Daily Business Report: Thursday, Oct. 27, 2022
SDSU selects first developer for its
Mission Valley residential and retail project
AvalonBay Communities, an Arlington, Va-based real estate investment trust, has been chosen by San Diego State University to complete the first round of residential and retail development at SDSU Mission Valley, a project that would involve construction of 600 market-rate apartments and 3,000 square feet of retail space.
Any financial deal the university secures with AvalonBay will require approval from the California State University Board of Trustees in 2023. If that is secured, construction would start in 2024.
AvalonBay proposes to construct approximately 600 market-rate apartments, consisting of a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, along with approximately 30,000 square feet of ground-floor retail space, including a grocery store. To provide parking for residents, visitors, and retail uses, the plan includes three levels of parking to accommodate approximately 1,000 vehicles. The project will also incorporate public art by local artists and is being designed to achieve LEED Gold Certification for sustainability.
A separate selection process is underway for SDSU Mission Valley’s first round of affordable housing, which will be a standalone building developed by a developer that specializes in affordable housing. Ten percent of all housing built on-site at SDSU Mission Valley will be designated affordable.
“We envision an inspiring new mixed-use community that will create a better way to live in Mission Valley,” said Mark Janda, senior vice president of development for AvalonBay Communities Inc. “The new community will incorporate a range of design features that will promote walkability and connectivity throughout the surrounding neighborhood, all in a highly sustainable mixed-use building.”
SDSU said AvalonBay Communities, as of June 30, 2022, owned or held a direct or indirect ownership interest in 299 apartment communities in the U.S. Several of its projects are in San Diego County.
Top Photo: Rendering of apartments and retail spaces proposed for SDSU Mission Valley by AvalonBay Communities.( Courtesy AvalonBay Communities/AC Martin)
Home prices fell in San Diego for third month in a row
By Chris Jennewein
Home prices in San Diego County fell 2.8 percent in August amid a nationwide “deceleration” in real estate appreciation, according to the widely-followed Case-Shiller index released Tuesday.
The August decline followed drops of 2.6 percent in July and 0.7 percent in June after steadily rising since the beginning of the pandemic in 2020.
Nationwide home prices fell an average of 1.1 percent in August following a 0.5 percent dip in July.
“The growth rate of housing prices peaked in the spring of 2022 and has been declining ever since,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices. “On a month-over-month basis, the biggest declines occurred on the West Coast, with San Francisco (-4.3 percent), Seattle (-3.9 percent), and San Diego (-2.8 percent) falling the most,” he added.
But he noted that “despite the ongoing deceleration, August’s housing prices remain well above year-ago levels.”
Salk Institute’s Christina Towers presented
$1.15 million Science Diversity Leadership Award
Salk Institute Assistant Professor Christina Towers has received a $1.15 million Science Diversity Leadership Award from the Chan Zuckerberg Initiative, in partnership with the National Academies of Sciences, Engineering, and Medicine.
The award recognizes outstanding early- to mid-career researchers who have made significant research contributions to the biomedical sciences, show promise for continuing scientific achievement, and promote diversity, equity, and inclusion in their scientific fields.
She was also awarded the $300,000 Young Investigator Award through Black in Cancer in partnership with the Emerald Foundation Inc. Black in Cancer is an organization that aims to strengthen the network between Black people in the cancer space whilst highlighting Black excellence in cancer research and medicine.
Towers, who is a member of Salk’s Molecular and Cell Biology Laboratory, uses a combination of DNA-editing techniques, light-based genetic manipulation (optogenetics), three-dimensional miniature organs (“organoids”), and detailed imaging to uncover how cancer cells recycle both their own nutrients and the power-generating structures called mitochondria to survive.
Harbor Springs Charter School purchases
Class A property in Chula Vista for $11.6 million
Harbor Springs Charter School has purchased for $11.6 million a Class A property at 2371 Fenton St. in the Eastlake Business Park in Chula Vista. Constructed in 2000, the two-story property currently consists of office and meeting spaces but can be converted into a warehouse or research and development facility. The property is 100 percent triple net leased to La Roca Christian Church’s corporate headquarters through 2031.
Matt Pourcho, Matt Harris and Anthony DeLorenzo of CBRE’s Private Capital Partners represented the seller, Los Angeles-based North Palisade Partners, in the transaction. North Palisade purchased the property in July, 2021 and successfully implemented its repositioning plan.
