Daily Business Report-Sept. 21, 2020
Scripps MD Anderson Cancer Center, courtesy of FreemanWhite
BNBuilders completes innovative
‘Power over Ethernet’ project at
Scripps MD Anderson Cancer Center
BNBuilders has completed San Diego’s first Power over Ethernet (PoE) project at Scripps MD Anderson Cancer Center in La Jolla while completing construction at the center.
BNBuilders worked with FreemanWhite and other trade partners to complete the four-phase PoE project. The PoE system powers the building’s lighting by the electric charge carried over Ethernet cables, which also routes data to the building’s management system.
The PoE system brings smart building features, including asset tracking, remote control of the HVAC and access/security systems, data acquisition at the room level, and the ability to manage features by smart phone. PoE is a safer electrical system (lower voltage), and it will decrease operational costs, according to Scripps. The 16,500-square-foot project serves as Scripps’ pilot project for PoE connected lighting solutions.
In addition to the technical upgrade, BNBuilders also executed a building-wide renovation.
Dan Lee was project executive. FreemanWhite was project architect.
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Regional unemployment drops
to 9.9 percent in August
Signaling a start to economic recovery, San Diego’s unemployment rate dropped to 9.9 percent in August from a revised 12.4 percent in July 2020, continuing a monthly decline and remaining lower than the state unemployment rate. Total nonfarm employment increased in August, up 20,500 total jobs across a variety of sectors including restaurants, retail, construction, and government.
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COVID-19 small business relief
fund distributes 2,000 grants
San Diego’s COVID-19 small business relief fund, which has risen to more than $20 million in federal and private funding, has given grants to more than 2,000 local businesses and helped save an estimated 10,000 jobs. Half of the grants have been given to eligible businesses in historically underserved areas, including promise zones, opportunity zones, and low-income and moderate-income census tracts.
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Escient Pharmaceuticals raises
$77.5 million toward research
San Diego-based Escient Pharmaceuticals raised $77.5 million for research that could lead to new treatments for certain kidney and liver disorders, among other diseases. The company aims to use this round to fund its efforts into 2022.
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Common diabetes drug reverses
inflammation in the liver
The diabetes drug metformin—derived from a lilac plant that’s been used medicinally for more than a thousand years—has been prescribed to hundreds of millions of people worldwide as the frontline treatment for type 2 diabetes. Yet scientists don’t fully understand how the drug is so effective at controlling blood glucose.
Now, researchers at the Salk Institute have shown the importance of specific enzymes in the body for metformin’s function. In addition, the new work showed that the same proteins, regulated by metformin, controlled aspects of inflammation in mice, something the drug has not typically been prescribed for. Apart from clarifying how metformin works, the research, which appeared in the journal Genes & Development on September 10, 2020, has relevance for many other inflammatory diseases.
“These findings let us dig into precisely what metformin is doing at a molecular level,” says Reuben Shaw, a professor in Salk’s Molecular and Cell Biology Laboratory and the senior author of the new paper. “This more granular understanding of the drug is important because there is increasing interest in targeting these pathways for not only diabetes but immune diseases and cancer.”
Jeanine Van Nostrand, Salk postdoctoral fellow, was first author of the new paper.
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Financing secured for acquisition
of 129-unit multifamily
property in Little Italy
CBRE’s Capital Markets’ Debt & Structured Finance team has arranged a $43 million loan for the purchase of AV8, a 129-unit multifamily property in the Little Italy neighborhood of San Diego.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office arranged the 10-year loan with a major life insurance company on behalf of the buyer, AV8 Investors LLC, an affiliate of San Diego-based property management firm R&V Management
Located at 2175 Kettner, AV8 was originally constructed in 2018 and was approximately 96 percent occupied at the time of sale. Community amenities include rooftop cabanas, an indoor/outdoor clubroom with televisions, a pool table and a 24-hour fitness center. The six-story building features nearly 7,800 square-feet of ground floor retail space.
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City of Oceanside awarded $69 million
for Pure Water Oceanside project
The City of Oceanside was awarded a $69 million Water Infrastructure Finance and Innovation Act (WIFIA) loan from the U.S. Environmental Protection Agency (EPA) to help finance the city’s Pure Water Oceanside project.
