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Walt Smyk , the Paladion developer who now lives in New Hampshire, is a little sad, but not surprised, with news that Tiffany is leaving the struggling upscale center for Fashion Valley . He says the pair were a match in the mid-1980s when Tiffany could have been placed between Nordstrom and Neiman Marcus . As for the Paladion's difficulties, Smyk says they started when in the middle of its construction George Bush uttered the words "recession." "I thought the recession would last one or two years," Smyk says. "Instead it lasted five." Paladion, he says, hit a maximum occupancy of 60 percent, when 80 percent was the magic critical mass number. *** With Mission Bay's San Diego Princess Resort on the block — sources say the minimum bid is around $60 million — the post-sale question is what will happen to longtime general manager Tom Vincent . Although he is considered by some to rank among the top g.m.s in the country, it’s likely the Princess, which many San Diegans still call Vacation Village , will be purchased by a Real Estate Investment Trust. The REITs, which are on a national hotel buying tear, typically bring in their own management teams. Vincent, who took over the property 12 1/2 years ago, is careful with his comments, noting for the most part it’s business as usual. And that includes continuing aggressive behind-the-scenes upgrades, like the $2 million being spent on the electrical system. Sales from the Princess seem strong, with Lodging Magazine last year ranking it 77th in the country among resorts for revenue per room. If the hotel is sold, look for the new buyer to overhaul the exterior and ratchet up the resort amenities to better match the superb real estate and maybe even earn an extra rating "star." *** In the second quarter of 1997, San Diego biotechs were the dominant recipients of U.S. venture capital funding, reports the quarterly Price Waterhouse National Venture Capital Survey . Of the $150 million in investments, local biotechs captured $53 million, or 35.3 percent, far outdistancing second-place New England's $29 million and Silicon Valley's $28 million. *** Home Depot is coming to Mission Valley . The home improvement giant purchased two Fenton office buildings on six acres and an additional five acres from the Rose Family Trust for a total of 11 acres at Fairmont Avenue and Mission Gorge. The buildings have been leveled and construction of the Home Depot is under way with a June 1998 opening planned. The brokers in the property sale were Jim Flocke and John Hickman of Flocke and Avoyer. *** Frank Scott , the best South Bay politician to never be elected to the Board of Supervisors (he never ran), is leaving Chula Vista with wife, Coleen , for retirement in Prescott, Az. Scott, 63, was born in the South Bay and met Coleen in high school. Chula Vista has grown since then — its 154,000 population today is about a quarter of Alaska's — and is not the small town Scott remembers. Prescott has 32,000 people, and Scott's been reading its newspaper online for months now preparing for the Sept. 6 move. He got his first taste of politics when the City Council wouldn't help with traffic congestion outside driveways of his employer, Golden Arrow Dairy . Running at large in 1968 for one of two seats on the council, he and Tom Hamilton, who went on to be a county supervisor, won, displacing the incumbent, the city's first councilwoman. It was the last time an incumbent in Chula Vista lost. Scott, who earned his living as a stockbroker, eventually served 18 years, including a stint as mayor. Now he's looking forward to the views of pine trees from a 2,050-square-foot home. "They don’t cut of the tops of mountains to fill the canyons there," he says. *** Sunstone Hotel Investors Inc. , a real estate investment trust, has purchased the Holiday Inn Mission Valley Stadium for $9.1 million. Sunstone bought the leasehold interest in the full-service 175-room interior-corridor hotel for about $52,000 per room, which the company estimates to be about 80 percent of replacement cost. The seller was Shivani, L.L.C . Reported occupancy and average daily room rate for the hotel for the 12 months ended May 31 were 76.5 percent and $60.48 respectively. *** American Golf Corp. will manage the newly designed Riverwalk Golf Club in Mission Valley. Opening in early 1998, the daily fee course is located on the site of the former Stardust Country Club. *** Women Inc., the nation's largest organization of women entrepreneurs, has established a local chapter. San Diego Women Inc. hosts its first networking meeting, "Mistakes I’ve Made Along The Way & The Hard Lessons I’ve Learned," at Park Manor Suites, Sept. 18, 6 p.m. The cost is $15 pre-paid and $20 at the door. Headlining the session are a panel of business owners that includes Rodell Arcaria of Health Dimensions ; Jane Goei of Merchant's Exchange; Kathie