Daily Business Report-Dec. 9, 2019
Rendering of Little Italy high-rise residential/retail tower.
Parkway Financial provides loan for first
phase of Downtown high-rise construction
Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech LLC for the acquisition of a land parcel and first phase of construction funding for a high-rise residential/retail tower in the Little Italy neighborhood of Downtown San Diego.
Located at 1460 India St., the 10,019-square-foot site is currently being used as parking lot. India & Beech LLC recently acquired the site for $7.1 million, and used Parkview’s loan in conjunction with the borrower’s cash to acquire the property. The buyer has plans for the development of a fully entitled mixed-use 28-story urban infill project. The proposed project is planned to include 150 apartment units over 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spaces. The project is set to begin construction in 2020 with completion anticipated for 2022.
“Downtown San Diego is a vibrant area and Little Italy is particularly popular with those seeking an amenity-rich, coastal-adjacent place to live. We see 1460 India as a project that will help meet the local demand for housing as well as retail in this dense infill location,” said Paul Rahimian, CEO of Parkview Financial.
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Stella Labs expands offerings
to bring new services to North County
Stella Labs has expanded its offerings to become a satellite operation of the San Diego and Imperial Women’s Business Center. The expansion is being funded by a sub-award of a grant from the Governor’s Office of Business and Economic Development for Small Business Technical Assistance Expansion Program.
With this designation, Stella Labs will provide underserved women with business advisory services at its headquarters located at 990 Highland Drive #314 in Solana Beach and at Hera Hub Carlsbad located at 5205 Avenida Encinas Suite A in Carlsbad.
There are 122 Women’s Business Centers nationwide, including 13 primary and satellite offices in California. The primary office of the San Diego and Imperial Women’s Business Center is located at Southwestern College in National City.
“This is an exciting and organic next step, as we’ve worked closely with the San Diego and Imperial Women’s Business Center over the past year-and-a-half to develop critical curriculum and training opportunities for underserved women in San Diego,” says Silvia Mah, founder of Stella Labs (formerly Hera Labs). “Now our collective resources are available to entrepreneurial women countywide.”
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Green Business Network tenants
recognized by Port of San Diego
The Port of San Diego has recognized six tenant businesses for their commitment to sustainable operations and the environmental protection of San Diego Bay. The tenants are members of the Port’s Green Business Network and were honored at the Port’s 2019 Green Business Network Sustainable Achievement Award Ceremony held Dec. 4.
General Dynamics NASSCO, the San Diego Convention Center, Pasha Distribution Services, Next Level Sailing, Hilton San Diego Bayfront and Hilton San Diego Airport/Harbor Island all received accolades from the Port for their green initiatives.
Launched in 2010, the Port’s Green Business Network is a voluntary sustainability program open to Port tenants and subtenants. It provides free education and resources, as well as hands-on support to these businesses to help them improve sustainability practices. Currently, more than 80 tenants are participating in the program.
Click here for more information on the honored tenants.
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EDC hosts Data Science Trek with 65 aspiring professionals
EDC hosted a “Data Science Trek,” which brought together 65 aspiring data scientists from colleges and universities across the region. This event allowed students an opportunity to meet with data science professionals, learn about their day-to-day workflows, and tour local companies like Booz Allen Hamilton, Walmart Labs, and Intuit.
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Chula Vista and City of San Diego
look to improve basic needs for students
The region’s two largest cities — Chula Vista and San Diego — joined a nationwide initiative to ensure higher education students have access to basic needs, such as food and housing. Meeting basic needs will increase degrees and credentials obtainment, and as a result, improve the region’s workforce. Read more…
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UDG Healthcare acquires Canale
Communications for up to $31 million
A San Diego marketing firm, Canale Communications, was acquired by UK-based UDG Healthcare for up to $31 million. The agency, which provides various communications services to biotech, biopharma, digital health, and genomics companies, will join the global life sciences company’s network. Read more…
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Applications now open for MetroConnect V
World Trade Center San Diego is now accepting applications for 15 companies to participate in the fifth iteration of its flagship export assistance program, MetroConnect V. To date, the program has assisted 65 companies in generating $85,000,000 in new international sales, 500 new international contracts, and 18 new offices around the world.
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PricerSmart opens new warehouse
club in Guatemala City, Guatemala
PriceSmart Inc. opened a new warehouse club in Guatemala City, Guatemala on Nov. 13, bringing to 45 the total number of warehouse clubs in operation by the company. This warehouse club is located within the San Cristobal development, in the southwestern side of Guatemala City. The San Cristobal club is PriceSmart’s fourth warehouse club in Guatemala and the first to utilize the company’s smaller warehouse club format in that country.
“This is the fourth club opened in calendar year 2019, and four additional clubs previously announced are currently under construction or are planned to be opened in calendar year 2020,” said CEO Sherry Bahrambeygui.
