Daily Business Report-May 1, 2019
One of the penthouse suites in Park 12 — The Collection (Photos courtesy of Greystar)
Greystar completes its $400 million luxury
apartment and retail development Downtown
Construction has been completed on Park 12 — The Collection, a $400 million four-building Downtown luxury apartment and retail community at 100 Park Plaza overlooking San Diego Bay and Petco Park.
Situated on a 3.5-acre triangular site, Park 12 is comprised of one high-rise and three mid-rise buildings – all owned and operated by Greystar. The complex encompasses 371 luxury apartments in a 37-story tower and 347 units in one six and two seven-story midrise buildings – for a total of 718 rental homes. Residences include studio, one-, two- and three-bedroom floor plans – as well as penthouse suites – with square footage spanning from 518 to 2,824 square feet, with direct access to Petco Park for San Diego Padres baseball games and other special events.
The apartment homes feature plank flooring, private patios or balconies, stainless steel appliances, quartz countertops, polished chrome fixtures and full-size washer/dryers. Rents start at $1,909.
According to Jerry Brand, senior managing director of West Coast development for Greystar, Park 12 – The Collection was built to create a sense of community, with high-end amenities designed to fuel camaraderie and engagement.
High-end perks at Park 12 include a nearly 5,000-square-foot entertainment hub – complete with a karaoke room; a movie theater; shuffleboard, ping pong, poker, chess and billiards tables; a virtual golf simulator; six TVs; multiple arcade games and a mini bowling alley. Residents also have free access to a co-working space, complete with private offices and multiple conference rooms.
Additional amenities include an indoor/outdoor fitness center featuring top-of-the-line equipment; two pools with a sundeck and spa; underground gated parking with 1,216 spaces; a clubhouse with kitchen; resident lounge; multiple rooftop terraces with outdoor seating, fire pits and outdoor kitchen and grilling areas. Two dog runs – one for small and one for big dogs – are outfitted with a dog washing station and pet drinking fountains. An expansive lobby includes 24-hour concierge services.
Turner and Greystar Construction Companies was the builder for the project; Carrier Johnson + Culture the architect, and LRM the landscape architect.
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County to spend $25 million more
on affordable housing in the region
The county Board of Supervisors voted Tuesday to spend an additional $25 million to build more affordable housing units in the region. The recommendations include revisions to the Innovative Housing Initiative ordinance to broaden the criteria for use of future monies to provide more opportunities for critical housing assistance.
“This is an innovative public/private partnership,” said Chairwoman Dianne Jacob. “The first $25 million, we’re expecting 1,000 affordable housing units. We expect no less on the (other) $25 million…2,000 affordable housing units is not a bad deal. It’s not a full solution, but it’s certainly a step in the right direction.”
In 2017, the county established the Innovative Housing Initiative to increase the regional supply of affordable housing. The Initiative, launched with $25 million of county funding, was structured to address housing needs by making a pot of money available to developers so that they build and/or rehabilitate housing for low-income households and vulnerable populations.
To date, the initiative’s initial funding has resulted in 453 permanent affordable housing units currently underway with allocations totaling almost $12 million. The total development cost of these projects is over $177 million.
The remaining $13 million of the Innovative Housing Trust Fund has received tremendous interest. The notification for recommended funding for viable projects is planned to take place this summer.
This proposal will have a positive impact on the business community since funded projects will involve construction work to be performed at various sites throughout the county. Contracts resulting from these recommendations will be executed with nonprofit and private sector firms and will involve a competitive bid process.
The units from the ongoing and future housing developments will go to:
• Homeless families
• Families in need
• Homeless veterans and with special needs
• Seniors and older adults with extremely low incomes
• People with developmental disabilities
• People with mental illness or a history of substance abuse
• Domestic violence survivors
“California is an expensive place in which to live,” said Supervisor Greg Cox. “From South County to East County to North County, families are finding it harder to keep up with rising rents or finding homes that they can afford.”
Professor Christal Sohl in video scene. (Video by Scott Harwood)
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Research Horizons: the quest to cure cancer
By Kelly Woodhouse with video by Scott Harwood
SDSU’s Research Horizons series highlights early career faculty and their burgeoning research projects.
How does a tumor escape the normal checks and balances that keep cells healthy and cancer-free?
This question has fueled Christal Sohl’s life work.
The San Diego State University chemistry professor studies how enzymes, the protein workhorses of human cells, go rogue in ways that lead to cancer. Unlocking the relationship between enzymes and cancer could help researchers develop new treatments for patients.
“Once we know, at the molecular level, how the activity of the enzyme changes to support tumor growth, we can ultimately design personalized medicine that targets rogue enzymes in our quest to cure cancer,” Sohl explained.
Sohl receives funding from the National Institutes of Health (NIH) and the American Cancer Society. She came to SDSU in 2015 from Yale University, where she served a postdoctoral fellow.
