Daily Business Report-April 29, 2021
City Council approves lease and $16 million
redevelopment of Montgomery-Gibbs Executive Airport
sdnews.com
In a step toward modernizing the Montgomery-Gibbs Executive Airport and strengthening its role as an economic engine in the region, the City Council voted unanimously to approve a lease and redevelopment of 26.2 acres at the airport. The $16 million project, which will include new hangars and a flight club lounge with a viewing area, will help bring the 84-year-old airport into the 21st century.
“Montgomery-Gibbs Executive Airport is one of the nation’s busiest airports and a major transportation hub for residents as well as business and leisure travelers,” said Penny Maus, director of the city’s Real Estate Assets Department, which oversees the airport. “This approved project is a great addition of world-class facilities at a general aviation airport that represents the eighth-largest city in the United States.”
Executive Airpark, known in the industry as a fixed-based operator (FBO), has agreed to make pavement improvements, construct parking facilities, and refurbish and build 69,800 square feet of new hangar space. It also plans to create a 5,850-square-foot flight club lounge with a public viewing area, a fuel farm and a community aircraft wash rack.
Preparing for the future, Executive Airpark will also set aside space for an Urban Air Mobility hub that, once technology and regulation allow, will support a new type of energy-efficient aircraft. Long term plans also include the creation of an aviation museum for the public.
PHOTO: From Mission Times Courier
Cubic shareholders OK merger deal with
Veritas Capital and Evergreen
GOVCON Wire
Stockholders at Cubic voted Tuesday to approve an amended buyout offer of Veritas Capital and Evergreen Coast Capital, an affiliate of Elliott Investment Management.
Holders of approximately 70.3 percent of Cubic’s shares issued and outstanding as of March 18 voted in favor of the merger agreement, Cubic said.
In late March, Cubic entered into an amended agreement with Veritas Capital and Evergreen that would allow it to be acquired for $75 in cash per share, or approximately $3 billion.
Cubic said it expects the proposed all-cash transaction, which includes the assumption of debt, to close in the second quarter of calendar year 2021, subject to regulatory approvals and other customary closing conditions.
Veritas and Evergreen made the move to acquire Cubic in February but had to raise their offers for the San Diego-based defense and transit technology company in response to unsolicited buyout offers from Singapore-based ST Engineering.
UC San Diego win NAIOP’s 11th annual University Challenge
An undergraduate student team from UC San Diego’s Department of Urban Studies and Planning submitted the superior development plan at NAIOP San Diego’s 11th annual University Challenge, beating out teams from San Diego State University’s Corky McMillin Center for Real Estate and University of San Diego’s Burnham Moores Center. for Real Estate for the second year in a row.
Teams of up to six students created development plans to compete as the highest and best use for the proposed land site at the southwest corner of Clairemont Mesa Boulevard and Ruffner Street. While Independence Square and a Ford dealership currently occupy part of the site, students were told to imagine the land is vacant and rough graded for purposes of the Challenge.
Each team presented separately before a panel of industry judges via Zoom, and then again in front of a live Zoom audience.
The UC San Diego student team, comprised of Katharina Schultz, Natalie Tran, Kristine Shen, Khalid Akhrass, Logan Swanson and Justin Kim presented CHI, their mixed-use development plan for the 17.8-acre site that mixed culture, health and innovation.
Coldwell Banker West opens new
Oceanside office inside a tea room
Coldwell Banker West (CBW), one of San Diego County’s largest real estate brokerages with about 1,000 agents, has opened its newest office inside a tea room in Oceanside.
Located at the corner of Mission Avenue and North Cleveland Street, near a sushi bar, skateboard shop and yogurt shop, Bliss Tea & Treats, 301 Mission Blvd., Suite #101a, is a modern-day lounge and tea room that serves “an artisan tea experience,” plus desserts and sandwiches, according to owner Rushell Gordon.
The 1,500-square-foot tea room also features a private conference room for CBW agents and clients, a soundproof office pod for phone calls and a large screen displaying available properties for easy viewing by walk-in tea patrons and passing pedestrians.
Agents consider Bliss Tea & Treats as a business hub where they can drop by, connect to Wi-Fi, make calls and have a cup of tea before they head out to appointments.
Gafcon selected to provide program management
services to Southwestern Community College District
Gafcon, Inc. has been selected through a competitive bidding process to provide bond program management services over the next five years to Southwestern Community College District, South County’s only public higher education institution.
Gafcon will manage implementation of Propositions R and Z, approved by voters in 2008 and 2016 to finance $789 million in capital improvements. The bond program provides for construction and repairs at Southwestern Community College District’s four campuses in Chula Vista, National City, San Ysidro and Otay Mesa in Southern California.
The project includes managing all aspects of planning and executing the comprehensive capital improvements, including development of a program management plan and both preconstruction and construction phases.
Proposed mix-use development considered
by Oceanside City Planning Commission
Oceanside’s City Planning Commission is considering a 12-acre, mixed-use development in El Corazon Park that will include 268 apartments and commercial or retail space on the ground floors of each building.
The plans came suggested by city planning staff and seem to have broad public support. Such developments were incorporated into the El Corazon Park Specific Plan as a way to pay for the development and maintain the property
The proposed construction company, Sudberry Properties, is a family-owned San Diego company. Sudberry was chosen by the Oceanside City Council in 2011 to be the lead developer of the El Corazon property, including its largest commercial and residential components.
California’s COVID positivity rate falls to lowest in country
CalMatters
The state’s seven-day coronavirus positivity rate fell to 1.2 percent on Tuesday, the lowest rate in the country. Just four months ago, California’s positivity rate was a staggering 17.1 percent and hospitalizations were surging to record levels, prompting Gov. Gavin Newsom to declare a regional stay-at-home order. Contrast that with Tuesday, when another four counties moved into less restrictive reopening tiers and Newsom eased the state’s mask mandate to exempt fully vaccinated Californians from wearing a mask outdoors in accordance with revised guidance from the U.S. Centers for Disease Control and Prevention.
Newsom: “We need to remain vigilant and continue public health prevention measures — like wearing masks when appropriate and getting vaccinated — but the light at the end of this tunnel has never been brighter.”
Construction employment declines in 203 metro areas
from March 2020 to March 2021
Construction employment decreased from March 2020 to March 2021 in 203, or 57 percent, of the nation’s metro areas, according to an analysis by the Associated General Contractors of America of government employment data released today. Association officials said that the industry’s broader recovery in many parts of the country is being hampered by rising materials prices, supply chain disruptions and project cancellations.
“Nearly twice as many metros have lost construction jobs as gained them in the past 12 months, even though homebuilding has recovered strongly and the overall economy is in much better shape than it was a year ago,” said Ken Simonson, the association’s chief economist. “Nonresidential construction is still at risk of further declines in much of the country.”