Satterfield of Wild Birds Unlimited ; and Gail Moyers of Moyers Center For Learning. *** While San Diego pours money into better food courts and automobile traffic control at Lindbergh Field , Orange County government is trying to convince its citizens to build an international airport at El Toro , the military base the Marines are vacating for our Miramar. The battle up north apparently is not going well. The board of supervisors, writes OC Metro columnist Hugh Hewitt, has brought in Nelson Communications Group for $300,000 to assist in explaining to the public why the airport is a good idea. A Web page dedicated to the subject is part of the deal. *** The Harbor Club's recent unveiling of its new Kreiss Collection models had two surprise guests of honor. Dennis and Jeannine Rampe, owners of Precision Litho , purchased one of the Kreiss models immediately after viewing the home (the models weren’t intended for sale). The Rampe's two teenagers are ready for the move from Vista — with Horton Plaza and the Gaslamp Quarter only steps away, Downtown San Diego is the ultimate playground for kids as well as adults. The Kreiss Collection is now in discussions to design a new home to replace the model. *** Family members or baby-sitters can now reach Chargers fans at a game at Qualcomm Stadium by dialing (619) 888-BOLT, which connects them to GTE Wireless Message Central . Two phone locations are manned by GTE "runners" who answer calls, deliver messages to fans' seats and provide a complimentary cellular phone so a return call can immediately be made. *** Off 5th , which is Saks Fifth Avenue's outlet store, has opened in Mission Valley in the Park Valley Center at 1750 Camino de la Reina. *** The first Bank One ATM in a Mail Boxes Etc. center has begun dispensing money at the Carlsbad MBE located in the Ralph's Shopping Center at 7040 Avenida Encinas. The store is owned by Jack and Colleen Campbell. *** Receptor Technologies is moving from Vermont to San Diego and changing its name to Acadia Pharmaceuticals . The biotech has leased a 28,000-square-foot facility in Sorrento Valley. Operations will gradually move this year from the current headquarters in Vermont. Headed by Mark Brann, president and chief scientific officer, Acadia also will continue to expand its research capabilities at its 13,000-square-foot laboratory facility in Glostrup, Denmark. *** Contrary to a suggestion published last month that Matt Spathas , a partner of Sentre Partners , was "unforgiving" toward the Irving Hughes Group for arranging the sale of 600 B Street out from beneath Sentre Partners, which itself intended to buy it, Spathas says he holds no ill will toward Craig Irving or Jason Hughes . "We’ve done a lot of transactions with them in the past and expect to do a lot in the future," says Spathas. *** Fenton-Western Properties Inc. , a division of the H.G. Fenton Cos. , has completed $85 million in acquisitions and sales to increase its total amount of commercial and industrial space from 1.2 million to 1.7 million square feet. *** Assenti's Pasta has opened its doors at a new location on India Street at hawthorn. The Little Italy restaurant is just two blocks north of the shop where the family-owned business has produced fresh pasta for the past 16 years. *** Demand for San Diego County industrial and research and development space is at its highest level in more than six years, reveals a study by John Burnham & Co. *Oncor International. The research shows 1.6 million square feet of year-to-date net absorption and more than 2.8 million square feet of new construction. But, Burnham cautions, a severe shortage of land could soon put the brakes on this economic expansion. "With few space options remaining in the 20,000-square-foot-plus range, build-to-suits have become the only option for larger users," says Jerry Sarazon , a v.p. in Burnham's industrial division. "Unfortunately, the more popular, central county areas are running out of land for development." *** And then there was none. Nine lots totaling 21.23 acres in the Eastgate Technology Park have been sold for $15.49 million. The buyer was The Irvine Co. while the seller was the city of San Diego. The property, the final lots available, will be used for research and development and corporate office projects. Rick Sparks and Neil Fox of CB Commercial represented the city, while Chris Loughridge of Voit Commercial represented the Irvine Co. *** Investors with a long-term view should take advantage of the "unusual opportunity" to accumulate currently depressed biotechnology stocks, a leading industry figure told investors Aug. 9 at the inaugural San Diego Biotechnology Forum . "I think biotech is the most interesting technology around," Jim McCamant , editor of the Medical Technology Stocks Letter , told attendees. "It’s where electronics was 30 years ago and like electronics has, biotechnology is going to have