Daily Business Report-June 10, 2020
Rendering of the Mid-City senior apartments
Construction to begin on new affordable housing
in Mid-City for low-income families and seniors
A commemorative groundbreaking will be held via Zoom today at 11:30 a.m. for a 195-unit affordable apartment complex at 4340 44th St., where San Diego’s Kensington, Talmadge and City Heights neighborhoods connect.
The $81 million development features two distinctive, contiguous five-story buildings above a semi-subterranean parking structure for its future residents. One building will provide 78 two- and three-bedroom rental apartments for families, including one manager’s unit, while the adjoining building will offer 117 one-bedroom rental apartments for seniors, including two managers‘ units.
Chelsea Investment Corp.is leading the development of the Mid-City Family Apartments and Mid-City Senior Apartments on behalf of Price Philanthropies Foundation, which donated the land and contributed funding. Serving Seniorsis also a partner on the project and will provide comprehensive on-site services for both the senior and family apartments.
The 1.6-acre project was conceived in 2016, when Price Philanthropies Foundation retained Robert Wellington Quigley as executive architect. Since then, Quigley’s firm has worked with community planners to envision a cohesive mixed-use campus that includes such popular elements as an intergenerational garden, dedicated dog area, and a Town Square outdoor plaza. Quigley also designed the Mid-City Family Apartments, with Studio E Architects of San Diego handling design for the Mid-City Senior Apartments.
Rents for the two- and three- bedroom family apartments are expected to range from approximately $1,200 to $1,600, while rents in the senior building will range from approximately $750 to $1,200 for one-bedroom apartments. All units include central heating and air, fully-equipped kitchens and window coverings.
General contractor Emmerson Construction will build both residential buildings concurrently.
The project is scheduled to open in mid-2022. Approximately six months prior to the completion, prospective residents can register their interest at https://www.conam.com.
To join the call, contact Jan Percival for log-in information, 858-414-4715.
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SENTRE purchases Carlsbad’s
Ocean Ridge office building
San Diego-based real estate investment and development firm SENTRE has purchased Ocean Ridge, a Class A office building in Carlsbad, for an undisclosed price. The seller was Denver-based Miller Global Partners.
Located at 5796 Armada Drive, the three-story, 75,937-square-foot office property was approximately 86 percent leased at the time of sale. Originally built in 2006, the architecturally distinctive building was designed by renowned architect Brian Paul & Associates with a unique combination of steel, stone, and glass construction and high-quality interior finishes.
The building is Energy Star certified and features subterranean parking. The office asset is anchored by Charles Schwab, Meketa Investment Group and InvestCloud.
CBRE’s Louay Alsadek and Hunter Rowe represented the seller. SENTRE was self-represented.
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Gyms, hotels, bars, other businesses
can begin to reopen on June 12
Gyms, hotels, bars and wineries are part of the long list of businesses and industries that can begin to reopen June 12, provided they follow appropriate guidance.
County health officials have reviewed the guidance and the following businesses can also open:
- Swimming pools, including condominiums and community pools (See local guidance)
- Hotels and other rental properties for tourism and individual travel
- Card rooms, racetracks and satellite wagering facilities
- Family entertainment (bowling alleys, batting cages)
- Zoos, galleries, museums and aquariums
- Film/TV production
- Professional sports without spectators
Before businesses reopen, they must fill out a Safe Reopening Plan, share it with their employees and display it where customers and patrons can see it.
They must also make sure employees and customers get a temperature or symptom screening, use face coverings when not eating or drinking, maintain physical distancing and practice good hand hygiene.
Over the weekend, day camps, campgrounds, RV parks, and outdoor recreation such as sports fishing and charter boats could begin reopening. Tomorrow, coastal cities can reopen parking lots at beaches.
The following businesses must remain closed until further notice: nail and facial salons, tattoo parlors, therapeutic massage businesses, conventions, concerts.
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City of San Diego to reopen film
office under new state guidance
In a positive step toward safely reopening the economy and bringing back jobs, the city of San Diego will start processing permits for filming and photography in the public right-of-way under updated public health guidelines aimed at preventing the spread of COVID-19.
Permit applications are being accepted now and will be effective starting Friday. All productions must complete the county of San Diego’s Safe Reopening Plan which requires facial coverings, physical distancing measures and sanitation stations for all cast and crew. Film permits will be reviewed on a case-by-case basis.
Established in 2016, the San Diego Film Office offers a comprehensive suite of services including a filming production guide, location gallery and interactive map. California’s film industry represents more than 890,000 film and entertainment employees.
