Daily Business Report-July 12, 2019
The Naval Information Warfare Systems Command facility in Old Town. (Courtesy SANDAG)
Navy agrees to consider regional transit
hub at NAVWAR site in Old Town
SANDAG and the Navy have agreed to jointly study how a regional transit hub could be built when the sprawling NAVWAR site in Old Town is redeveloped.
Redevelopment of the World War II-era site, a former aircraft plant that turned out thousands of B-24 bombers, could include a “San Diego Grand Central” connecting the trolley, regional rail and buses with San Diego International Airport.
“This is an amazing opportunity to strengthen the Navy’s presence in San Diego, create thousands of jobs and make it easier for people across the region to get to and from the airport,” said San Diego Mayor Kevin Faulconer. “This agreement is a promising beginning to what could be one of the most transformative projects in our region’s history.”
The memorandum of understanding announced Wednesday commits SANDAG and the Navy “to explore inclusion of an intermodal transit facility and enhanced airport transit connections” as part of redevelopment of the Old Town site. However, the agreement provides no guarantee that the transit hub will be included.
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Prices of resale homes continue
upward, but sales slump in June
Prices of resale homes restarted their record run in June, while sales hit a midsummer slump, according to housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of Realtors.
Single-family home prices were up more than 2 percent month over month, hitting $674,900. Prices of condominiums and townhomes (all attached properties) increased by 3.5 percent in the past month, to $445,000. For the first half of this year, prices of all previously owned homes are up nearly 3 percent.
The number of sales of single-family homes in June was down nearly 14 percent from May, and 16 percent lower than June of 2018. Condo and townhome sales in June were down 16 percent month over month, and 20 percent lower than the same month last year. Resale properties were closing escrow in an average of only 29 days in June.
“San Diego certainly has difficult challenges with housing affordability and supply,” said SDAR President Kevin M. Burke, “but low interest rates and the economy’s performance in general have contributed to a stable housing market here and across the country.”
In June, the ZIP codes in San Diego County with the most single-family home sales were:
92127 (Rancho Bernardo West) with 55
92078 (San Marcos South) with 51
92028 (Fallbrook) with 49
92065 (Ramona) with 48
92024 (Encinitas) with 46
The most expensive single-family property sold in June in San Diego County is a three-building compound in Coronado Village overlooking the San Diego harbor, built in 2005, with 7,200 square feet, 8 bedrooms, 11 bathrooms, and a sale price of $10 million.
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County OKs funding for water purification program
The county Board of Supervisors approved another step Wednesday toward increasing local drinking water supplies for East County residents.
The Board, acting as the board of directors for the County Sanitation District, voted to approve $2.35 million for the county’s contribution to final program development costs of the East County Advanced Water Purification Program.
The County Sanitation District has worked with the Padre Dam and Helix Water Districts, and the city of El Cajon in recent years to study building the water reuse program. The County’s Sanitation District serves nearly 36,000 residents in the unincorporated area.
The water reuse program would treat wastewater collected by the agencies and purify it to augment drinking water supplies.
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San Marcos mobile home
property sells for $11.5 million
Colliers International San Diego Region announces the sale of El Dorado Park, an 8.27-acre mobile home community located in San Marcos for $11.5 million.
El Dorado Park includes 93 mobile home spaces and one single family home located at 1515 Capalina Road. The age-restricted community features a recreation facility, pool, meeting room, kitchen and bar, guest parking, on-site laundry facilities and outdoor storage areas.
Ciara Trujillo and David Santistevan of Colliers International represented the seller, Carlsbad Shores LLC. El Dorado SM LLC was the buyer and had no outside representation.
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Researchers identify new drug
target for multiple tumor types
A research team headed by scientists at University of California San Diego School of Medicine and the Ludwig Institute for Cancer Research at UC San Diego has identified an enzyme involved in remodeling the plasma membrane of multiple cancer cell types that is critical to both survival of tumors and their uncontrolled growth.
The finding, published in the July 11, 2019 issue of Cell Metabolism, suggests a potential target for new drugs.
“Cancers are characterized not only by major changes in their genomes, but also by profound shifts in how they take up and utilize nutrients to propel rapid tumor growth,” said senior author Paul S. Mischel, professor in the UC San Diego School of Medicine Department of Pathology and Ludwig member. “How do these diverse aspects fit together and can they be taken advantage of, for the benefit of patients?”
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Gene identified that will help
develop plants to fight climate change
Hidden underground networks of plant roots snake through the earth foraging for nutrients and water, similar to a worm searching for food. Yet, the genetic and molecular mechanisms that govern which parts of the soil roots explore remain largely unknown. Now, Salk Institute researchers have discovered a gene that determines whether roots grow deep or shallow in the soil.
In addition, the findings, published in Cell on July 11, 2019, will also allow researchers to develop plants that can help combat climate change as part of Salk’s Harnessing Plants Initiative. The initiative aims to grow plants with more robust and deeper roots that can store increased amounts of carbon underground for longer to reduce CO2 in the atmosphere.
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City arts and culture commission awards
contracts to 159 nonprofit organizations
The city of San Diego Commission for Arts and Culture announced awards to 159 nonprofit organizations for fiscal year 2020 totaling $11.4 million.
With approval of the mayor and City Council, the commission annually supports the cultural sector through funding for local nonprofits in exchange for arts and culture services (e.g., performances, exhibits, parades, festivals and creative experiences) offered to the residents and visitors of San Diego. Each year, nonprofits apply through two competitive funding programs. Funding for both programs comes from the local allocation of Transient Occupancy Tax (TOT), which is collected from visitors who stay overnight in hotels, motels and other similar accommodations.
For fiscal year 2020, 105 nonprofits will receive funding from the Organizational Support Program and 54 from Creative Communities San Diego.
For a full list of award recipients, visit the Commission for Arts and Culture website at www.sandiego.gov/arts-culture
