Daily Business Report: Sept. 11, 2023
State of California funds $41.1 million
of Riverwalk project in Mission Valley
SDNews
A Mission Valley development that will create energy-efficient affordable housing alongside a new trolley station is the only San Diego County project awarded funding this year from a leading-edge State of California program designed to fight climate change.
The highly competitive Affordable Housing and Sustainable Communities (AHSC) program has granted $41.1 million to Phase 1 of Riverwalk San Diego, a $3 billion, 200-acre master-planned village that will eventually contain 4,300 multifamily units – 430 of which will be affordable homes, 110 acres of parkland, 1 million square feet of office, and 150,000 square feet of retail on land that is currently used as a golf course.
Phase 1 includes 188 affordable homes, a centrally located MTS Green Line Trolley stop, and new bicycle and pedestrian infrastructure along the existing San Diego River trail. The project is the result of a partnership between the privately-owned real estate development firm Hines and local nonprofit Wakeland Housing and Development Corporation.
Construction is expected to start on Phase 1 of the affordable housing at Riverwalk San Diego in early 2025.
Top photo: Riverwalk rendering. (Credit: Gensler).
Macy’s is coming to Santee
JLL announced that Macy’s has signed a 30,000-square-foot lease for a small-format store at Santee Trolley Square located at 9918 Mission Gorge Road in Santee. Macy’s small format stores are designed to deliver a seamless experience with well-known market brands, Macy’s private brands, convenient services, local events and the latest trends, all within an easy-to-shop environment. The new store is scheduled to open in November 2023.
“We are thrilled to introduce Macy’s latest small-format store to Santee Trolley Square, perfectly timed for the upcoming 2023 Holiday Season,” said Zach Blatteis, director of real estate for Kimco Realty in San Diego.
JLL’s Brian Quinn and Bryan Cunningham secured this lease on behalf of the landlord, Kimco Realty Corporation. Dave Hagglund and Andrew Roth of CBRE represented Macy’s.
“We continue to see progressive retailers like Macy’s expand with different formats to meet the demand of today’s consumer,” said Quinn, JLL senior vice president. “Macy’s was attracted to the strong tenant mix at Santee Trolley Square.”
California Wild Ales to open brewing facility in Midway
California Wild Ales, which has an Ocean Beach tasting room, is opening a new multi-faceted production facility and tasting room in the Midway District on Sept. 15 at 3826 Sherman St.
Promoted as San Diego’s “Sour House,” co-owner Zack Brager talked about the centerpiece of California Wild Ales’ new brewing facility. “We have created an inviting and exciting space, one of the main features of which is an 18-foot by 10.5-foot movie screen,” he said. “This has got to be one of the largest screens outside of Petco Park. We will be showing live sporting events (Gulls, Padres, NFL games, etc.) as well as live-streaming concerts similar to how we do at our OB location.”
Added Brager: “This screen is massive, and I think once people see it, the screen will become a major draw for this location, which will have a bigger focus on events. The space will allow us to be really creative. It’s going to be a lot of fun.”
Scripps Research receives $1.5 million to expand
wastewater virus-testing program worldwide
Wastewater surveillance is a cost-effective, convenient tool for tracking harmful pathogens circulating through the population, but technology and infrastructure hurdles have limited its widespread use. The Bill & Melinda Gates Foundation has awarded Scripps Research a $1.5 million grant to overcome these barriers, expand wastewater surveillance tracking, and help mitigate infectious disease threats around the globe.
The two-year award, which funds a collaboration between Scripps Research, the National Institute for Communicable Disease (NICD) in South Africa, and the University of Birmingham in England, will help build the tools needed for effective infectious disease wastewater surveillance across the world. A particular focus will be on developing and implementing these technologies in lower middle-income countries, many of which have large surveillance gaps.
SANDAG board appoints new independent performance auditor
The SANDAG Board of Directors unanimously approved the appointment of Courtney Ruby as the agency’s next independent performance auditor. She will succeed Mary Khoshmashrab.
Ruby announced her resignation as Oakland’s city auditor, effective Oct. 13, and will join SANDAG on Monday, Nov. 13.
Ruby will lead the Office of the Independent Performance Auditor (OIPA) team to ensure SANDAG is effective and efficient in its operations.
The OIPA is the official body of SANDAG that investigates potential fraud, waste, and abuse identified by SANDAG staff or other stakeholders.
Ruby has more than twenty years of experience working in governmental and political organizations, including Chief Financial Officer for the Association of Bay Area Governments (ABAG), Chief Financial Officer for the State of Illinois Department of Human Rights, and Chief Financial Officer for the East Bay Conservation Corp.