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New ‘Powermom’ app launched
to study maternal health
In the United States, spending on hospital-based maternity care surpasses that of any other country, yet rates of maternal morbidity and mortality are rising, despite declines elsewhere. In an effort to address this grim ranking, researchers at the Scripps Research Translational Institute have launched a new digital research platform called Powermom that enables pregnant women anywhere in the United States to contribute their health information to the study using a smartphone app.
“Maternal mortality in the US is an outlier in the world that cannot be tolerated, a veritable crisis that demands enhanced understanding and intervention,” says Eric Topol, M.D., founder and director of the Scripps Research Translational Institute. “With Powermom, we’ll learn from each expectant mother at scale, via the app and wearable sensors, what makes for a healthy pregnancy.”
Pregnant women have historically been underrepresented in biomedical research, and the Powermom initiative seeks to address the significant gaps in understanding the determinants of healthy pregnancies.
Powermom invites pregnant women to share their health data through surveys as well as data collected by wearables such as Fitbits and Apple Watches. The app is currently available to users on iOS and Android, and individuals without a smartphone can participate via a web-based application.
Read more…
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Cubic to bring contactless transit cards
to Apple Wallet later this year
Cubic Corporation announced it is enabling transit cards in Apple Wallet so passengers can use their iPhone and Apple Watch to ride public trains, subways and buses. Transit cards in Apple Wallet are a convenient and secure alternative to physical cards. Cubic is working with Apple to roll out this technology in the U.S., starting with support for the Ventra card in Chicago later this year. Cubic and Apple are also working to support open-loop transit systems such as the new OMNY system launching in New York later this Spring.
Cubic’s mobile platform will enable passengers to add transit cards to Apple Wallet on iPhone, eliminating the need for a physical transit card. Cubic’s Traveler app provides travelers with new tools to manage their transit cards and enhance their journey.
Travelers will be able to add transit cards to Apple Wallet, load transit funds, buy fare products and manage their account from the Cubic Traveler app.
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AMN Healthcare to acquire Advanced Medical
San Diego-based AMN Healthcare Services Inc., provider of health care workforce solutions and staffing services, announced a definitive agreement to acquire Advanced Medical Personnel Services Inc. The purchase price is $200 million, with up to an additional $20 million to be paid based on Advanced’s 2019 financial performance. The acquisition is structured to allow AMN to realize tax benefits with an estimated net present value of $8 million and is expected to be immediately accretive to AMN’s adjusted earnings per share.
Advanced is an innovative health care staffing company that specializes in placing therapists and nurses in contract positions across multiple settings including hospitals, schools, clinics, skilled nursing facilities, and home health. The entrepreneurial team at Advanced has been successful in launching a platform that serves the needs of children within large school districts through both on-site and telehealth therapists. Advanced has a current annualized run rate of approximately $140 million revenue and adjusted EBITDA of $20 million.
Takeda Pharmaceutical Company Limited announced the opening of a new research facility in San Diego. Extending Takeda’s 14-year presence in San Diego, the 165,000-square-foot facility is home to more than 250 employees focused on leveraging specialized drug discovery technologies and advancing discovery research in gastroenterology and neuroscience. The facility is home to four research platform groups – structural biology, early target discovery, computational biology and biologics – that provide key capabilities to discover and advance promising molecules. The new research center in San Diego complements Takeda’s global Research & Development center in Cambridge, Mass. and its other global research site in Shonan, Japan.
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I-5 South temporarily closed as GSA
opens new roadway to El Chaparral
The U.S. General Services Administration (GSA) will realign the southbound Interstate 5 (I-5) freeway to a newly constructed roadway on May 14, 2019 as part of Phase 3 of the San Ysidro Land Port of Entry (LPOE) Modernization and Expansion project. This stage of the project opens the four westernmost lanes of the newly constructed I-5 southbound freeway just south of the Camino De La Plaza Bridge. Additional lanes will open June 2019.
In order to transition vehicle traffic from the current freeway configuration to the newly constructed lanes, GSA will temporarily close the southbound I-5 overnight for a nine-hour period on May 13, 2019. Traffic will be detoured to southbound Interstate I-805 (I-805) freeway via the SR-905 connector from 10 p.m. May 13, 2019, to 7 a.m. May 14, 2019. The Camino De La Plaza southbound I-5 freeway on-ramp will be closed during this same time frame. Additionally, from 10 p.m. May 13, 2019, to 7 a.m. May 14, 2019, two to three southbound I-805 lanes will temporarily close to facilitate the transition.
Travelers are advised to plan ahead for potential delays, monitor media, and traffic reports, and adhere to posted signage which announces changes to freeway patterns on affected roadways. Southbound traffic through the San Ysidro LPOE into Mexico will remain open to vehicular and pedestrian traffic during the detour.
For more information about the San Ysidro LPOE modernization and expansion project, visit www.gsa.gov/sanysidrolpoe.
