Daily Business Report: Thursday, June 23, 2022
Genesis San Diego lands its first life science tenant
Former home of a law school transformed
into state-of-the-art life science property
Genesis San Diego, a life science building in Downtown San Diego that was the former home of the Thomas Jefferson School of Law, has received its first life science tenant. The announcement was made by the building’s owner, a joint venture by Barings, real estate investment manager, along with Phase 3 Real Estate Partners and Bain Capital Real Estate.
The new tenant requested that their name not be disclosed. They are relocating from Torrey Pines.
The 203,000-square-foot, eight-story office building at 1155 Island Ave. has been transformed into a state-of-the-art life science property. Modifications and improvements include upgraded HVAC and plumbing infrastructure (including VRF heating and cooling systems, new exhaust fans, 100 percent outside air for lab areas, and needlepoint bipolar ionization) along with a new 5,000-pound service elevator and upgraded lab floor loads. Additional enhancements include a new lab services facility with a glass wash, autoclave and staffed shipping and receiving room, a top floor lounge and event space, and ready-to-occupy ‘spec suites consisting of 50 percent lab / 50 percent office built out in various sizes throughout the building.
Life sciences are a major driver of San Diego’s innovation economy. The region is home to more than a thousand life sciences companies, and as the third largest life sciences cluster in the nation, demand for high-quality lab space in greater San Diego continues to increase, according to the building owners. They say Downtown San Diego is poised to be the next life sciences node for greater San Diego given its unmatched amenities, proximity to the popular Gaslamp Quarter and Petco Park, key connections to the existing scientific community such as the new UCSD satellite building, and commutability via the extension of the Blue Trolley line.
Top Photo: The Genesis San Diego life science building in Downtown San Diego. (Courtesy of Barings)
Study says California’s white households get bigger
property tax breaks than Black, Latino homeowners
By Jeanne Kuang | Cal Matters
While homeownership remains a challenge for people of color in California, a new report argues the state’s landmark law limiting property tax increases keeps those who do achieve it from equally reaping the benefits.
Under Proposition 13, a report released Wednesday says, white homeowners get annual property tax breaks that are more than 80 percent higher on average than Black homeowners and more than twice the tax breaks Latino homeowners receive.
It’s another way the iconic law contributes to unequal wealth building in a state with the second-lowest rate of homeownership in the nation, say researchers for the Opportunity Institute and Pivot Learning.
The Opportunity Institute is a nonprofit based in Berkeley that promotes social mobility and equity through education. Pivot Learning, in Oakland, is an education consulting nonprofit.
In the past four decades, Prop. 13 has been studied extensively for its effects on government revenues, the housing market and on generations of homeowners.
More recently, reform advocates are focusing on ways it is extending racial disparities.
State employment department recovers
$1.1 billion in unemployment insurance funds
The California Employment Development Department (EDD announced Tuesday it has recovered $1.1 billion in fraudulently obtained unemployment insurance funds. The recovered funds were located on approximately 780,000 inactivated benefit cards. Most of the recovered funds will return to the federal government because the fraudulent claims are from the emergency federal Pandemic Unemployment Assistance program, which was the primary target of fraud nationwide.
In July 2021, California hired McGregor Scott as EDD Fraud Special Counsel. Scott aids the state’s work with law enforcement to combat fraud—including supporting state, federal, and local investigations and prosecutions. Working with EDD, he has leveraged his experience to deliver leads and evidence to aid prosecutions and strengthen ongoing investigations.
Cody Hooven departs San Diego Community Power
By MacKenzie Elmer | Voice of San Diego
Cody Hooven, one of the top leaders at the region’s fledgling public power company, has left San Diego Community Power. Her departure as the agency’s chief operating officer was not publicly announced, but confirmed by Voice of San Diego Tuesday.
Eddie Price, chair of the agency’s Community Advisory Committee, said he learned recently that Hooven is no longer with the agency, but couldn’t share more details about her departure.
“There wouldn’t be a CCA if it wasn’t for Cody Hooven. She’s the one that got five cities to come together. It’s hard to get five council people to come together in the same city,” Price said. “She always fought for us to have a voice, that’s for sure.”
Hooven transitioned from her position at the helm of the City of San Diego’s Sustainability Department to build San Diego Community Power from scratch. It’s one of dozens of public agencies created statewide with the mission of producing cleaner, less expensive electricity than investor-owned utilities like San Diego Gas and Electric.
Illumina launches research test to unlock
deeper insights into the tumor genome
Illumina Inc., a global leader in DNA sequencing and array-based technologies, announced the launch of a research test, codeveloped with Merck (known as MSD outside the United States and Canada). The research test builds upon Illumina’s commitment to broadly enable comprehensive genomic profiling and enhance research critical to realizing precision medicine in oncology.
The test adds assessment of a new genomic signature to the distributed, market leading TruSight Oncology 500 assay. It will be available globally, excluding the United States and Japan and will enable researchers to unlock deeper insights about the tumor genome by identifying genetic mutations used in the evaluation of homologous recombination deficiency.
Scripps Research hires new CFO and controller/director of accounting
Scripps Research announced that Caroline Moon has been appointed as chief financial officer and Sherray McCloud has been appointed controller/director of accounting at Scripps Research. Both will help to oversee the financial health of the organization, which reported record funding for the fiscal year 2021.
