Daily Business Report-June 6, 2017
The new San Diego Central Courthouse was dedicated on Monday.
New San Diego Central Courthouse
to Open July 17
The new, $555.5 million San Diego Central Courthouse will open to the public on July 17. It was dedicated Monday with California Supreme Court Chief Justice Tani Cantil-Sakauye presiding.
The new court building will house 71 courtrooms in 25 stories, with a total of 704,000 square feet. It will provide a consolidated facility for criminal, civil, probate, family court, and small claims services, with adequate space for court services, administration, security operations, and holding areas, with a secure vehicle sallyport for the transportation of in-custody detainees.
The majority of civil matters will remain in the adjacent Hall of Justice, which will be partially remodeled to enable the two buildings to function together efficiently.
Along with a new public park planned by the city on the current courthouse site, the new courthouse will complement the Hall of Justice and other buildings around it and help to shape the character of an emerging civic district in downtown San Diego, according to court officials.
The new court replaces the County Courthouse, the Family Courthouse, and the Madge Bradley Courthouse in Downtown. These buildings have been found to be unsafe, overcrowded, and inadequate for modern court operations.
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Analyst: Delaying Tourism Vote a Year
Will Result in $75M Loss for Taxpayers
A new financial breakdown by the city’s chief financial officer shows a projected revenue loss and cost impact of more than $75 million if a public vote on the tourism ballot measure is delayed for a year.
The analysis by Chief Financial Officer Mary Lewis includes estimates that show a delay in construction of the Convention Center expansion beyond the expected completion date of March 2023 will cost the project an additional $3.6 million a month, or about $43 million a year. The proposed TOT increase doesn’t account for an additional $43 million in expenses so a delay could jeopardize the full funding of the expansion.
The city would also lose out on a year of funding from the dedicated streams for homeless programs and street repair. If the election were delayed to 2018, the $10 million each for homelessness and roads would not be collected in FY2019 for those causes, according to the analysis.
The proposed tourism measure would raise the transient occupancy tax (TOT) – paid by visitors staying at local hotels – by up to 3 percent to fund the modernization and expansion of the San Diego Convention Center while also creating dedicated funding streams for homeless programs and street repair. The Convention Center expansion is projected to create 7,000 jobs and help San Diego attract and retain conventions, a key driver of local economic activity.
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City Council Axes Special Election Funding
Voice of San Diego
The City Council on Monday approved the city’s annual budget.
But in the 8-1 vote, the Council removed $5 million for a special election from Mayor Kevin Faulconer’s proposed budget. That leaves uncertain the fate of the SoccerCity plan and convention center expansion, two items the mayor wanted voters to take up this fall. But neither plan is totally dead.
The Council’s changes to the mayor’s budget took out the election funding, and added in more funding for the Police Department, homeless services and to put toward the debt at Qualcomm Stadium.
In a statement after the vote, Faulconer said he would keep the changes to police funding but plans to put the special election funding back in.
“I intend to use my veto authority to restore the special election funding, while still retaining the added funding for our police, so the City Council can take an up-or-down vote on these urgent ballot measures. The City Council should not ignore these time-sensitive issues – and give San Diegans the opportunity to vote this year,” Faulconer said in the statement.
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Industrial Building Sold for $19.3 Million
STAG Industrial Inc. has purchased a 205,800-square-food industrial building near the Otay Mesa Port of Entry for $19.3 million. The building is leased to three tenants: Honeywell International Inc., Cubic Corp., and SigmaTron International Inc.
HFF marketed the property.
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Hughes Marino Opens New Office in Seattle
Commercial real estate company Hughes Marino has opened a new office in Seattle. Located in the 42-story Russell Investment Center in downtown Seattle, the new Hughes Marino office will occupy 7,300 square feet on the 25th floor of the high rise, which is situated at the center of the city’s market, retail, financial and cultural districts.
“We are thrilled to be growing our ecosystem into the Pacific Northwest,” says Jason Hughes, CEO, president and owner, of Hughes Marino. “The commercial and entrepreneurial spirit of this region is at the core of its rapid growth and economic success. Our leadership team understands the importance of bringing the industry’s best portfolio of service offerings to businesses seeking tenant and buyer representation.”
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Comhear Completes $12 Million Financing
Round and Appoints Chief Executive Officer
Audio technology company Comhear Inc. announced the completion of a $12 million Series A capitalization round and the appointment of Gerry Chastelet as chief executive officer.
The funds will be used to drive innovation and advance the company’s business objectives across multiple industry segments, led by the launch of Comhear’s 3D audio technology in the consumer electronics and ProAV markets.
Chastelet an experienced technology industry executive, is former chairman and CEO of Dominus Innovations and Digital Lightwave.
Andrew Arno, vice chairman of the Special Equities Group at Chardan Capital Markets LLC in New York, has joined the Comhear Board of Directors. Perry Teevens will continue as president and lead business development for Comhear across the multiple business, enterprise and consumer segments.
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San Diego International Airport to be First in U.S.
to Offer Gate Delivery Service for Food, Retail Items
The San Diego County Regional Airport Authority has selected AtYourGate to provide the first airport-wide passenger delivery service in the U.S. at San Diego International Airport. In partnership with mobile ordering app Grab, AtYourGate will offer passengers the ability to order food or retail items via their phone and have the items brought to them at their gate. Passengers save time and maximize choice from the entire landscape of food and retail items available at the airport. The service is currently in development with public launch targeted for this summer.
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Cal State San Marcos Appoints
New School of Nursing Director
California State University San Marcos has appointed Dr. Lorna Kendrick as its new director of the School of Nursing effective July 1. Kendrick has been the director and campus college chair of the College of Health Professions School of Nursing for the University of Phoenix San Diego campus since 2014.
Kendrick also has served in a variety of administrative and academic roles throughout the country, including director of the BSN program at Tennessee State University, director of clinical sites for Nashville General Hospital and faculty positions in Schools of Nursing at the University of Alaska, UCLA and California Baptist University. Among her responsibilities will be assisting faculty with student concerns and building the School of Nursing schedule.
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Northrop Grumman Named a
Top 50 Company for Diversity
Northrop Grumman Corporation has been ranked 29th on DiversityInc’s annual list for the Top 50 Companies for Diversity. The company moved up from 31st in 2016 and was once again the only aerospace and defense company to make the Top 50 list. In the DiversityInc specialty lists rankings Northrop Grumman was rated No. 1 for veterans, No. 2 for executive women and support for people with disabilities, and No. 3 for diversity councils. For the last eight years Northrop Grumman has earned a Top 50 ranking for diversity from DiversityInc.
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USS Nimitz Deployment
Sailors aboard the aircraft carrier USS Nimitz man the rails and give passing honors to the USS Midway Museum while pulling out of the San Diego Bay for deployment Monday. June 5 marks the observance of the 75th anniversary of the Battle of Midway. (U.S. Navy photo by Mass Communication Specialist 3rd Class Bill M. Sanders)
