Daily Business Report-Aug. 29, 2019
Rendering of Arbor Terrace, five-story housing project planned for Hillcrest.
Tibbitts family obtains $14.25 million loan
to build five-story housing project in Hillcrest
A partnership owned by the Tibbitts family of San Diego has obtained a $14.25 million construction loan to build a five-story, 50-unit multi-housing project in Hillcrest called Arbor Terrace. JLL worked on behalf of the developer to arrange the loan.
Arbor Terrace will be developed on a 0.3-acre site at 4186 Fourth Ave., a few blocks from the 390-bed UC San Diego Medical Center and the 700-bed Scripps Mercy Hospital San Diego.
Future residents will also have access to the neighborhood’s entertainment, dining and retail amenities as well as Balboa Park. The property’s 50 units will include a mix of studio and one-bedroom units averaging 560 square feet situated above a two-story parking garage. Completion is expected in first quarter 2021.
The JLL Capital Markets team representing the developer was led by Senior Managing Director Aldon Cole.
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Introducing the 2019 40 Under 40 Award Winners
Jeremiah Lowe Rachel Moffitt
Bibianne Fell Jamie Ritterbeck
Nicholas Alpers Beryl Forman
Samuel C Sneed Lauren Suazo
Miles Bower Kristi Blackwell
Ilona Antonyan Lupita Morales
Neal Bloom Heather Buschman
Ross Brown Johan Engman
Meagan L. Verschueren Josh Dean
Robert K Dixon Ingrid Yang
David Berens Sarah Shekhter
Adam Seery Blake E. Morgan
Laya Huntington Cameron Lamming
Robert Gettinger Michelle Flores-Gonzales
Karin Noll Hilary Dargavell
Shailendra Kulkarni Kristina Hess
Susie Slater Alana Joyce
Genevieve Ruch Bridget Brick
Casey Miller Melissa Perry
Bob Cowan Alicia Iorio
The 20th annual 40 Under 40 Awards Luncheon will be held Tuesday, Oct. 1, at the Sheraton Hotel & Marina on Harbor Island. To reserve tickets for the luncheon and for advertising opportunities in the special 40 Under 40 SD METRO Magazine, please contact Rebeca Page at rebecapage@sandiegometro.com or at (858) 761-7797 or (858) 481-4484.
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Jennifer Siebel Newsom, author Elaine Marie Welteroth, Assemblywoman Shirley Weber.
Jennifer Siebel Newsom
makes plea for pay equity
Dan Morain | CALmatters
First Partner Jennifer Siebel Newsom, hosting an #EqualPayCA event Tuesday night, made an impassioned plea for pay equity.
Siebel Newsom moderated a discussion at Sacramento State University with Assemblywoman Shirley Weber and author Elaine Marie Welteroth, highlighting the gender pay gap, and pay inequality women of color face.
Siebel Newsom: “If the pay gap was closed in California, the average woman here could pay for five and a half more months of rent, about nine more months of childcare and almost a year of food for her family. And that’s why we started Equal Pay California, and that’s why we’re here today.”
Compared with many states, California’s pay gap is narrow. But women here are paid 89 cents for every $1 a man is paid, according to a 2019 National Partnership for Women and Families report.
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Alaska Airlines expands West Coast service
between Pacific Northwest and California
Alaska Airlines reaffirms its commitment to the West Coast with new, nonstop service from the Pacific Northwest and the state of Alaska in the north, and from San Francisco, Los Angeles and San Diego in the south.
Starting in early January, guests will be able to travel eight new routes, which will appeal to both leisure travelers and those flying for business. Tickets are now on sale. The new scheduled service will link these destinations:
Spokane to Los Angeles (two daily departures)
Spokane to San Francisco (two daily departures)
Redmond / Bend, Oregon to Los Angeles
Redmond / Bend, Oregon to San Diego
Redmond / Bend, Oregon to San Francisco
Boise to Los Angeles (two daily departures)
Missoula, Montana to Los Angeles
Anchorage to San Francisco
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Popular pain medication associated
with greater risk of hypoglycemia
Since its approval in 1995, the opioid tramadol (marketed as ConZip and Ultram) has become a widely prescribed remedy for osteoarthritis and other painful indications, in part because it presents a lesser risk for some side effects and has a lower abuse potential when compared to other opioids. It is currently ranked among the top five prescribed opioids and top 60 prescribed medications in the country.
But as tramadol has grown in popularity so too have documented cases of adverse effects among its users. In a new paper, published Aug. 28, 2019 by Scientific Reports, researchers at Skaggs School of Pharmacy and Pharmaceutical Sciences at University of California San Diego show that patients who take tramadol are at greater risk for developing hypoglycemia, or abnormally low blood sugar.
