hopes to turn into a 40-story residential tower.
The sign, visible in much of Downtown, has gained support of advocates of preserving historic buildings. Two smaller advertisements are on other sides of the 89-year-old structure on C Street, but received less support.
The board unanimously voted to ask a consultant who issued a report on the issue to delve into several aspects more thoroughly. Chairman John Lemmo called it “inadequate in many respects.”
The report had said the signs are not significant under any HRB criteria.
Bruce Coons, of the Save Our Heritage Organisation, said the large Caliente sign, depicting a horse on a yellow background, is “the epitome” of the board’s criteria.
“I think it does it more effectively than many other historic sites,” Coons said.
“Just viewing it, you’re immediately transported back to a particular place and time, and it’s hard to avoid it,” he said. “It’s a history lesson on the street. If this isn’t historic, I don’t know what is.”
The $125 million project is scheduled to be reviewed next month by Civic San Diego, which handles Downtown development issues for the city, and could go before the City Council this summer.
Full Occupancy Reported for
Chelsea’s Rancho Del Sol Complex
A new community of 95 affordable apartment homes along the State Route 56 corridor is now fully occupied, according to Chelsea Investment Corp., the developer.
The Rancho Del Sol rental complex was built in association with Pardee Homes and created for households earning at or below 60 percent of the San Diego area median income,
Rancho Del Sol’s amenities include a pool, jungle gym-style playground, courtyard with picnic area and a community clubhouse with free access to computers and printers. The one-, two-, and three-bedroom rental homes are located on Carmel Valley Road in Pacific Highlands Ranch.
Last year, Chelsea.was recognized for developing San Diego’s Best Affordable Project, the 203-unit Alpha Square, serving homeless and very low income individuals in Downtown San Diego.
