Daily Business Report: Friday, July 29, 2022
Construction finally begins on the first phase of the
giant $1.35 billion Chula Vista Bayfront project
City of Chula Vista and Port of San Diego hold groundbreaking ceremonies for the catalyst project — the Gaylord Pacific Resort and Convention Center
The City of Chula Vista and Port of San Diego ended two decades of planning Wednesday with the ceremonial groundbreaking for the 1,600-room Gaylord Pacific Resort and Convention Center — the catalyst for the $1.35 billion Chula Vista Bayfront project.
Gaylord Hotels is the large convention hotel brand of Marriott International. When constructed, this will be Gaylord Hotels’ first West Coast location. With its nationally recognized brand, the center is expected to spur other development on the 535-acre bayfront.
Decades in the making, the use of a public-private partnership was jointly conceived by the Port and the City of Chula Vista and executed through the participation of RIDA Chula Vista’s partners, RIDA Development Corp & Ares Management. The Port and the city successfully secured $275 million in public bond funding to support the public investment in the project and closed escrow in May. The first phase will include the resort hotel and convention center along with a brand-new public park, new roads, a parking structure, and supporting public infrastructure.
“The Chula Vista Bayfront is the defining project of a generation for the South Bay. We are finally realizing the fulfillment of all the tireless effort that hundreds if not thousands of people have invested in this project over the past few decades,” said Chula Vista Mayor Mary Casillas Salas.
The hotel is currently projected to open in 2025. It will have an enormous impact on the South Bay and the San Diego region and attract visitors from throughout California and beyond. It will create thousands of jobs during construction alone. Once open, it will create sustained economic impact of half-a-billion dollars each year with 4,000 direct and indirect permanent jobs, according to port and city officials.
Top Photo: Rendering of the Gaylord Pacific Resort and Convention Center and other bayfront features. (Courtesy of City of Chula Vista)
Regent Properties sells Carlsbad office and R&D properties for $130.75 million
ATLAS, a 230,957-square-foot office/R&D complex, and two Class A office properties in Carlsbad, have been sold by Regent Properties for a combined price of $130.75 million.
ATLAS, which completed a massive redevelopment in 2017, was acquired by Boston-based Tritower Financial Group LLC for $88.75 million in June. The campus is located at 5909 and 5919 Sea Otter Place and was 81 percent leased to a roster of tenants including DJO Global, Syneos Health, Nortek, and Airspace Technologies.
The ATLAS complex has outdoor work and meeting spaces with lounge areas, an outdoor TV, kitchen and BBQ area, state-of-the-art indoor/outdoor fitness and wellness amenities, an on-site café (Joes on the Nose), outdoor amphitheater, and bocce ball courts.
The two Class A office properties are located on neighboring parcels at 5540 and 5541 Fermi Court. The 114,835-square-foot portfolio was acquired by Silicon Valley-based Menlo Equities for $42 million in April. 5540 Fermi Court is a two-story building totaling 64,948-square feet. 5541 Fermi Court is a two-story building totaling 49,887 square feet.
Vice Chairman Aric Starck and Senior Associate Drew Dodds with Cushman & Wakefield represented Regent Properties in the transactions. Cushman & Wakefield’s Ben Schwartz and Brian Share arranged the acquisition financing for ATLAS on behalf of Tritower, and the firm will also handle the leasing and property management for the project.
Historic La Jolla home to become high-tech boutique hotel
Brother and sister Hailey and Max Waitt are renovating a historic La Jolla home that had been used as a bed-and-breakfast inn into a high-tech hotel catering to the mid-20s to mid-40s traveler. The exterior of the George Kautz House, built in 1913, will be untouched but the home’s interior will get an entirely new look drawn from the style of the early 20th century – but with a modern flair, according to Hailey Waitt.
Evans Hotels names Jayne Aston as GM
and promotes Will Cherashore to CFO
Evans Hotels, the family-owned hospitality company, has named Jayne Aston as the new general manager of the Bahia Resort, replacing Will Cherashore, and naming Cherashore as the resort’s new chief financial officer.