“We received multiple offers on the property from a variety of buyer profiles and sold the property twice in less than two years. The market remains resilient and strong despite interest rates rising,” said Pourcho.
Polo Steakhouse opens in Carlsbad
Polo Steakhouse, once the West Steak & Seafood restaurant, has been refreshed into a modern steakhouse by a team of industry pros, and is now open in Carlsbad. The pros are owner and Carlsbad-resident Mayur Pavagadhi (Paon Restaurant & Wine Bar, Witch Creek Winery, Sleeping Tiger Coffee and Barrio Eat Mexican — all located in Carlsbad), General Manager Michael Pickering (Bankers Hill Bar & Restaurant, Stake Chophouse), and Executive Chef Judd Canepari (La Valencia).
Polo’s menu focuses on the highest quality and cuts of beef featuring foregin and domestic wagyu, local seafood options, raw bar items and a variety of shareable steakhouse sides.
With two sommeliers on staff, Feliciano Perez and Michael Pickering, and Mayur being a winery owner himself, Polo boasts a collection of over 650 bottles and pours nearly 40 different wines by the glass.
Registrar reminds voters to vote early
If you’re a registered voter and haven’t cast your ballot yet, you’ll soon get a reminder from the Registrar’s office that you have just over one week to cast your ballot for the Nov. 8 Statewide General Election.
The Registrar sent over 1.7 million reminder postcards to registered voters in San Diego County who had not voted as of Oct. 21.
If you have been holding onto your ballot, act now and vote from the comfort of your home. Sign and date your return envelope, seal your completed ballot inside and return it by mail promptly to make sure it arrives at the Registrar’s office well before Election Day.
You also have the option to use one of the Registrar’s 141 official ballot drop boxes. The new stand-alone boxes feature the Registrar’s logo along with the County seal and are labeled “Official Ballot Drop Box.” Find one close to you through the Registrar’s online locator tool or inside your information pamphlet. Check each location’s hours of operation before heading out at sdvote.com.
The sooner the Registrar’s office receives your ballot, the sooner it is processed for the first release of election night results.
North San Diego Business Chamber
to launch new ‘Future’ series
The North San Diego Business Chamber announces its new “Future” series that will share information and resources with the business community through multiple platforms. The first workshop will be held on Nov. 8 with a different workshop planned for each month following. All dates and workshop topics can be found on https://bit.ly/3gigmF9
The pandemic forced the business community to embrace technology at an extremely advanced rate and it has fundamentally changed how we do business today. As we anticipate more change to come, businesses must prepare for the uncertainties and opportunities that come with the future of commerce, workforce, and day-to-day life.
We are in the midst of important periods of change in the workforce and one that we are likely to see more of in the future. Finding talent and keeping them are two big challenges for most companies, especially for small and mid-size organizations and businesses.
The chamber and local leaders will gather for a timely conversation on the future of work and digital technology: how businesses and leaders can act on the innovation, agility, and empathy required to support our vibrant, diverse workforce, customers and communities, bolstering the region’s competitive edge in the global marketplace.
This six-part “Future” series will center on solutions, resources, technology, and creative ideas for supporting the challenges we face today while also looking at technology and solutions for shifting and planning for the future.
Monthly topics covered include:
• Talent Resources Available to Employers
• Starting with a Foundation: Your Talent
•Building a Workplace of the Future
• Preparing For the 2030 Customer Experience
• Cost of Goods and Services in 2030
• What Jobs Will Look Like in 2030.
Excellos secured as tenant at Genesis San Diego
Barings, one of the world’s largest diversified real estate investment managers, along with Phase 3 Real Estate Partners and Bain Capital Real Estate, announced that their joint venture has secured Excellos as a tenant at Genesis San Diego, a Class A life science building located at 1155 Island Ave. in Downtown San Diego. Excellos, a novel cell and gene therapy Contract Development and Manufacturing Organization (CDMO), will establish its global headquarters at the facility. As Downtown San Diego’s second-ever life sciences lab lease, the agreement spans a full floor consisting of 36,383 square feet and brings Genesis San Diego to 36 percent leased.
