Daily Business Report-Feb. 14, 2019
Balboa Park Botanical Building. (Photo by Manny Cruz)
Halt to Plaza de Panama revamp
frees up $10 million for Balboa Park
By Andrew Bowen | KPBS
San Diego city leaders may have an extra $10 million to spend on upgrades to Balboa Park after news broke this week that high construction costs had halted a plan to revamp to the park’s Plaza de Panama.
The project, which would have constructed an underground paid parking garage and a bypass bridge near the park’s western entrance, was to be paid for with a mix of donations, city funds and bonds backed by parking fees. City Council members approved that funding, which included $10 million in taxpayer dollars, in November 2016.
Related: Bids to remake the Plaza de Panama are $20 million higher than expected
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Save Our Heritage Organisation
response to Plaza de Panama halt
Save Our Heritage Organisation applauds San Diego Mayor Kevin Faulconer’s decision to put the Plaza de Panama project on hold and instead to focus public investment in the park on restoring the historic Palisades area.
In the midst of the city’s 2019 budget shortfall and the required financial approval by the new City Council, the project’s proponents realized this massive undertaking could no longer be a city priority, especially when the park suffers from more than $150 million in deferred maintenance.
SOHO has maintained the 2016 project estimate of $60 million was vastly insufficient, and we weren’t far off when we predicted the 2019 construction and administration project bids would exceed $120 million. For San Diegans and Balboa Park lovers all over the world, this welcome decision retains the National Historic Landmark status of the Cabrillo Bridge and the park’s 1915 historic core. Parking will remain free within the beloved “people’s park.”
This was not the first time San Diegans rallied en masse to protect the city’s jewel. It has needed our protection since 1872, when George Marston, a visionary civic leader, first fought to save the park’s lands. Subsequent organizations, preservationists, and residents took up the battle flags for the next 100-plus years. We are gratified to know that Balboa Park’s historic landscapes, iconic architecture, and magnificent Cabrillo Bridge will remain a unified landmark, as intended.
SOHO heartily supports the new focus on the historic Palisades area. The Committee of One Hundred has been at the forefront of this restoration effort in an area of the park that has long been neglected and underutilized, and could be one of its most beautiful attractions.
Supporters of SOHO’s Plaza de Panama litigation and educational campaign encompass a remarkable breadth of individuals and groups, locally and from across the country. They include other top environmental and preservation organizations, and a number of Balboa Park entities and institutions.
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Willow Glen Apartments in San Diego
sold for $17.9 million
Willow Glen Real Estate Holdings LLC has purchased the Willow Glen Apartments at 3535-75 College Ave. in San Diego for $17.9 million. The Willow Glen Apartments were constructed in 1963 and underwent significant interior and exterior renovations in 2017. The total 58,814-square foot, two-building property features a mix of one- and two-bedroom units. The seller was 3635 College Avenue LLC.
Colliers International San Diego Region represented the seller in the transaction. South Coast Commercial Inc. represented the buyer.
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TechFlow gets $967 million contract
from Transportation Security Administration
San Diego-based TechFlow, a logistics and digital services company, has been selected by the Transportation Security Administration (TSA) to implement and operate a comprehensive performance based logistics program to sustain government-certified Explosives Detection Systems (EDS) deployed and operated by TSA at over 270 airports and government-designated facilities throughout the United States and its territories. The total contract value, with options, is approximately $967 million.
TSA is charged with the mission of protecting the nation’s transportation systemsto ensure freedom of movement for people and commerce.
“TechFlow understands these requirements and shares TSA’s innovation culture,” said TechFlow’s COO Mark Carter. “We are honored to be entrusted with this important program and look forward to partnering with TSA to pioneer new approaches in logistics management.”
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South County Economic Development
Council moves to new offices
South County Economic Development Council (SCEDC) has moved to new offices at 780 Bay Blvd. in Chula Vista. SCEDC signed a five-year lease and officially moved in on Feb. 1..
“There are many exciting projects on the horizon such as the Chula Vista Bayfront and our initiative with industrial growth in East Otay Mesa and East Chula Vista. Our new offices will lend well to trainings, presentations and regional meetings,” said Cindy Gompper-Graves, president and CEO of South County EDC.
