Daily Business Report-Jan. 15, 2020
A rendering of the proposed development at 1460 India Street. (Courtesy of Forge Development Partners)
Forge Development Partners acquires
Little Italy property for high-rise apartments
Forge Development Partners, a privately held San Francisco real estate development firm, has acquired property at 1460 India St. in Little Italy for the development of a 265-unit high-rise apartment project. The property was purchased from the Asaro family who have called Little Italy home since the 1940s.
Preserving and supporting the working class tradition of the area was a guiding objective in the development of this project, according to Forge officials. the development will be privately-financed and not government subsidized.
This project was made possible as the result of initiatives developed and supported by the Office of San Diego Mayor Kevin Faulconer. These initiatives have helped streamline and reduce the construction processes and costs making possible the development of housing for the middle income worker.
“We’ve adopted several housing reforms to make it easier, faster and cheaper to build in San Diego,” said Mayor Kevin Faulconer. “Now we’re starting to see builders take advantage of those new opportunities with projects like this and lowering costs with our revamped parking standards and streamlined permitting process.”
The building will include a mix of studio, one, two and three-bedroom units with state-of-the-art full kitchens, bathrooms and open living areas targeted for the modern working family. The glass façade will showcase the spectacular views from residences and emphasize the contemporary feel of the development.
An abstract sculptural frieze, called Sogno D’Argento by family member and world-renowned artist, John Asaro, will pay homage to Little Italy’s past as a working-class Italian and Portuguese neighborhood that once was the center of the West Coast tuna fishing industry. It will be a prominent part of the building design and complement the existing neighborhood art.
Joint venture equity for the acquisition was provided through a partnership between Forge and RealtyMogul, an online crowdfunding platform. Forge anticipates construction to begin in fall 2020.
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Sorrento Plaza sells for $9 million
Institutional Property Advisors, division of Marcus & Millichap, announced the sale of Sorrento Plaza, a 11,901-square-foot commercial building that is part of The Foundry, a 280,000-square-foot office campus in San Diego. The property sold for $9 million.
Marcus & Millichap Capital Corp. arranged $4.5 million in acquisition financing.
Completed in 2007, Sorrento Plaza is located on Scranton Road at Interstate 805 and Mira Mesa Boulevard.
The soon-to-be-completed Mid-Coast Trolley, a $2.1 billion public transportation project, will connect the area to Downtown San Diego. Sorrento Plaza’s tenants include Rubio’s Coastal Grill, Opera Patisserie, Croutons, Subway and a dental clinic.
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Carlsbad Village Development
parcel sold for $5 million
A 30,492-square-foot development parcel located in Carlsbad Village has been purchased by Brett Farrow for $5 million. The seller was the Virginia H. Murphy Trust.
The property is slated for development and currently houses a single-family residence and single-story medical building.
The parcel is located at 570 Laguna Drive, a short distance from the Amtrak station, Carlsbad State Beach, and Carlsbad Boulevard.
Amy McNamara and Joe Brady of Colliers International San Diego Region’s Urban Property Team represented the seller. The buyer was represented by REeBroker Group.
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My Green Lab announces collaboration
with AstraZeneca to launch green labs program
San Diego-based My Green Lab is pleased to announce a collaboration with AstraZeneca to implement a global-scale green labs program across their research sites as part of their commitment to sustainability, including protecting the environment.
Over the next six months, My Green Lab will be working with AstraZeneca to certify their R&D labs in Cambridge, UK, Gothenburg, Sweden, Gaithersburg and Boston, US, Alderley Park, UK and South San Francisco, US to the My Green Lab global standard for laboratory sustainability.
“In creating a global green labs program, AstraZeneca is not only improving the environmental impact of their R&D operations, they are also changing the culture in the labs, ensuring that every scientist is engaged in environmental sustainability in a meaningful way,” says Rachael Relph, chief sustainability officer at My Green Lab. “With nearly 1,000 scientists already engaged in the program, AstraZeneca is setting a leading example for what a green labs program can look like at a large biopharmaceutical company.”
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Medical Marijuana Inc. subsidiary
opens office in Mexico City
Medical Marijuana Inc., the first publicly traded cannabis company in the United States, announced the opening of a Mexico City office by its subsidiary, HempMeds Mexico.
“As pioneers in Mexico’s cannabis industry, we are excited to announce the official opening of our new Mexico City office, which reinforces our strong footprint in the country alongside our current offices in Monterrey that have been operational since 2017,” said Raul Elizalde, president of HempMeds Mexico and Latin America. “This new office’s main purpose will be to provide the public with guidance on cannabidiol (CBD) products that the company offers to the Mexican market, the advantages that these products have over other CBD products, and relevant information about how to talk with medical professionals about using CBD for therapeutic purposes.”