UCSD, SDSU named among Forbes’ top public colleges
San Diego universities showed up in force on Forbes’ list of the top public colleges in the U.S. for 2023, with UC San Diego named No. 3 and San Diego State University No. 16. This news follows record inflows of research and innovation funding to UC San Diego and SDSU — $1.8 billion and $192.2 million respectively in 2023. Research funders include Fortune 500 companies like Netflix, which recently awarded UC San Diego $100,000 to continue developing an AI movie recommender chatbox.
RayzeBio files $100 million IPO
San Diego-based radiopharmaceutical company RayzeBio filed plans to go public for up to $100 million after raising $418 million in Series A-D since its launch in 2020. A tenant of Alexandria Real Estate Equities Inc., RayzeBio plans to use net proceeds from the IPO to advance treatments for gastroenteropancreatic neuroendocrine in tumors currently in Phase 3 clinical trials.
Rady Children’s Hospital undergoing $1 billion expansion
Rady Children’s Hospital and San Diego leaders broke ground on a $1 billion expansion of the hospital. An older building along Frost Street will be torn down and a seven-story tower will be built adjacent to the current hospital. The tower will introduce new intensive care units, advanced pediatrics, new operating rooms and a larger emergency department. The emergency department is currently bursting at the seams.
Cetera’s Courageous Conversations
series wins DEIB ‘Wealthies’ award
Cetera Financial Group, a network of independent retail firms located in San Diego, has won one of the 2023 Wealth Management Industry Awards for the groundbreaking Courageous Conversations program. The program earned Cetera the “Wealthie” win for Diversity, Equity, Inclusion and Belonging (DEIB) among financial services firms with 1,000 advisers or more. Cetera offers Courageous Conversations to team members as part of its commitment to DEIB.
Intersolar North America and Energy Storage
North America open registration for conference
Intersolar North America and Energy Storage North America announced that registration is now open for the combined conference and exhibition taking place Jan. 17, 2024, at the San Diego Convention Center. The 2024 event will continue exploration into critical clean energy topics, showcase innovative solutions, and give a platform to passionate experts and thought leaders accelerating the energy transition. To register for the Intersolar North America and Energy Storage North America 2024 conference and expo at a special early bird discount rate, click here.
SIAA selects Agency Revolution for Preferred Vendor Program
Agency Revolution, a leading provider of websites, marketing automation, and client engagement solutions for independent insurance agencies, announced its new partnership with SIAA The Agent Alliance, as part of its Preferred Vendor Program. SIAA is a prominent alliance of independent insurance agencies, powered by 49 regional Master Agencies across the United States, providing its agency members with immediate access to a wide range of services, markets, profit-sharing, and incentives.
Sony announces new crystal LED VERONA virtual production
Sony Electronics has announced four new Crystal LED displays under the product name
VERONA, purpose-built to meet the needs of virtual production applications. Each new panel benefits from technology advancements developed over several years and supported by the guidance of filmmakers, with the goal of bringing new levels of quality and efficiency to in-camera VFX applications. VERONA has been designed to work with leading virtual production LED controllers.
CoreDux Group acquires Pyramid Precision Machine Inc.
CoreDux, a leading designer and manufacturer of flexible gas and flow control components and artery systems and a portfolio company of Arcline Investment Management, announced the acquisition of Pyramid Precision Machine Inc. from founder Bob Taylor. Founded in 1988 and based in San Diego, Pyramid is a leader in the design, development, and manufacture of high-complexity, close-tolerance, machined components and sub-assemblies for the semiconductor, aerospace & defense, and energy transition supply chains.
Avidity Biosciences joins with patient communities
during Muscular Dystrophy Awareness Month
Avidity Biosciences Inc., a biopharmaceutical company, announced that it is joining with patient communities to raise awareness during National Muscular Dystrophy Awareness Month to support families across the U.S. who are impacted by neuromuscular diseases. Avidity will be joining Myotonic Dystrophy Foundation community leaders, patients, caregivers, and legislators to raise awareness of myotonic dystrophy and the importance of advancing research to develop new treatments for the disease.
OmniSync awarded federal contract
OmniSync Incorporated announces the award of a two-year contract by the Under Secretary of Defense, Research and Engineering for the expansion of its TurboInnovate platform to assist the Department of Defense (DOD) with research investment impact analysis across all service branches. OmniSync is a San Diego-based dual use technology company that uses a combination of best-in-class AI/NLP-powered innovation discovery tools, process automation software, and expert-driven support services to democratize access to public/private innovation funds.
Procede Software partners with Avalara to automate tax compliance
Procede Software, a heavy-duty commercial vehicle dealer management system (DMS) and solutions provider, announced it has partnered with Avalara, a leading provider of tax compliance automation software for businesses of all sizes. Procede is now part of Avalara’s “Certified for AvaTax” program, which features integrations that perform at the highest level, providing the best possible customer experience.