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Origami Therapeutics Inc. selected
as a Connect 2020 “Cool Company’
Origami Therapeutics, an early stage biotech company taking a precision medicine approach to find disease-modifying treatments for neurodegenerative diseases, has been selected as one of the 60 “Cool Companies” for 2020 by Connect with San Diego Venture Group. Origami was selected from a pool of over 300 tech and life science applicants.
Cool Companies is an annual capital program designed to match San Diego’s best technology and life sciences startups ready to raise Series A — with quality venture capital. The program selects top tier, local entrepreneurs raising institutional funding, and grants them opportunities for direct access to capital providers. The program regularly attracts over 200 VCs to the region annually. Since 2016, Cool Companies have raised over $400 million, in just Series A institutional funding.
“We are very excited to be included in such a stellar group of new, innovative companies,” said Beth Hoffman, founder, president and CEO of Origami. “We are happy to be part of the vibrant San Diego biotech ecosystem and look forward to showcasing our novel therapeutics to investors.”
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San Diego City Council OKs budget,
keeps $27 million boost for police
The San Diego City Council voted 8-1 Monday to adopt a city budget following a marathon council meeting that included thousands of city residents lobbying against a proposed police department budget increase. The vote came nearly 12 hours after the meeting began, following hundreds of phone calls and more than 4,000 emails from residents, many of whom called for the rejection of a $27 million increase in the budget for the San Diego Police Department.
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Cubic awarded contract to install advanced
traffic technologies in Merida, Mexico
Cubic Corporation’s Cubic Transportation Systems business division has been awarded a multimillion-dollar contract to install advanced traffic management technologies for the city of Merida, Mexico.
Cubic partnered with Vixionere SAPI de C.V. to deploy the Trafficware ATMS central transport management platform, controllers and Transit Signal Priority software, which utilizes and is integrated with Cubic’s NextBus real-time platform, at all project intersections. Cubic will also install the SynchroGreen Adaptive Signal Control module at over 50 intersections.
The Trafficware ATMS is the most technologically advanced central transport management system on the market, offering a powerful tool for monitoring and controlling an agency’s traffic control and intelligent transportation system (ITS) infrastructure, according to Cubic.
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Autobahn Therapeutics launches with $76 million
Series B financing for therapies to treat CNS disorders
Autobahn Therapeutics is launching to create the next generation of regenerative medicines to restore hope for people affected by CNS disorders. The company has completed a $76 million Series B fundraising co-led by ARCH Venture Partners and Cowen Healthcare Investments, with participation from BVF Partners L.P., Biogen, Bristol Myers Squibb, Pfizer Ventures, Invus, Section 32, Samsara BioCapital and Alexandria Venture Investments.
Proceeds will be used to advance Autobahn’s lead program candidate, ABX-002, a thyroid hormone receptor beta agonist therapy for the treatment of multiple sclerosis and adrenomyeloneuropathy, a rare genetic disorder, and a portfolio of transformational CNS programs leveraging the company’s brain-targeting chemistry platform.
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Curbside San Diego pilot project
well received by Downtown coffee drinkers
On Friday, June 5, Circulate San Diego installed the first Curbside San Diego Pilot Project outside Achilles Coffee Roasters in the Cortez Neighborhood of Downtown. The pilot project demonstrated how businesses can implement quick-build COVID-19 response improvements in support of economic recovery.
The installation was well received by Achilles and community coffee drinkers.
Curbside San Diego, spearheaded by the Downtown San Diego Partnership, encourages businesses to make use of the public right-of-way for expanded business uses such as outdoor dining, repurposed parking, and designated waiting areas.
This pilot project was the first of its kind in Downtown San Diego and made possible through a joint partnership with Circulate San Diego, the Downtown San Diego Partnership, and the Cortez Hill Active Residents Group (CHARG). Funding was provided through the city of San Diego’s Neighborhood Parking Program which supports mobility solutions within community parking districts.
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Dr. Kami Hoss joins Board of Counselors
Dr. Kami Hoss, co-founder and CEO of The Super Dentists in San Diego, has joined the Board of Counselors at the UCLA School of Dentistry. In Hoss’ term on the board, his role will be to advise the dean and serve as a spokesperson for the UCLA School of Dentistry. Additionally, he will compare best practices from other local and national non-profits and schools, and overall, enhance the visibility and effectiveness of oral health programs and research.
Hossis an author, consultant, inventor, speaker, and philanthropist in the fields of dentistry, health care, and education. Twenty-three years ago, he co-founded The Super Dentists with his business partner and wife, Dr. Nazli Keri.
