Daily Business Report — Oct. 18, 2012
$1.2 Billion Navy Redevelopment Project
on Waterfront Survives Court Challenge
A federal judge has rejected a court challenge to a $1.2 billion redevelopment project on the Downtown waterfront proposed by the Navy and U-T publisher and developer Douglas Manchester. The Navy Broadway Complex Coalition had argued that the environmental assessment of the project did not properly consider terrorist threats, a claim that the judge rejected. The coalition is expected to appeal the ruling. The Navy Broadway Complex proposal didn’t fare well last year before the California Coastal Commission, which denied its approval.
Harrah’s Rincon Casino and Resort
To Get a $150 Million Expansion
The Rincon Band of Luiseño Indians will break ground on Oct. 29 on a $150 million expansion of Harrah’s Rincon Casino and Resort in Valley Center. The expansion project will include a 403-room hotel tower, expansion of the pool venue, a new lobby lounge, a convention and extertainment center, a new indoor/outdoor Mexican restaurant and additional parking. The expansion is projected to take approximately 17 months to complete and expected to bring an estimated $261 million in new revenue to San Diego County, including the $150 million the Rincon Band is investing in construction, the tribe said. The expansion will also add $11.5 million in new local and state tax revenues. . “The expansion will bring a much-needed boost to the local economy, producing an estimated 650 jobs during construction and 125 new hospitality jobs,” said Bo Mazzetti, tribal chairman.
San Diego Housing Market Among
The Least Affordable in the U.S.
A new survey finds San Diego is a difficult place to buy a home because the price of real estate is so high. The survey ranked the affordability of the nation’s 25 largest cities. The least affordable are San Francisco, New York and San Diego. The poll looked at a number of factors including home values, income, taxes and homeowners insurance costs. Those yardsticks all figured into the equation. “Yes, your median income is higher than average, but not nearly high enough to be able to afford significantly higher property taxes and the big cost of the house itself,” said Mike Sante of Interest.com. San Diego home values are more expensive than New York right now, according to Sante, and local home values are moving up. The survey also found the two most affordable cities in the nation are Detroit and Atlanta. (KPBS report)
San Diego Naval Installation to Get
$25 Million in Tech, Engineering Work
The US Navy has awarded a $25 million Contract to Accenture Federal Services to provide tech and engineering support to San Diego-based Space Naval Warfare Systems Center Pacific (SSC Pacific). SSC Pacific is the Navy’s research, development, testing and evaluation, engineering and fleet support center for command, control and communications systems and ocean surveillance. Accenture’s work will help improve communications between the fleet and Navy offices and capture data to improve efficiencies within the systems.
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The Daily Business Report is produced by SD METRO.
Contact: Manny Cruz (619) 287-1865. manny@sandiegometro.com.