a much larger impact on your lives than you can imagine over the next 20 years. In the process, it’s going to make investors who realize that a lot of money... Most people don’t know it, but Bill Gates is a very active investor in biotech. He owns 15 percent of ICOS Corp. stock. Gates agrees with me that the next great technology revolution is in biotech." McCamant's remarks capped the morning-long Forum geared for individual investors. It was produced by Sacramento-based Informed Investors Inc. and cosponsored by Investor's Business Daily . "You don’t have to buy stocks at the bottom to get rich in this sector," McCamant says. "That's why I like talking to individual investors about biotech — because you can afford to take a long-term approach with your own money. It is still a tough time for biotech but it is a time for opportunity for those of us who believe we know what we’re doing and have faith in the industry." *** If you must engage in a civil lawsuit and time is crucial, San Diego Superior Court is the place to do your litigating. A new state study shows that San Diego was the fastest county in California, completing 72 percent of its civil cases within 12 months, compared to 58 percent for Riverside, the next fastest county in the 1995-96 fiscal year. Executive Officer Kenneth Martone is proud of the accomplishment. "Our judges pioneered civil delay reduction statewide with our local rules in 1987, and their aggressive case management set the foundation for our continued success," Martone says. "The crush of three-strikes cases here did not result in the delays other counties experienced." In other lawsuit stats, records indicate that personal injury lawsuits from car accidents represented 18.18 percent of civil cases filed in San Diego during the first six months of 1997, up slightly from the pace in the first half of 1996. *** One of Downtown’s early high-rise landmarks, the 18-story 110 Tower Building (formerly known as the Bank of California Plaza ) at 110 West Ash St., has sold for $28 million to Denver-based Amstar Group Ltd. Tom Olson and Alan Scott of MH/CW Property Services advised Amstar during the transaction and now will provide management and leasing services for the 318,238-square-foot structure that was built in 1971. With the building only 49 percent occupied, more than 150,000 square feet of space available represent one of the largest vacant blocks of office space in the county. *** Mike Stepner's last day on the city payroll is Oct. 3. To find out verbatim what the 26-year planning veteran had to say in his resignation letter, go on the Net, dial up http://www.sandiegometro.com/1997/aug/sdscene.html, and then scroll down to Aug. 4. Or you can hit the "Back Issues" button at www.sandiegometro.com, click on August and then click on San Diego Scene. *** Filmmaker Karl Kozak has his fingers crossed that his movie, "To Hell With Love," has made the cut for the Sundance Film Festival , where only 37 entries out of nearly 500 submissions are selected. Kozak, who wrote and directed the romantic comedy, which was completed July 2 after a 34-day shoot in San Diego, says Sundance jury members have been encouraging following a screening. *** To handle increased business, Credit Counselors of California now has offices at seven locations: Encinitas, Escondido, Vista, Chula Vista, College Heights, El Cajon and most recently, Fallbrook. Why the action? Bankruptcy filings are at an all-time high, up 6.2 percent from the first quarter of 1997 and up 31 percent from the second quarter 1996. *** A 10-year, $2 million lease contract was signed by Allen Edwards Collections salons and Fashion Valley for a site that will employ 40 professional stylists, estheticians and supporting personnel. The new location will become the flagship salon, says Richard Ouellette , president of the company, which employs 115 in full-service shops throughout Southern California. *** The reincarnation of the old Carnation Dairy Factory is open for public viewing until Oct. 5, as the site of the 1997 Designer Showcase presented by the San Diego Chapter of the American Society of Interior Designers and St. Vincent de Paul Village. The $3.5 million renovation of the 1927 structure, which is now called the ReinCarnation Project , has preserved the building's industrialist style and retained as many original elements as possible. The completed structure will house 22 live-work lofts, semipublic activity areas, an outdoor performance park and amphitheater, a cafe, art gallery and exhibition hall. *** Many readers of San Diego Metropolitan Magazine contributed to the 10th annual "Best Of...." Their names were included in a drawing for prizes that range from passes to the Wild Animal Park , tickets to "Smoky Joe's," and vouchers for food at San Diego restaurants. *** Boosting its sponsorship by 50 percent, Audi of America Inc. is giving San Diego Opera $150,000. Last