Daily Business Report: Dec. 16, 2024
Loews Coronado Bay Resort proposes major renovation
Work would include updating guestrooms, enhancing landscaping and installing a new pedestrian promenade along the bayfront
The Port of San Diego Board of Port Commissioners has authorized staff to begin environmental review for a significant renovation proposed by Loews Coronado Bay Resort. At their December 10, 2024 meeting, the Board received a presentation about the project from the Loews Hotels & Co team.
Loews Hotels & Co operates the 440-room resort and 80-slip marina located on Coronado Bay Road in Coronado. Existing amenities include a restaurant, bars, event and meeting spaces including a temporary event tent, a full-service spa, fitness center, heated outdoor swimming pools, tennis courts, a marina, and water equipment rentals.
The hospitality company is proposing to transform and reposition the property into a modernized luxury resort destination. The project includes updating guest rooms and amenities, enhancing the landscaping and outdoor recreation areas, and replacing the temporary event tent structure with an improved permanent event space. Public access improvements include a new pedestrian promenade along the bayfront shoreline with spectacular views toward downtown San Diego and the Chula Vista Bayfront. The project does not propose to add any new hotel rooms or include any work to the marina, and it does not propose any development or improvements beyond Loews Hotels’ existing leasehold. Loews Hotels anticipates a total investment of over $220 million into the project.
Port staff will begin an environmental review of the renovation proposal. The timing for construction and completion will be determined pending various project approvals and permitting.
Top Photo: Conceptual rendering of the proposed project, courtesy of Gensler and Loews Hotels & Co.
Ten local nonprofits win $100,000 each in equity impact grants
Ten local, small nonprofit organizations are celebrating after winning $100,000 each in equity impact grants and a year’s worth of custom coaching designed to further their missions, advancing equity and belonging throughout the region.
The winners were announced by the County’s Office of Equity and Racial Justice (OERJ). The recipients applied for the grants through the county’s Equity Impact Grant (EIG) Program.
To be considered for the grant program, applying organizations had to have fewer than five employees and/or operate on $500,000 or less. The nonprofits also had to show how they are addressing local inequities.
“These grants will significantly benefit small organizations and the people they serve,” said Interim OERJ Director Taryell Simmons. “By awarding these grants, we acknowledge the challenges small nonprofits face. We are proud to support them in building capacity, enabling them to serve even more people who need their services.”
Read the county’s report on the winners
Teachers, military, school districts benefit from
$8.5 million city settlement with SeaWorld
By City News Service
The City of San Diego and SeaWorld have settled a lawsuit in which city officials alleged the park failed to pay more than $12.2 million in rent, late fees and interest.
Under the terms of the settlement SeaWorld will pay the city $8.5 million, as well as provide:
- Complimentary season passes to San Diego teachers on an annual basis for five years;
- One free admission each year to active duty military and veterans for five years;
- 1,000 SeaWorld admission tickets that the city will provide to local school districts.
SeaWorld issued a statement in which officials stated, “We’ve valued our collaborative relationship with the city for 60 years and are happy to be a part of the San Diego community. We look forward to many years of working together.”
In its lawsuit, the city alleged that SeaWorld underpaid rent between Jan. 1, 2019, and April 30, 2022, while the park argued that the payments were waived because the theme park was forced to shut down for months at a time during the coronavirus pandemic.
After the lawsuit was filed last year, city officials said SeaWorld was the only city tenant with similar lease agreements – there are 800 – in default for unpaid rent after March 2020, when mass closures started at the beginning of the pandemic.
Port of San Diego and San Diego LAFCO
approve Memorandum of Understanding
The Port of San Diego and the San Diego County Local Agency Formation Commission (San Diego LAFCO) have approved a Memorandum of Understanding (MOU) that outlines a collaborative framework for the future relationship between the agencies. This agreement marks a significant step in fostering a cooperative relationship between the Port and LAFCO while respecting the Port’s unique mission and operations.
