Daily Business Report-April 6, 2017
The Manchester Pacific Gateway project. (Rendering by Manchester Financial Group)
Demolition of Old Navy Buildings
Makes Way for $1.3 Billion Development
Demolition of the old Navy Broadway Complex began this week to make way for the $1.3 billion Manchester Pacific Gateway project.
The project will replace what is now the Navy’s regional headquarters and numerous parking lots with seven buildings totaling 3 million square feet across eight city blocks. One of the buildings will become the new Navy headquarters.
“The Navy is very excited to have reached this phase of the Manchester Pacific Gateway project. The transformation of this property is a big win for both the Navy and the City of San Diego,” said Rear Adm. Yancy B. Lindsey, commander or Navy Region Southwest. “The Navy and San Diego have had a strong, mutually beneficial relationship for over 100 years. This project is another important chapter in that history,”
The project includes six office towers ranging from six to 29 stories, a boutique hotel, a convention hotel, a museum, shopping areas, public parks and 2,500 parking spaces.
“In the 11 years that we have fought for this development, our enthusiasm and commitment has never wavered,” said Doug Manchester, chairman of Manchester Financial Group. “We have worked through extensive review from six public agencies … and numerous other groups and organizations that believe in our vision. The time has finally arrived for construction of a world-class venue for downtown San Diego.”
The 12-acre property was originally granted to the military in 1920 for the Navy Supply Center. The site stretches south from Broadway between Harbor Drive and Pacific highway.
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San Diego’s Minimum Wage
Already May Be Killing Jobs
Evidence has emerged of an economic dark side to San Diego’s decision last year to vault over the state minimum wage — it may have already destroyed thousands of jobs for low-wage workers even as higher pay helps tens of thousands of others.
— San Diego Union-Tribune
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Hybrid Microscope Maker Echo
Raises $7.5 Million in Funding
Echo, the San Diego company that created a hybrid microscope, announced the completion of $7.5 million in Series A funding. The capital investment, co-led by Dolby Family Ventures and Tech Coast Angels, will support Echo in scaling manufacturing, strengthening the company’s sales infrastructure, and developing future technologies.
Echo, formerly Echo Laboratories,
The company said its hybrid microscope, Revolve, combines the functionality of both upright and inverted microscopes to significantly reduce costs, while freeing up valuable laboratory space. Revolve also leverages tablet and cloud-based technologies to capture and manage image data while delivering a modern, seamless approach to data management and hardware integration.
“The science community’s response to Echo has exceeded anything we could have predicted,” said Eugene Cho, CEO and founder of Echo. “This investment enables us to continue scaling and meet the growing demands of our customers, while also developing future cutting edge products.”
The global microscopy market is expected to reach over $6 billion by 2020, yet new technology has been slow to evolve, according to the company.
Echo’s future products will include a higher end model with automation, designed for those in biotech and pharma, as well as an entry-level model for students, educators and those focused on science, technology, engineering, and mathematics, the company said.
Echo previously raised $5 million from angel investors. It was founded in 2013.
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Navy Nursing Researcher
To Receive USD Alumni Award
A Navy nursing researcher who has been awarded more than $2.4 million in grants focusing on the care of veterans will be honored by the University of San Diego on April 22.
Capt. Heather C. King, who earned her Ph.D. from the USD Hahn School of Nursing and Health Science in 2014, will receive the Author E. Hughes Award for Career Achievement.
As a member of the Navy Nurse Corps, King has provided anesthetic care to veterans in a variety of settings. Her clinical experience fueled her research interest as she examines gaps in care for returning combat veterans.
At USD, she conducted a pilot feasibility study to examine the effects of acupuncture on sleep disturbances for veterans with post-traumatic stress disorder. She is currently serving as the director of nursing research for the Navy Medicine West Region that includes all bases located in California, Washington, Hawaii, Okinawa and Guam.
“Captain King’s critically important work represents the deep commitment that USD nursing graduates have to make sure veterans receive care they deserve and we are very proud to honor her,” said Sally Brosz Hardin, dean of the USD Hahn School of Nursing and Health Sciences.
King lives in La Mesa with her husband, Tom, and son, Riley. She enjoys traveling, camping, hiking and reading.