The research team, led by senior author Ruben Abagyan, professor of pharmacy, analyzed more than 12 million reports from the FDA Adverse Effect Reporting System (FAERS) and Adverse Event Reporting System (AERS) databases, which chronicle voluntary reports of adverse effects while taking a medication. The period studied ranged from January 2004 to March 2019.
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Warner Bros. Interactive to open
San Diego studio focused on mobile games
Warner Bros. Interactive Entertainment, the studio’s video game division which launched in 2004, is opening a new studio in San Diego focused on creating free-to-play mobile games.
WB Games San Diego will be led by Tom Casey, who serves as vp and studio head at WB Games Boston, in tandem with his current role.
The San Diego office joins Warner Bros. Interactive’s growing roster of studios which includes outposts in Montreal, New York and San Francisco, in addition to the aforementioned Boston studio. Other Warner Bros. Interactive subsidiaries include AAA studios Rocksteady (London) and Mortal Kombat maker NetherRealm (Chicago), among others.
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San Diego Art Institute sponsors
‘Art as Health’ event featuring free HIV testing
San Diego Art Institute (SDAI) will offer “Art as Health: A Day of Art and HIV Testing” on Thursday, Sept. 12 at its headquarters in Balboa Park. The event, scheduled from noon to 6 p.m., will feature free HIV testing, complimentary admission to SDAI’s newest exhibit Forging Territories, and include docent-led tours tailored for HIV-impacted individuals and communities, and access to an evening panel discussion featuring artist and HIV activist Joey Terrill of the AIDS Healthcare Foundation.
At 6 p.m., the day’s panel discussion, “Race, HIV, and Art: The Impact of HIV/AIDS on LGBTQ Artists and Communities of Color” will focus on the latest developments in the cultural and medical aspects of the virus. Current methods of testing and treatment will also be discussed.
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Discovery of ‘hidden’ outbreak hints
that Zika virus can spread silently
Just when international fears of contracting Zika began to fade in 2017, an undetected outbreak was peaking in Cuba—a mere 300 miles off the coast of Miami. A team of scientists at Scripps Research, working in concert with several other organizations, uncovered the hidden outbreak by overlaying air-travel patterns with genomic sequencing of virus samples from infected travelers. The discovery is featured on the cover of the Aug. 22 issue of Cell.
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SDSU highly ranked for
affordability and academic quality
San Diego State University continues to be ranked as one of the best universities in the nation for academic quality, affordability and value. In the “Best Colleges in America, Ranked by Value” list released last week by Money magazine, SDSU was ranked No. 74 in the nation among public and private institutions, a nod to the university’s quality of education and strong impact on students and alumni. A total of 744 universities were ranked this year.
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UC San Diego ranked 9th best
value college by Money Magazine
The University of California San Diego has been recognized as one of the top schools in the nation for launching students of all backgrounds into successful futures. The campus was ranked 9th in the nation in Money Magazine’s “2019 Best Colleges for Your Money” report. The annual list highlights universities that offer a quality education at an affordable price.
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General Atomics authorized to perform
unmanned flights in North Dakota
GovCon Wire
The Federal Aviation Administration has given General Atomics‘ aeronautical systems business a certificate of waiver or authorization to use a ground-based sense and avoid system in unmanned flight operations in North Dakota.
The COA authorizes General Atomics to use its Predator B remotely piloted aircraft to perform beyond visual line of sight operations up to 60 nautical miles of the company’s flight test and training center near Grand Forks, N.D., without the need for a chase aircraft, General Atomics said Tuesday.
“This COA will open the skies for more unmanned flights around our North Dakota facility and establish North Dakota as a UAS Training Site of Excellence for the Global Customers,” said David Alexander, president of General Atomics Aeronautical Systems.
The FAA authorization has one-year validity and will begin on Aug. 31.
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Ridgecrest earthquake generates spike
in CEA earthquake insurance purchases
The California Earthquake Authority (CEA) gained 23,861 earthquake insurance policies in July, the second-largest monthly net increase in CEA’s 23-year history. This growth was driven by the magnitude 6.4 and 7.1 earthquakes, and a number of aftershocks, that struck on unnamed faults near the Mojave Desert town of Ridgecrest beginning on the Fourth of July holiday.
The gain in policies seen after what geologists are calling the Searles Valley earthquake sequence is a net gain that takes into account new purchases and policies renewed during July, less any canceled policies during the month. For comparison, CEA gained a total of 6,289 policies for the first six months of 2019 combined. The July numbers brought CEA’s total policy count to 1,080,986 as of July 31.
“Large, damaging earthquakes like the ones that recently struck Ridgecrest don’t happen very often,” said CEA CEO Glenn Pomeroy. “But when they do, they’re a powerful reminder that earthquakes can happen at any time, anywhere in California, and that we need to get better prepared to recover. If the Ridgecrest earthquakes had occurred under a more densely populated area, such as Los Angeles, the outcome could have been a lot worse for California.”
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