Matthew Melendres joins Cushman & Wakefield
Cushman & Wakefield has boosted its Southern California Healthcare Advisory Practice, announcing that Matthew Melendres has joined the firm as a Senior Associate. Based in San Diego, Melendres will work on a premier Cushman & Wakefield local healthcare team that is led by Joe Zurek and Nehal Wadhwa, two of the region’s most respected healthcare brokers and experts in the specialized medical sector. Melendres joins Cushman & Wakefield from Colliers, where he was a member of the firm’s San Diego Healthcare team, focusing on the leasing and sales of medical buildings.BSD Builders partners with 2G Energy to develop advanced microgrid solutions
BSD Builders Inc., a general contractor specializing in health care construction, has announced a strategic partnership with 2G Energy Inc., a pioneer in energy systems, including cogeneration. The collaboration will focus on designing and deploying cutting-edge microgrid solutions to enhance energy resilience, sustainability, and efficiency for commercial building clients. The partnership was formed in response to the challenges faced by skilled nursing facilities during the California wildfires of 2018 and 2020. Utility companies initiated Public Safety Power Shutoffs (PSPS) during dangerous weather conditions, forcing facilities to evacuate patients.
BSD Builders partners with 2G Energy to develop advanced microgrid solutions
BSD Builders Inc., a general contractor specializing in health care construction, has announced a strategic partnership with 2G Energy Inc., a pioneer in energy systems, including cogeneration. The collaboration will focus on designing and deploying cutting-edge microgrid solutions to enhance energy resilience, sustainability, and efficiency for commercial building clients. The partnership was formed in response to the challenges faced by skilled nursing facilities during the California wildfires of 2018 and 2020. Utility companies initiated Public Safety Power Shutoffs (PSPS) during dangerous weather conditions, forcing facilities to evacuate patients.
9amHealth receives CDC’s Full Plus
Recognition for its Diabetes Prevention Program
9amHealth, a leading virtual cardiometabolic care platform, announced it received the CDC’s Full Plus Recognition for its Diabetes Prevention Program (DPP). This milestone affirms 9amHealth’s commitment to delivering best-in-class care for individuals at risk of developing diabetes, achieving outcomes that surpass national averages and other virtual providers. In 2022, the total direct costs of diagnosed diabetes amounted to $412.9 billion. Average medical expenditures among people with diagnosed diabetes were 2.6 times higher than they would be in the absence of diabetes. Diabetes prevention and A1c reduction, however, have demonstrated a significant potential to lower healthcare costs.
128th common stock monthly dividend increase declared by Realty Income
Realty Income Corporation announced it has declared an increase in the company’s common stock monthly cash dividend to $0.2640 per share from $0.2635 per share. The dividend is payable on Jan. 15, 2025, to stockholders of record as of Jan. 2, 2025. This is the 128thdividend increase since Realty Income’s listing on the NYSE in 1994. The new monthly dividend represents an annualized dividend amount of $3.168 per share as compared to the prior annualized dividend amount of $3.162 per share.
Acadia Pharmaceuticals announces closing of sale
of Rare Pediatric Disease Priority Review Voucher for $150M
Acadia Pharmaceuticals Inc. announced the closing of the sale of its Rare Pediatric Disease Priority Review Voucher (PRV) for $150 million before fees and expenses. As described at the time the agreement to sell was announced on Nov. 5, 2024, Acadia is required to pay Neuren Pharmaceuticals Limited one-third of the net proceeds, pursuant to a license agreement between the companies. Acadia plans to invest proceeds from the sale of the PRV to support its commercial operations, R&D programs in central nervous system and rare disease, and future business development.
Wrike signs agreement to acquire Klaxoon
Wrike, a leader in intelligent work management and STG portfolio company, announced it has entered into an offer agreement to acquire Klaxoon from Eurazeo, Bpifrance, and Sofiouest. Klaxoon, the provider of an all-in-one visual collaboration platform that increases employee engagement and productivity, is headquartered in Rennes, France. It provides a single platform combining an infinite whiteboard and eight visual collaboration tools and services to global organizations like Total, Accenture, and LVMH. This acquisition is set to make Wrike a comprehensive, intelligent solution for uniting visual ideation with structured work management, delivering unparalleled workflow efficiency to organizations.