The event begins at 6 p.m. with the awards ceremony in the USD Joan B. Kroc Institute for Peace and Justice Theatre, followed by a cocktail celebration. Tickets are $75 per person, $55 for young alumni who graduated between 2006 and 2016 or $95 at the door. For purchasing tickets or more information, go to www.sandiego.edu/alumnihonors or call (619) 260-6894.
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Serving Seniors CEO Awarded
American Society on Aging’s Top Honor
Paul Downey, president and CEO of Serving Seniors, received the American Society on Aging’s top honor — the Award for Outstanding National Contributions to Aging-related Service, Research, Administration or Advocacy.
The award was presented on March 21 at ASA’s 2017 Aging in America Conference in Chicago in front of 3,000 advocates from across the country. An ASA Awards Committee reviewed nominations from around the country and selected Downey for the society’s top honor.
“It has been my honor and privilege to advocate for seniors living in poverty for more than two decades,” said Downey. I am humbled by this recognition and grateful for the incredible team at Serving Seniors dedicated to making life better for elders in need. They are the true heroes.”
Downey dedicated his award to every senior who has persevered with “grit, determination, grace and dignity” to overcome hardship and remain active, vibrant members of the community.
“Paul has a remarkable record as a direct service provider for low-income older adults in San Diego. He is also a fierce advocate for older adults at the local, state and national level, and his counsel is often sought by elected officials,” said ASA Board Chair Robert Blancato. He noted that Downey has skillfully led Serving Seniors, a nonprofit dedicated to helping seniors in poverty live healthy and fulfilling lives, for more than 22 years.
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MindFlow Design Earns Certification
Carlsbad-based MindFlow Design, a product developer for medical, life sciences and consumer health companies, has earned ISO 9001:2015 certification for having high-quality management systems that meet a highly respected international standard.
Certification by the International Organization for Standardization followed a third-party audit of MindFlow Design’s abilities to focus on customers, continuously improve, provide effective leadership, design and management product development, engage people and make evidence-based decisions in accordance with a recognized process.
“We now have additional evidence to present to clients that our processes, products and procedures are world class,” said MindFlow Design Principal Chris Ross.
MindFlow Design is one of 30,000 companies around the nation to have achieved the ISO 9001 designation and also one of the first 52 to meet the latest revised version of it.
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Artificial Intelligence-Powered Drone
Maker Raises $10.5 Million in Funding
San Diego-based Shield AI, a startup that aims to save lives with its artificial intelligence-powered drones, has raised $10.5 million in a Series A funding round led by venture capital powerhouse Andreessen Horowitz.
Shield AI said it makes drones that “find people and threats inside buildings without a remote pilot” in a statement on its website. The company adds it works with the Department of Defense, the Department of Homeland Security, and other federal, state and local departments and agencies to build intelligent drones capable of “protecting service members and innocent civilians.”
In plainer language, what Shield AI offers is something akin to a reconnaissance drone, which can buzz around on autopilot, inside buildings and outside, scouting for potential terrorist threats and other miscreants.
According to co-founder Brandon Tseng, once deployed, “Shield AI drones will be the first example of service members using artificial intelligence on the battlefield to gather real-time information that saves lives and will provide immediate protection to U.S. ground forces and innocent civilians caught in conflict.”
Tseng is a former soldier, who co-founded Shield AI back in 2015 alongside his brother Ryan, the company’s chief executive officer, and Andrew Reiter, who serves as the company’s chief technology officer. The new funding round means that Peter Levine, a general partner at Andreesen Horowitz, will now sit on the company’s board. Other investors, including Bloomberg Beta, Homebrew and Founder Collective, also participated in the round.
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Bidder Registration Opens for County’s
First Online Property Tax Sale Auction
Bidder registration opened Wednesday for San Diego County’s first online property tax sale auction. People worldwide can register on the Treasurer-Tax Collector’s tax sale website, sdttc.mytaxsale.com, in the run-up to the auction, which will take place May 5 through 10.
Persons must register as a bidder and submit a refundable $1,000 bid deposit as well as a non-refundable $35 processing fee. The last day for bidder registration is April 27.
Currently, there are 345 improved and unimproved properties and 1,220 timeshares — some starting as low as $900 — available for auction. All sales are final, so this is a buyer beware sale.
Sixty properties have owners still living on them. Owners of the for-sale properties have until 5 p.m. on May 4 to pay back taxes and fees to avoid going to sale.