Barnhart-Reese Construction awarded $17.6 million
contract to modernize Baker Elementary School
Barnhart-Reese Construction has been awarded a $17,663,448 contract with San Diego Unified School District for the modernization of Baker Elementary School located at 4041 T St. in the Mountain View area of San Diego. Currently in the preconstruction phase, the project includes a new 5,620-square-foot Administration Building, remodel of portions of Building 200, modernization of classrooms in Buildings 400 & 500, improvements to building systems, interior and exterior spaces, and removal of excess portable classroom buildings. Together with the family’s former construction firm, Douglas E. Barnhart, Inc., Barnhart-Reese Construction has approximately 400 school construction projects completed in its portfolio, and currently has seven new school projects underway.
Westcore grows Arizona portfolio
San Diego-based Westcore, an industrial real estate acquisition, development and asset management company, has acquired Central Logistics, a four-building, 24.9-acre industrial campus in the central Phoenix market in Arizona. Westcore purchased the 1.08 million-square-foot property from Phoenix-based ViaWest Group for $93.5 million. Last year, ViaWest Group refurbished Central Logistics’ Building D North, a 76,189-square-foot cold storage facility with 13 dock-high doors and one grade-level door, currently leased to Bay Logistics.
Nuvve helps 10 school district customers
receive 61 EPA Clean School Bus rebates
Nuvve Holding Corp., a San Diego-based company, announced that 10 school district customers have received a combined $24,155,000 in funding through the EPA Clean School Bus Rebate Program to support the deployment of 61 electric, vehicle-to-grid (V2G) capable school buses and chargers in disadvantaged school districts across the United States. Nuvve and its school district customers will now begin activating their site design and development plans, procurement of Nuvve V2G-capable DC fast chargers and partner electric school buses. The majority of the funded programs are expected to be operational in 2023.
Sole Source Capital acquires Left Coast Food Company
Sole Source Capital LLC, an industrial-focused private equity firm, announced that its portfolio company, Worldwide Produce, one of the largest fresh produce and dairy distributors on the West Coast, has acquired Left Coast Food Company, a food service distributor of frozen goods, dry goods and produce serving the greater San Diego region. The acquisition of Left Coast expands Worldwide Produce’s presence in Southern California and marks the company’s fifth completed acquisition since it became a Sole Source Capital portfolio company in 2019. Terms of the transaction were not disclosed.
Pleno expands leadership team
Pleno Inc. announced that Jason Trachewsky has joined the company as vice president of software, and Professor Nambi Seshadri has joined as chairman of Pleno’s Advisory Board. Trachewsky was most recently the chief executive officer of Aquifi Inc., a provider of networked material inspection solutions using 3D cameras. Seshadri is a distinguished professor at the Indian Institute of Technology, as well as a professor of electrical and computer engineering at the University of California, San Diego. Pleno is rapidly growing its San Diego-based team of experienced scientists, telecoms engineers, and biotechnology innovators developing its RAPTOR instrument platform.
Schmidt Futures announces UC San Diego
as partner of AI science initiative
UC San Diego has been selected to join the Eric and Wendy Schmidt AI Science Postdoctoral Fellowship, a program of Schmidt Futures, to accelerate the next scientific revolution by applying AI to research in science, technology, engineering and mathematics (STEM). The fellowship will seek to change how science is done by accelerating the incorporation of AI techniques into the natural sciences, engineering and mathematical science, providing access to AI tools and training to the sharpest minds on the frontlines of scientific innovation. The Eric and Wendy Schmidt AI in Science Postdoctoral Fellowship, a program of Schmidt Futures, adds to the organization’s efforts totaling $400 million to support talent that is developing and using AI in innovative ways to make the world better.
MiraCosta College awarded $3 million
Title V federal grant for Latinx students
MiraCosta College has been awarded a $3 million federal grant that will increase academic and social supports for Latinx students and better connect their education as a pathway to high-demand careers. The MiraCosta College Foundation has also stepped up to match a portion of the annual grant funds to create a longer-lasting endowment to ensure the grant will have impact beyond its five-year term. “More than 40 percent of MiraCosta College’s 20,000 students are Latinx, and 53.8 percent are economically disadvantaged. Studies show that Latinx students are less likely to succeed in their classes or complete the courses needed to earn an associate degree,” said Title V Project Director and Dean of Admissions and Student Support Freddy Ramirez.
