Daily Business Report-Feb. 23, 2016
Rendering of the Pacific Gate high rise. (Courtesy Bosa Development)
45-Story Downtown High-Rise
Approved by San Diego City Council
City News Service
The San Diego City Council on Monday gave a unanimous green light to Downtown San Diego’s latest high-rise project, a proposed 45-story building on the northeast corner of Broadway and Pacific Highway.
The Pacific Gate project by Bosa Development includes nearly 300 residential units, around 15,000 square feet of commercial space and about 450 parking spots. The building is designed to be almost 500 feet tall and will include 62,000 square feet of floor space.
A public plaza and a widening of the walkway along Broadway down toward the waterfront are also part of the plans, according to Civic San Diego, which handles development projects for the city.
The developers will also fund a study on the feasibility of installing landscaped medians along Pacific Highway. Area residents and city officials want the medians as a way to beautify the stretch of roadway north of Broadway, but might not be viable because of a San Diego Gas & Electric transmission line in the area.
The council members approved amendments to a development agreement, the Downtown Community Plan and Centre City Planned District Ordinance. Together, the actions will allow construction to begin 15-18 months earlier than under the previous agreement, according to Civic San Diego staff.
Construction work is projected to generate more than 1,200 construction jobs and 71 permanent positions.
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Obama Appoints Cal State San Marcos Professor
To National Advisory Council on Indian Education
President Barack Obama has named California State University San Marcos Associate Professor Joely Proudfit to the National Advisory Council on Indian Education.
Proudfit is chair of the Department of American Indian Studies and director of the California Indian Culture and Sovereignty Center at CSUSM. The council, which was established under the Indian Education Act of 1972, is tasked with advising the Secretary of Education and Congress on the administration and funding of Alaska Native and American Indian education programs.
“We are very proud of Dr. Proudfit’s appointment to the National Advisory Council on Indian Education,” said CSUSM President Karen Haynes. “She has been a champion educator and scholar. Her research and work have been integral to our university’s efforts to address the serious challenges facing American Indian students, and we are proud to have the highest per-capita number, and the only increasing number, of American Indian students in the 23-campus CSU system.”
Haynes said Proudfit’s work as the founding director of the California Indian Culture and Sovereignty Center, in collaboration with the university’s Tribal Liaison, “has nurtured transformational relationships with tribal partners in our efforts to increase the educational access and success of American Indian students in our region.”
Said Proudfit after her appointment: “California is home to more than 110 American Indian tribes and thousands of American Indian/Alaska Native youth and it is time to acknowledge the daunting challenges facing them as we preserve our heritage and honor our traditions through commitments to the cultural values — responsibility, reciprocity, respect and relationships — that define us.”
San Diego Industrial
Vacancy Reaches New Low
Cushman & Wakefield’s latest snapshot for the San Diego industrial market reports vacancy has set another record, shrinking to a mere 5 percent in the fourth quarter of 2015.
Inclusive of both direct and sublease space, industrial vacancy in San Diego stood at its lowest point in the firm’s more than 15 years of tracking this market. It also signified the 18th consecutive quarterly decline. The rate fell from 5.3 percent in the third quarter of 2015 — the prior record held — and has dropped more significantly from 6.4 percent in 2014.
“In the past three years alone, industrial vacancy has been nearly halved,” said Bryce Aberg of Cushman & Wakefield, San Diego. “Vacancy hit consecutive low points in the latter half of 2015. Based on existing fundamentals, limited development and high demand, we expect to see further decline.”
San Diego Home Prices Finish
Year with 7.2 Percent Increase
Times of San Diego
Home prices in the San Diego region rose 7.2 percent in 2015, faster than the national average but less than in some of America’s hottest markets, according to the widely followed Case-Shiller index.
The year-end report released Tuesday said increases averaged 5.4 percent across the nation, but Portland, San Francisco and Denver saw double-digit increases. Portland led the way with an 11.4 percent rise, followed by San Francisco with 10.3 percent and Denver with a 10.2 percent.
Between November and December, home prices in San Diego rose 0.7 percent, an uptick from 0.4 percent between October and November and above the national average.
“While home prices continue to rise, the pace is slowing a bit,” says David M. Blitzer, managing director at S&P Dow Jones Indices. “Seasonally adjusted, Miami had lower prices this month than last and 10 other cities saw smaller increases than last month.”
He said the stock market’s turmoil since the beginning of the year is concerning to the real estate industry, but noted that home construction is “beginning to show some serious strength” and continued home price increases should encourage more construction.
“Total housing starts have stayed above an annual rate of one million starts per year since last March and single-family home have been higher than 700,000 units at annual rates since June. Housing investment continues its positive contribution to GDP growth,” Blitzer said.