year, the opera became the first American arts organization to establish a season-long partnership with Audi. *** San Diego Realty Fund 4 , an affiliate of Sentre Partners , has purchased three Kearny Mesa industrial buildings for $6.8 million, renaming the project Telecom Business Center . The 7.2 acre site at 5741-5761 Copley Drive has 98,205 rentable square feet and was 34 percent leased at time of sale. The site is adjacent to Telecom Center , a master-planned R&D project expected to offer 500,000 square feet of leasable space. Telecom Center is being purchased by another Sentre affiliate from Copley Newspapers . Partners in San Diego Realty Fund are J. Cole Francis, Stephen Williams, John McColl, Michael Peckham and Matthew Spathas. *** The official start date for trolley service along the $220 million, 6.1 mile Mission Valley West line is Nov. 23. *** A collection of 35 independent pizza restaurants have teamed with a few food manufacturers to create a pizza delivery service through a national hotline called the IPO Klub. The hotline — (800) 476-5582 — is being test marketed in San Diego. *** Chef Karl's Gumbo Pot , offering a fresh, reasonably priced and eclectic menu — for example, Leber Kas, $3.33, low-fat German meat loaf — has opened for lunch at 428 C St. Downtown. *** Symitar Systems Inc. has signed a seven-year, $4.757 million lease for 39,056 square feet in Mission Valley's Crossroads Office Building . The company is moving from Kearny Mesa. William Wilson & Associates is the property manager for Crossroads. Dick Balestri of CB Commercial and Joel Mayne of William Wilson & Associates handle the building's leasing. David Crabb of Trammell Crow Co. represented Symitar in this lease. *** The San Diego Technology Incubator has three new resident companies. New to the project jointly run by the San Diego Community College District and the City of San Diego , are Enel Co. , which provides the military with video data for battle damage assessment, MRT Micro Inc. , which develops and markets digital imaging and medical instrumentation products; and DPC Technology Corp. , which supplies object-oriented graphical charting software components. *** Family-run Coles Carpets is celebrating its 50th anniversary. In the early days, the company run by George Coles housed about $300,000 in inventory. Today it’s more like $4 million. *** Since its 1985 opening in Horton Plaza , the Cutler's Cupboard has continued to grow, first opening a store in Grossmont Center and next month No. 3 in North County Fair . As part of the hoopla, a Swiss Army Mountain Bike — yeah, it folds to fit into a small car's trunk — is being given away. Store No. 4 opens next year in Fashion Valley . *** The Sporting Club at Aventine , normally associated with sweaty, buff and beautiful young movers and shakers, has started a SeniorStrength program coordinated by Fitness Director Lisa Druxman . Classes are offered at no charge during a Sept. 11 open house. *** The Downtown San Diego Partnership is accepting nominations for its 35th annual Recognition & Awards Dinner . Ballots are available by calling 234-0201. The dinner is Nov. 20 at the Terrace on the Prado Restaurant in Balboa Park. *** Our talented real estate writer, Dirk Sutro , has just signed with IDG Books , publisher of the highly successful "Dummies" series, to write "Jazz For Dummies." The book is slated for summer '98 release, in conjunction with "Blues For Dummies." For his tome, Sutro will interview several notable jazz musicians, including San Diegans James Moody, Barney Kessel, Holly Hofmann, Mundell Lowe , and Charles McPherson. "I’ve had to put my aspirations to become the white John Lee Hooker on hold," says Sutro, who plays guitar in his spare time and is looking to migrate up the motorcycle food chain from his BMW to a Harley. *** Financing cosmetic surgery is keeping Linda Thompson's MediPaid in Mission Valley busy. Since opening in March 1996, MediPaid has helped more than 300 San Diegans lift, tuck, enlarge and decrease various parts of their bodies. So far this year, it has arranged more than $2.5 million in loans. Interest rates vary from 8 to 24 percent. Most clients seek $3,000-$5,000; about 100 local doctors are doing business with MediPaid, which also gets an 8 percent fee from the doctors. *** |
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When it comes to San Diego’s most popular cigars, the butt often stops in the Gaslamp Quarter at San Diego’s original Cuban Cigar Factory — voted No.1 in San Diego Metropolitan Magazine 's "Best of Downtown" readers' poll last month. Since early 1995, the company has been producing handcrafted cigars, blended from the finest tobaccos imported from Mexico, Honduras, Ecuador, Brazil and the Dominican Republic by maestros, accomplished artisans with as many as 20 years' experience. — Jennifer Griffith |
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