Daily Business Report-Aug. 14, 2018
Rendering shows a proposed ‘Centennial Bridge’ bypass route from the Cabrillo Bridge. (Plaza de Panama Committee)
City celebrates final court approval
to proceed with Plaza de Panama project
Times of San Diego
The long-delayed makeover of the Plaza de Panama in Balboa Park could begin as early as the spring of 2019 thanks to final court approval on Monday.
Six years of legal challenges ended Monday when Superior Court Judge Gregory W. Pollack ruled on the legality of both the project’s proposed bond-funding mechanism and an agreement with a citizens committee led by San Diego philanthropists Joan and Irwin Jacobs.
The project is designed to restore the Plaza de California and Plaza de Panama to dedicated pedestrian spaces by limiting vehicle access and improving parking. Traffic would be diverted from the Cabrillo Bridge to an 800-car underground parking log.
“This project will mark the largest investment in Balboa Park in decades and transform the plaza to its original grandeur with acres of new park space for San Diegans to enjoy,” said Mayor Kevin Faulconer.
City Attorney Mara Elliott said that, thanks to the ruling, “the city can begin the work of transforming Balboa Park into the cultural center and economic driver it is meant to be.”
A spokesman for the Plaza de Panama Committee, program manager Gordon Kovtun of KCM Group, said the park’s estimated 12 million annual visitors will enjoy new park amenities and pedestrian-friendly plazas that will no longer be shared with vehicles and traffic jams.
Activist attorney Cory Briggs had challenged the legality of bonds that would be issued to cover about $50 million of the project cost. Another $30 million is being raised privately. The Save Our Heritage Organisation (SOHO) sued the Plaza de Panama Committee, saying a proposed “Centennial Bridge” bypass would harm the historic character of the park’s west entrance.
The city plans work collaboratively with the citizens committee to design the project, but will take the lead on construction. Contractors will be selected through a competitive bidding process. The city plans to break ground on the project as soon as spring 2019.
SOHO issued the following statement today:
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Novo Brazil sets its sights on Otay Ranch
Town Center for its new $2.5 million
brewery operation and restaurant
Novo Brazil announced it will open a second brewing operation in Chula Vista — this one with a full-service restaurant — in early 2019. It will take the space in the Otay Ranch Town Center in Eastlake that was previously occupied by Anthropologie.
The $2.5 million project will include a restaurant with seating for 300, an event space, an indoor-outdoor beer garden facing the mall’s main street, a 10-barrel brewing system and full bar offering Novo Brazil’s proprietary beers, guest taps, wine and cocktails.
Novo Brazil’s existing tasting room and brew facilities are at 901 Lane Ave., Chula Vista.
“We wanted to be able to host our neighbors here in Eastlake with an authentic Brazilian dining experience, great beers, live entertainment and a bold and welcoming architecture reminiscent of Brazil’s most famous landmarks, all while being family and dog friendly ensuring that everyone gets to enjoy the experience right in their own backyard,” said Eduardo Pentagna, Novo Brazil CEO. “My family and I live here in Eastlake and I knew there was a huge opportunity to build a space at Otay Ranch Town Center, filling a gap in the market.”
Opened in 2015 and recently named the eighth-fastest growing brewery in the United States by the National Breweries Association, Novo Brazil is reaching capacity at its current location, according to Pentagna. The new Otay Ranch Town Center brewing facilities will allow the company to produce specialty beers such as sour and barrel-aged variations, along with testing new concepts. A small on-site retail section will offer Brazilian products such as coffee for purchase.
The brewery positions itself as a maker of a creative variety of quality beers with a slightly tropical twist, evoking the spirit of Brazil. Some of the company’s offerings include the Ipanema Double IPA, Samba (a Hazy IPA), Rio (Pale Ale) and Chula Pils (a Pilsner-style beer).
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CapRock Partners acquires 26-acre site
in Sorrento Mesa for industrial usage
CapRock Partners, a Newport Beach-based industrial real estate investment and development firm, has acquired a 26-acre land site in Sorrento Mesa neighborhood of San Diego. Acquired from a private investor, the site will enable CapRock to provide build-to-suit structures for industrial tenants or develop several speculative industrial buildings.
“This site presents a prime opportunity for tenants seeking custom last-mile logistics, manufacturing and other industrial uses, and CapRock will continue to seek additional acquisition opportunities in this high-demand, land constrained market,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners.
Colliers International served as broker on the acquisition.
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Transparent Mortgage Moves
headquarters to Little Italy
Transparent Mortgage, a San Diego-based mortgage broker and banker, has relocated its headquarters to Little Italy. the new space will enable the company to better serve current and future clients and offer a great office environment.
The 1,753-square-foot Little Italy office is considerably larger than the company’s previous space in the Symphony Towers at 750 B St. The new office will be home to the entire Transparent Mortgage team and is located at 555 West Beech St., Suite 240.
“We know that buying a condo or house can be stressful and want our clients to have the best possible experience during the process,” said Beau Hodson, founder and senior mortgage loan originator at Transparent Mortgage. “The new office is in an ideal central location, equipping us with an opportunity to further expand our business and service our clients.”
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Community college district hosts resource
fair for Coleman University students
Former Coleman University students exploring their educational options following the college’s collapse can receive free academic and financial counseling during an Aug. 16 resource fair at San Diego Mesa College.
The event, sponsored by the San Diego Community College District, is set for 5 to 6 p.m. at the San Diego Continuing Education Building, Room 118 at Mesa College (7350 Armstrong Place, San Diego, 92111).
San Diego City, Mesa, and Miramar colleges, along with San Diego Continuing Education, are opening their doors to the estimated 200 Coleman University students who have been adversely affected by the private, nonprofit vocational school’s abrupt closure after it was unable to secure reaccreditation.
The district offers more than 500 degree and certificate programs, many of them similar to what Coleman University was offering including cybersecurity, health information technology, management and team building, information technology management, computer sciences, and small business management. At $46 per unit, community college tuition is a fraction of the cost at schools such as Coleman University.
While the San Diego Community College District only accepts credits from regionally accredited institutions, and while Coleman University was not regionally accredited, other options may be available, district officials say.
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Personnel Announcements
Higgs Fletcher & Mack add income partner
Higgs Fletcher & Mack announced the addition of Allen Walburn as an income partner.
Walburn’s experience includes a broad range of taxation matters, including international taxation, private equity fund, hedge fund and real estate fund formations and operations, executive compensation, corporate and partnership taxation, 1031 exchanges and more. He has negotiated tax aspects of numerous corporate and partnership transactions, including formations and restructurings of entities, venture capital investments, mergers and acquisitions and other related matters. Walburn also has experience in sales and use tax, property tax analysis and planning for business transactions.
Before joining Higgs Fletcher & Mack, Walburn practiced with a large California-based law firm and a Big 4 accounting firm.
Walburn is a member of the American Bar Association and the San Diego County Bar Association. He is also a member of the State Bar of California within the Taxation Section and serves on the Executive Committee of the Taxation Section.
Walburn received his Bachelor of Sciences from San Diego State University and his Juris Doctorate from the University of San Diego School of Law.