The new work space offers views of the bay, showcasing the potential that South County has to offer visitors, employers and developers. It is also adjacent and overlooks the Chula Vista Bayfront project, a large-scale waterfront development project in South County utilizing unused land and transforming into a recreational, residential and resort destination on the Chula Vista waterfront.
The agency’s former offices were a t1111 Bay Blvd., Chula Vista, where it was a tenant for more than 15 years.
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S.D. Workforce Partnership
to open new headquarters on Feb. 21
The San Diego Workforce Partnership will officially open its new headquarters at 9246 Lightwave Ave., Suite, 210, in San Diego on Feb. 21. Ceremonies start at 9:30 a.m. Attending will be Peter Callstrom, chief executive officer; Andy Hall, chief operating officer; Phil Blair, board chair; county Supervisor Greg Cox; and San Diego Councilman Chris Cate.
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Integrity Escrow of El Cajon
changes its name to Foothills Escrow Ltd.
Integrity Escrow of El Cajon has changed its name to Foothills Escrow Ltd. and announced the selection of Anisa Smith Bruce as escrow manager. Bruce, with 18 years of escrow experience, is a certified escrow officer (CEO), a professional designation awarded by the California Escrow Association. When she received the designation in September 2005, at age 21, Bruce said she was the youngest person in state history to achieve the CEO designation. Prior to joining Foothills Escrow, Bruce worked at Chicago Title and Corinthian Title.
Foothills Escrow is an independent escrow company licensed by the California Department of Business Oversight and provides real estate settlement services throughout California. Foothills Escrow is affiliated with Keller Williams East in El Cajon.
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Sempra Energy to sell U.S. wind
assets to American Electric Power
Sempra Energy announced that it has entered into an agreement to complete the sale of its U.S. renewables business by selling its remaining wind operating and development assets to American Electric Power (AEP) for $551 million in cash, subject to closing adjustments and working capital.
“The agreement to sell our U.S. wind assets along with the previously announced sales of our U.S. solar and natural gas storage assets are expected to generate approximately $2.5 billion in cash proceeds to support our growth plan as we strive to become North America’s premier energy infrastructure company,” said Joseph A. Householder, president and chief operating officer of Sempra Energy.
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WiTricity acquires assets of Qualcomm
wireless electric vehicle charging group
San Diego Union-Tribune
WiTricity, a privately held Massachusetts company working on wireless electric vehicle charging, said Monday it has purchased the intellectual property and reference designs of Qualcomm’s Halo wireless vehicle charging business. The value of the transaction was not disclosed. But Qualcomm has become a minority shareholder in WiTricity.
A WiTricity spokesperson said it acquired around 1,000 granted or pending patents related to wireless vehicle charging from Qualcomm, which brings its total intellectual property portfolio around wireless charging to 1,500 patents.
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Personnel Announcements
David Cariani and Matt Griffith join Centura Wealth Advisory
Centura Wealth Advisory announced the addition of two seasoned wealth advisors to its existing Liberated Wealth team: David Cariani and Matt Griffith.
David Cariani joins Centura as chief investment officer. Cariani brings over 20 years of investment strategy experience to the firm and complements the existing CIO, Kyle Malmstrom, one of the firms founding partners.
Before Centura, Cariani served as chief investment officer for a global wealth management firm with over $1.2 billion in assets unde
r management which he helped grow from less than $500 million. Cariani’s experience in growing wealth management platforms continues to enhance the services and capabilities of Centura that high net-worth individuals seek from their advisors.
Cariani is an active member of the CFA institute, CFA Society San Diego, and North County Estate Planning Council – San Diego. He graduated from UCLA and continues to be active in the UCLA Alumni Association.
Matt Griffith brings to Centura and its clients over 20 years of experience in wealth management, financial planning, and accounting services.
Griffith has been serving high net-worth families and individuals and focused on detailed planning efforts to help clients achieve their personal and financial goals. He will augment Centura’s existing planning capabilities as well as serve clients with wealth management services.
