Daily Business Report-Jan. 22, 2020
Seaport Village Lighthouse District
Port of San Diego approves 2 new leases
for Lighthouse District at Seaport Village
The Board of Port Commissioners approved two new leases for Seaport Village.
Grain & Grit Collective, the San Diego-based hospitality group behind Carnitas’ Snack Shack, Little Italy Food Hall, and Not Not Tacos, will introduce their second concept in collaboration with Sam “the Cooking Guy” Zien, who is widely recognized for his televised cooking show “Sam the Cooking Guy,” online show “STCGO,” and numerous cookbooks.
The board also approved a lease for Seaport Market, a convenience store that will offer snacks, prepared salads and sandwiches, wine, beer, and more – with free delivery to nearby hotels and marinas.
Anticipated to open in summer 2020, the yet-to-be-named restaurant by Grain & Grit Collective will be in the Lighthouse District of Seaport Village and will provide entertainment and special events in the adjacent courtyard and surrounding walkway for the enjoyment of guests and the general public. Activities and events will include family-friendly gaming, live music, art nights, food and wine tastings, movie nights, cooking demos, and more.
Seaport Market will be operated by Traveler’s Convenience LLC, which owns several other convenience stores throughout San Diego, including the Harbor Market located on Pacific Highway next to the Intercontinental Hotel. Seaport Market will also be in Seaport Village’s Lighthouse District.
_______________________
San Diego-based S. Lew & Associates acquires
401-unit Seattle apartments for $90 million
Seller was The ConAm Group of San Diego
San Diego-based S. Lew & Associates Inc. and investors have purchased the 401-unit Avery at the Reserve apartment community in Seattle from The ConAm Group of San Diego for $90 million.
The acquisition strengthens the company’s presence in the Pacific Northwest, representing its fifth multi-family apartment community acquisition there and bringing its total units in the area to more than 1,200.
The community is located at 125 SW Campus Drive near Interstate 5 at the midpoint of the Seattle-Tacoma-Bellevue MSA.
The 39.15-acre community situated in a lush forest-like setting features one-, two- and three-bedroom apartments, averaging 887 square feet, and extensive amenities that include two indoor pools, indoor spa, outdoor pool, clubhouse, fitness center and yoga studio, children’s playground, dog run and business center.
The deal was brokered by David Young, Corey Max and Chris Ross of JLL.
“Avery at the Reserve will be energized and rebranded as Encore Apartment Homes,” said Stephen Lew, president of S. Lew & Associates Inc. “Our acquisition reflects our belief that this region will continue its tremendous growth in economic potential and superior job growth. We believe Encore will enhance the performance of our existing portfolio in the region and will result in strong returns for our investors.”
_______________________
University of California regents
to consider tuition hike today
Dan Morain | CALmatters
University of California regents, facing pressure from rising financial aid, salaries, retirement benefits, and other demands, will consider a tuition increase at their meeting in San Francisco today.
One alternative: Tuition for California residents would rise $348 per student, though the low-income students would feel little if any of the increase, EdSource’s Larry Gordon reports.
Another alternative: Tuition increases of $606 would be borne by incoming freshmen, with differing amounts in the years ahead. Out-of-state students would face heftier increases.
In-state students pay $12,570 in tuition now.
Gov. Gavin Newsom proposes $3.9 billion from the general fund—the part of the budget that pays for education—for the 10-campus public university system. That’s 2.5 percent of the general fund.
UC requested an additional $447.1 million from the state for 2020-21.
Newsom offered $217.7 million in his budget proposal earlier this month.
Without the tuition hike, UC’s budget gap would be $250 million in 2020-21.
History: In 1990, California’s general fund accounted for 84 percent of UC’s core budget. Now, the general fund provides 42 percent of UC’s budget, with the rest coming from tuition, fees and hefty tuition on out-of-state students.
A cost pressure: The American Federation of State, County and Municipal Employees, which represents UC workers, wants to end out-sourcing.
The Assembly approved a labor-backed measure last year that would have put to a statewide vote a constitutional amendment to curb outsourcing, at an annual cost of $176 million. That measure died on the Senate floor but could reemerge.
_______________________
Realtors association hosts meeting on
ballot measures and fire insurance
The Pacific Southwest Association of Realtors (PSAR), a real estate trade group for San Diego-area Realtors, will host a presentation on Measures A and B, two March primary election ballot measures that address housing development in semi-rural and rural, unincorporated areas of San Diego County, starting at 9 a.m., Friday, Jan. 31, at the PSAR East County Service Center, 1150 Broadway, El Cajon.
PSAR is recommending a No vote on Measure A and Yes vote on Measure B for the March 3 California Primary Election.
Also to be discussed at the Jan 31 presentation will be AB 1816, signed last year by Gov. Gavin Newsom, which requires insurance companies to notify homeowners at least 75 days prior to non-renewal of their homeowners insurance that may expire on or after July 1, 2020. Information will be available about how the California Fair Access to Insurance Requirements (FAIR) Plan could help homeowners stay continuously insured.
Admission is free and a free breakfast will be served. For more information, call (619) 421-7811 or visit www.psar.org.
_______________________
GSA announces Front Street closure at Federal
Plaza for 21-month construction project
The U.S. General Services Administration (GSA) announces the start of a 21-month construction project at the Edward J. Schwartz Federal Office Building that will close all lanes of Front Street between Broadway and West F Street from Jan. 25, 2020, to June 2021. Pedestrian walkways near the project site will be closed for the duration of the 21-month project. Vehicle and pedestrian traffic will be detoured.
The purpose of the project is to reinforce and enhance the underpass where Front Street passes beneath a portion of the building. This construction project increases safety for Schwartz FOB occupants, pedestrians and vehicles through structural enhancements and improvements to pedestrian walkways in the underpass areas, including more efficient lighting throughout. The building’s existing framing at the Front Street underpass will be reinforced with new steel beams, column support structures and precast concrete paneling.
After the roadwork is complete, work will begin on new pedestrian walkways. This portion of the project will construct new full-height walls that will separate walkways from adjacent vehicle lanes on Front Street.
“One of our strategic goals is better management of federal real estate and this GSA construction project allows for that while also being a catalyst for downtown revitalization,” said GSA’s Regional Administrator Tom Scott. “By enhancing the Schwartz Federal Office Building’s structural integrity, we’re also providing a safer public space in partnership with the community.”