County Earns Highest
Possible Credit Rating
San Diego County has earned the highest possible rating from all three of the top credit agencies — Fitch, Moody’s and Standard & Poor’s. The trio reaffirmed the ratings earlier this month with stable outlooks.
“Once again the county has received a strong vote of confidence from the three top ratings agencies,” said Supervisor Ron Roberts, chairman of the County Board of Supervisors. “The ratings reflect our longstanding efforts to be fiscally responsible and our continued commitment to taxpayers.
The County is one of a handful of large counties in the nation and one of just two in California to have the “triple triple-A” rating.
S&P first assigned the County its AAA rating in 2008. Fitch recalibrated the County to AAA in 2010 and Moody’s upgraded the County to Aaa in 2014. The County has received the top ratings from all three ever since.
“The County’s high ratings for general creditworthiness allow us to save taxpayer dollars on future projects and reinvest the savings into the community,” said County Chief Administrative Officer Helen Robbins-Meyer.
North Park to Get New Farmers Market
Times of San Diego
North Park’s weekly farmers market is getting a makeover.
The Thursday event will be moved to a two-block footprint at the corner of North Park Way and 30th Street, and feature more than 65 vendors. It will also feature chef demonstrations from the neighborhood’s finest restaurants.
“We’re going to have a lot more activation at this market,” Catt Fields White, director of San Diego Markets, said. “We’ll remain a farm-forward market with a lot of fresh local farms, but now we’ll have a lot more chefs involved.”
Fields said chefs such as Hanis Cavin from Carnitas Snack Shack, Matt Gordon from Urban Solace and Abe Botello from West Coast Tavern will be among those offering demonstrations at the weekly event.
“I’m really excited about the chef demos right now,” Fields said. “We have about 12 chefs lined up, and we’re getting more calls everyday from chefs. North Park is rapidly growing into one of the most sophisticated foodie districts in San Diego, with the 30th Street corridor as the core hub.”
Aside from the chef demonstrations, the farmers market will feature well-known vendors like J.R. Organics, Suzie’s Farm, Smit Farms, African Sisters Farm, The Bread Barn, Bitchin Sauce and Green Fix Smoothies along with new vendors including farmers, bakers, and confectioners and local artisans.
The market will also work with local elementary schools to educate the children and their families about healthy eating. A new healthy after-school snack area will be available for Jefferson Elementary School students along with hands-on activities that share nutrition information.
“We’re extending the neighborhood lifestyle experience with this healthy, locally-driven offering that we know will also bring a lot of joy to our community,” said Angela Landsberg, executive director of North Park Main Street.
The new North Park farmers market will be held from 3 p.m. to 7 p.m. every Thursday, starting on March 24. The market accepts SNAP EBT cards.
Personnel Announcements
Chula Vistan Reappointed to State
Park and Recreation Commission
Myrian Solis Coronel, 35, of Chula Vista, has been reappointed to the California State Park and Recreation Commission by Gov. Jerry Brown. She has served on the commission since 2013. Solis Coronel has been manager of marketing and national partnerships at REI since 2011, where she was a community relations administrator from 2008 to 2011. She was a manager at KPBS Public Broadcasting from 2002 to 2008.
The position requires Senate confirmation and the compensation is $100 per diem. Solis Coronel is a Democrat.
Metz and Peralta Reappointed to
Boating and Waterways Commission
Douglas Metz, 82, of Coronado, and Frank Peralta, 69, of Bonita, have been reappointed to the California Boating and Waterways Commission by Gov. Jerry Brown.
Metz has been chairman at Metz and Associates since 1998. He was senior counsel at the King Law Group from 2007 to 2013 and chief executive officer and general counsel at Wine and Spirits Wholesalers of America Inc. from 1977 to 1998. Metz is a Republican.
Peralta, has served on the commission since 2012. He has been a court bailiff at the San Diego County Superior Court since 2003. He served as a deputy sheriff at the San Diego County Sheriff’s Department from 1974 to 2003. . Peralta is registered without party preference.
The positions requires Senate confirmation and the compensation is $100. per diem.
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Empowering the Next Generation of Female Leaders
As we grow in our careers and climb the corporate ladder, we must remember to look down and empower others to climb up as well. This is especially true for female leaders and those mentoring other young women in their future.
Getting our next generation ready to lead is often challenging when we don’t know what they look for in mentors and how they view leadership. This panel will offer a candid discussion between young professionals and offer their ideas of what leadership looks like and how we can prepare them for the future.
The San Diego Women’s conference will feature 5 bright young leaders that will be talking about how they have progressed in their careers and how we can mentor and lead them to attain higher levels of growth in their companies.
Panelists include: Rho Bruner (Sony Corp), Mariya Gelman, (HP) Mishell PAreno-Taylor (Littler Mendelson) Shana Reed Medley (Harrah’s Resort) and Tiffany Markus (Cox Business)