In her new management role, Aston will lead the extensive day-to-day operations at the Bahia Resort Hotel on Mission Bay. Cherashore’s responsibilities will encompass Evans Hotels’ financial reporting and compliance; recommending and implementing the company’s plans concerning capital investments and financing, and overseeing and providing financial analysis for operations and management.
Before joining Evans Hotels, Aston worked for Hyatt Hotels and Resorts where she held several progressively responsible leadership positions at seven properties in six states. Most recently, she was the director of operations for the Hyatt Regency Hill Country Resort and Spa in San Antonio, Texas.
Cherashore began his career at Evans Hotels in the marketing department and subsequently worked as a sales anager for The Lodge at Torrey Pines. He then spent 10 years gaining significant hospitality real estate finance, asset management, redevelopment, and operations experience. He was the vice president of finance for Kelly Slater Wave Company and its parent company, the World Surf League.
American Specialty Health named one of nation’s
Best and Brightest Companies in Wellness 2022
American Specialty Health Incorporated (ASH) has been named one of the nation’s Best and Brightest Companies in Wellness for 2022 by the National Association for Business Resources. The distinction recognizes companies that promote employee wellbeing, worksite health, and wellness.
The company’s San Diego office had earned six consecutive regional wellness wins in prior years; this marks ASH’s first national win for this wellness award.
“It is a great privilege to be named one of the nation’s leaders in employee health and wellness, especially this year, on the 35th anniversary of our company,” said co-founder, Chairman, and CEO George DeVries. Over the years, we have been able to develop a team of over 1,500 employees. I am so grateful for each of our employees. Together, we’ve been able to grow the company year after year, staying true to our longstanding guiding principles and a strong spirit of innovation.”
MG Properties acquires Milpitas apartments for $193 million
MG Properties, a private San Diego-based real estate investor, owner and operator, purchased Eleanor Apartments, a 333-unit community in Milpitas, Calif. for $193 million.
The community is in a premier Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed use community with 10,000 square feet of ground floor retail, completed in 2021. This luxury community has an attractive contemporary design and robust set of common area amenities, and residents can easily access a variety of walkable dining and entertainment options surrounding the property.
“We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the Covid crisis,” said Jeff Gleiberman, MG Properties’ president.
Legal community introduces gala event
The California Lawyers Association (CLA) and the California Judges Association (CJA) are introducing a new event —a black-tie-Gala celebration — to raise money for their respective charitable foundations.
On Sept. 17, 2022 in San Diego, the Gala will bring together lawyers and judges from across California to recognize the best of the legal profession. Andy Buckley from the hit show “The Office,” will serve as the emcee. ESPN SportsCenter host Sage Steele will deliver the keynote address. The Gala will serve as the closing event for CLA’s 2022 Annual Meeting, to be held Sept. 15–17, 2022 at the San Diego Hilton Bayfront Hotel.
“We appreciate the opportunity to come together as a statewide legal community, recognize our shared goals, and shine a spotlight on members who are improving our profession and beyond,” said CLA CEO and Executive Director Oyango A. Snell.
Qualcomm and Samsung extend and expand
broad strategic partnership
Qualcomm Inc. and Samsung have agreed to extend their patent license agreement for 3G, 4G, 5G and upcoming 6G mobile technology through the end of 2030. Qualcomm Technologies Inc., a subsidiary of Qualcomm Inc., and Samsung also agreed to expand their collaboration with Snapdragon platforms for future premium Samsung Galaxy products, including smartphones, PCs, tablets, extended reality, and more.
These collaborations reinforce the companies’ track record of success and reaffirms their commitment to expanding technology leadership and delivering the world’s best device experiences.
“The extension of our licensing agreement is further evidence of our mutual commitment to long-term collaboration,” said Cristiano Amon, president and chief executive officer, Qualcomm. “Our relationship with Samsung has never been stronger. For more than two decades we’ve worked together to lead the industry and we are pleased to continue this strategic partnership to develop innovative technologies and products using Snapdragon platforms to power more Samsung premium devices globally.”