According to Grandview Research, Mexico’s medical cannabis market size was valued at $47.3 million in 2018. Arcview Research estimates that if cannabis becomes recreationally legal in Mexico, the country’s medical and recreational cannabis markets combined could be worth more than $1 billion by 2024.
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Jeff Toney takes helm of the San Diego
County Office of Emergency Services
Jeff Toney has been named director of the San Diego County Office of Emergency Services. Toney served with the state overseeing its response to the deadly Woolsey Fire in Los Angeles and Ventura counties and the Montecito mudslides in Santa Barbara County, both in 2018. He even helped with the recovery phase of San Diego County’s Lilac Fire in 2017.
Toney fills the role left open by Holly Porter, who was hired as the deputy chief administrative officer for the county’s Public Safety Group, replacing Ron Lane after his retirement.
Toney, who most recently worked as the southern regional administrator for the Governor’s Office of Emergency Services, helped lead the state’s disaster response for 11 counties that included San Diego. He said the overall mission of the agency to help with planning, response and recovery during disasters is what attracted him to this field, and he noted Cal OES has done “a lot of good work over the years.”
In his role with Cal OES, Toney was at the table when it discussed cutting-edge technology in the field, and he has plans to expand these services to San Diego and upping its capability in a disaster. He plans to help create a model for integrating the private sector and non-governmental organizations more in the response and recovery phase of disasters.
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Tri-City approves agreement with county
on new psychiatric health facility
The Tri-City Healthcare District Board of Directors voted unanimously, with one board member absent, in favor of an agreement with the county of San Diego to develop and operate a new 16-bed inpatient psychiatric health facility on the medical center’s Oceanside campus.
The agreement caps more than 18 months of discussion with the county to identify long- term, sustainable solutions to meeting the behavioral health needs of patients in North County.
If approved by the Board of Supervisors, costs of construction of the new facility would be shared between the county of San Diego and Tri-City Healthcare District. In addition to facility costs and associated lease terms, the agreement creates a new reimbursement methodology for mental health services provided by the medical center, incentivizing coordinated care and favorable patient outcomes.
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Head of California’s new online
community college abruptly resigns
Dan Morain | CALmatters
California’s new online community college has parted ways with its director, Heather Hiles, less than a year after the tech exec was tapped for the job.
Hiles resigned Monday as head of Calbright, effective March 31, and the board of trustees voted unanimously to accept her resignation, CalMatters’ Felicia Mello reported.
Hiles had hoped to draw on her tech industry experience to launch the college.
But community college faculty complained the courses were redundant, a no-bid contract with a connected Bay Area recruiter drew attention, and no full-time faculty have yet been hired.
Board President Tom Epstein said an interim will fill in. To read Mello’s report, click here.
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USD’s Master’s in Supply Chain Management
ranked high by U.S. News & World Report
The University of San Diego School of Business Master’s in Supply Chain Management ranks second for online graduate business programs for veterans in California and is tied for 22nd in the nation, according to U.S. News & World Report.
Veterans and active-duty service members gain the most from distance education that is “affordable, accessible and reputable,” said U.S. News in announcing the latest rankings.
Supply chain management is a “natural choice” for veterans who often have experience in logistics and technology, said Joel Sutherland, managing director of USD’s Supply Chain Management Institute. “Our program expands on that to offer the latest in world-class practices in cost management, negotiations, procurement, sustainability and other topics to efficiently source, produce and deliver goods and services.”
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County Library announces record
2 million digital book checkouts in 2019
San Diego County Library announced a record-breaking 2 million digital book checkouts in 2019.
This accomplishment illustrates the continued growth and importance of library lending of ebooks and audiobooks along with the creative ways the library has served its community with digital services, said Migell Acosta, county library director.
San Diego County Library is one of 73 systems around the world – including standalone libraries and consortia – that surpassed 1million checkouts through Rakuten OverDrive, the leading digital reading platform and its award-winning app Libby.
“Our ebook collection is a kind of infinite bookshelf with so many compelling works available,” said Acosta.
“Our downloadable audiobooks will make your daily commute productive. You can get instant access to our ebook library with just your mobile phone number and save a trip to the library.”
In 2019, the highest-circulating title across both formats that San Diego County Library readers borrowed through OverDrive was “Becoming” by Michelle Obama.