Moon brings a broad and deep skill set in financial strategy and operations, as well as digital transformation. She was most recently the head of strategic finance at the Broad Institute of MIT and Harvard, where she gained an intimate understanding of this top biomedical research institute. Prior to the Broad, she was a partner at the venture capital firm Andreessen Horowitz, where she provided strategic guidance and finance best practices to the executive leadership teams at the firm’s portfolio companies.
McCloud has more than 15 years of financial reporting, strategy and talent management expertise. Her skills include an in-depth knowledge of U.S. GAAP (generally accepted accounting principles); budgeting, forecasting and KPI (key performance indicator) analysis; and external audit coordination and tax review.
Most recently, she was director of finance at Palomar Health, the largest health care district in California. She earned her bachelor’s degree in Accounting at the University of Illinois Urbana-Champaign and her MBA at Delaware Valley University.
‘Emerging Leaders’ program to build
network of future business leaders
The North San Diego Business Chamber is building an Emerging Leaders program, a network of future leaders, and implementing new professional development opportunities and mentorships for them.
Programs will include a monthly Leadership Workshop on diverse topics that have a relevant impact on Emerging Leaders as they grow their careers. The Emerging Leaders will donate time to volunteer for two non-profits during the 2022 – 2023 year.
The Emerging Leaders will also be mentoring college upperclassmen, and in return, can choose to have a tenured chamber member as a mentor. The college student mentoring program will run from Oct. 14 to Dec. 18.
Criteria to join the program:
• Must be 40 and Under
• Have a Full-Time Job
• Be Committed to Professional & Personal Growth
• Free with North SD Business Chamber Membership
For more information, or to sign up for the program, click here.
San Diego Microbusiness Grant Program
The deadline to apply for the San Diego Microbusiness Grant was extended to June 24. Local microbusinesses that were affected by COVID-19 may be eligible for this $2,500 grant from the County of San Diego. The program is funded by the Board of Supervisors with approximately $4.175 million allocated from the California Office of the Small Business.
No-cost technical assistance is available in most languages for the application. For more info and to apply, visit one of the following websites:
SanDiegoCounty.Gov
America’s SBDC California
Asian Business Association, San Diego
Nonprofits have also been encouraged to apply.
Hydroelectric generators qualify for California Energy
Commission’s Renewables Portfolio Standard Program
Hydroelectric generators at Olivenhain Municipal Water District’s (OMWD) David C. McCollom Water Treatment Plant have qualified for the California Energy Commission’s Renewables Portfolio Standard Program. They will now generate Renewable Energy Certificates that contribute to the state goal of achieving 60 percent of its electricity from renewable sources by 2030.
The hydroelectric generators at OMWD’s water treatment plant have been in place since its startup in 2002, offsetting roughly half of the plant’s power demands and saving as much as $60,000 per month in energy costs.
“This program is a win for everyone,” said Christy Guerin, OMWD board director. “In addition to helping reduce greenhouse gas emissions, operating these turbines also makes financial sense for our customers by offsetting the plant’s electricity costs. And the renewable energy produced at the plant will now contribute to the state’s long-term sustainable energy goals.”
Carlsbad Chamber of Commerce
receives 2022 President’s Circle Award
The California Chamber of Commerce has named Carlsbad Chamber of Commerce, along with 13 other chambers, as recipients of the 2022 President’s Circle Award. Bret Schanzenbach is president/CEO of the chamber.
The award, first presented in 2009, recognizes chambers for excellence in business advocacy and helping their members comply with California employment laws.
The award-winning chambers were announced during the CalChamber Capitol Summit on June 1, 2022.
Click here to see the full list of chambers awarded.
Green Transpo Expo highlighted trends
in alternative energy transportation
Hosted by the Greater Escondido Chamber of Commerce at the Westfield North County Mall in Escondido, the inaugural Green Transpo Expo in April highlighted trends in alternative energy transportation and home energy resources.
Attendees were able to learn from speakers’ presentations, find vendors, participate in demos, and even got an opportunity to sit inside the cars and learn more about the design and engineering of electric vehicles. An estimated 5,000 people attended, and it is intended to be an annual event.
As the demand for electric vehicles grows, nearly all the dealerships at the Escondido Auto Park have electric and hybrid options in their fleets and are adding more alternative energy vehicles each year.
Inaugural North County Spotlight to shine
light on North County businesses
The San Diego North EDC announces the inaugural North County Spotlight Luncheon, an annual program to hear from one of the region’s leading entrepreneurs about their business, and what makes North County a world-class place to do business. It will be held Sept. 21 from 11:30 a.m. to 1:30 p.m. at the California Center for the Arts, 340 N. Escondido Blvd., in Escondido.
The Sept. 21 program will feature Michael Bronner, president of Dr. Bronner’s in Vista. Under the leadership of Michael and his brother David, the brand has grown from $4 million in 1998 to over $129 million in annual revenue in 2019 and is one of North County’s largest manufacturers.
Snapdragon Stadium to host its first concert
this fall with Jimmy Buffett and Jason Mraz
Jimmy Buffett and Jason Mraz will perform this fall at the first-ever concert at Mission Valley’s Snapdragon Stadium, the new home of the San Diego State University Aztecs football team and The Wave FC women’s soccer team.
The stadium officially opens with a Sept. 3 season-opening game between the Aztecs and the University of Arizona that will be televised by CBS.
The Oct. 22 concert is a newly added date to Buffett and his Coral Reefer Band’s “Life on the Flip Side” 2022 tour. It was originally scheduled to conclude with an Oct. 15 show at the MGM Garden Grand Arena in Las Vegas.