Scheduled to be complete in 2022, Pure Water Oceanside will purify recycled water to create a new local source of high-quality drinking water that is clean, safe, drought-proof and environmentally sound. The project will provide more than 32 percent of the City of Oceanside’s water supply, or 3 to 5 million gallons per day, and be the first operating advanced water purification facility in San Diego County.
The WIFIA loan will finance nearly half of the $158 million project costs, in addition to portions of the city’s lower and upper recycled projects. The remaining Pure Water Oceanside project funds will come from a combination of grants, water system revenue backed obligations and system funds. The WIFIA loan and the 1.2 percent interest rate the City of Oceanside negotiated will save the city an estimated $24 million compared to typical market financing. Project construction and operation are expected to create 622 jobs.
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SD Community College District to continue
online instruction for rest of 2020-21 year
The San Diego Community College District (SDCCD), one of the largest in California, will continue online instruction for its 100,000 students through the remainder of the academic year, including the January 2021 intersession and Spring 2021 semester.
With exceptions for a few programs that are difficult to offer virtually, all district classes have been online and all operations have been conducted remotely since March 23 to help curb the spread of COVID-19. Hybrid exceptions include various science and clinical laboratory sections, career classes with technical components, and classes for first responders, which are offered on campus with all health protocols required.
Chancellor Constance Carroll says more hybrid classes and on campus support services will be offered in the spring if the situation allows, but that the district’s highest priority is the health and safety of its students and employees.
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College Area Business District
announces new video series
The College Area Business District has released a new video series, “Corbin on the Street!” which offers 12 episodes, each highlighting a different College Area business to introduce the public to the diverse businesses and the business owners of the district. Videos can be seen on the College Area Business District’s IGTV or YouTube channel.
This collaborative effort with brothers Petey & Danny (and sometimes Andy) Dyer of Visual Candy along with Corbin O’Reilly of Corbin’sQ BBQ restaurant raises awareness of the diverse businesses and business owners in the College Area commercial corridors. The series can be compared to the Food Network’s Diners, Drive- ins & Dives as Corbin visits the shops to interview the owners and lets them show off their products and services.
Corbin O’Reilly is a board member of the College Area Business District and the owner of Corbin’sQ BBQ Restaurant and Tap Truck USA, two College Area businesses. Corbin is a famed and well-loved character of the College Area who enjoys visiting with business neighbors and learning about their business success stories.
To see all episodes as they are released, tune in and subscribe to the College Area Business District’s YouTube channel or watch them on Instagram (IGTV) @collegeareasd!
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St. Paul’s PACE hires new center
director for its El Cajon location
St. Paul’s Program of All-inclusive Care for the Elderly (PACE) announces the hire of a new center director for its El Cajon location – Preston Choctaw of Chula Vista.
Choctaw is a recipient of the 2020 Leading Age “Superstar” Award. He’s also a certified Lean Six Sigma Black Belt with more than 17 years of quality improvement experience, combining collaborative relationship building, with a working knowledge of data driven processes, to improve efficiency and effectiveness.
At St. Paul’s PACE El Cajon, Choctaw will be responsible for the overall management of the center to ensure seniors receive the quality of care and services they need. He has project managed multiple audits in past roles, resulting in a 100 percent performance score (no deficiencies) for each external audit.
Choctaw received two master’s degrees from San Diego State University in both public health and social work, while he obtained his bachelor’s in psychology and social behavior from the University of California, Irvine. He is a member of the National PACE Association.
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Jen Nation, Woman of Influence
Jen Nation is an environmental and food justice advocate who currently serves as the executive director of Olivewood Gardens and Learning Center, a nonprofit focused on empowering kids and families through organic gardening, environmental stewardship, and nutrition education in National City.
Nation is a visionary leader who has over 25 years of experience in the nonprofit field developed strategic relationships and capacity building programs and partnerships, connecting people to causes they care about, advocating for health equity and rights for women and girls. Previously she held the title of director of program for Girl Scouts San Diego where she developed innovative programs for girls and adults to build their leadership capacity.
Nation has studied nonprofit leadership and management for both undergraduate and graduate studies from University of Northern Iowa and Arizona State University and received a certificate in fundraising management from Indiana University, Lilly School of Fundraising. She is a graduate of LEAD San Diego’s Impact class and of the Fieldstone Executive Learning Group. She currently co-chairs the Women Give mentorship committee.
