Daily Business Report — Dec. 2, 2009
San Diego Economy on Rise
But ’09 To Be Worst Year in Job Losses
The University of San Diego’s Index of Leading Economic Indicators for San Diego County rose 0.2 percent in October. Leading the way to the upside once again was a sharp gain in consumer confidence. There were also smaller increases in building permits and the outlook for the national economy. Big negative moves in initial claims for unemployment insurance and local stock prices and a smaller decrease in help wanted advertising nearly offset the positive moves, but were not enough to keep the USD Index from advancing for the seventh straight month, reported Alan Gin, associate professor of economics, the author of the Index.
With October’s gain, the outlook for the local economy remains unchanged with a bottom expected in the first half of 2010. That is in terms of employment, which typically lags behind other economic activity. The labor market will remain weak for the next few months, which will make 2009 the worst year ever in terms of job loss for San Diego County. Employment will fall by nearly 50,000 this year, which will push the number of jobs in the local economy back to the level that existed in 2004. After hitting the bottom, job growth will be slow, with employment expected to increase by only a couple of thousand jobs for 2010 as a whole.
October’s increase puts the USD Index of Leading Economic Indicators for San Diego County at 103.7, up from September’s reading of 103.4.
Residential Real Estate Conference Set for Dec. 8
The University of San Diego’s Burnham-Moores Center for Real Estate will host its 10th annual Residential Real Estate Conference: Outlook 2010 on Dec. 8 from 7:30 to 10:45 a.m. in the USD University Center. Jay Brinkmann, chief economist and senior vice president of research and economics at the Mortgage Bankers Association of America, is keynote speaker. Other presenters will include Alan Gin, associate professor of economics at USD; and Ryan Ratcliff, assistant professor of economics at USD. Speakers will discuss the state of the industry and give their forecasts for the 2010 residential real estate market from a local, state and national perspective. To register, visit usdrealestate.com. For additional information, call Diane Gustafson at (619) 260-2379.
Bank of America Sells Oceanside Condos for $26 Million
Bank of America has sold 244 condominium units in Oceanside as part of a 280-unit condo conversion for $26 million. The buyer was Oceanway Coast LLC. Jon Busse of Colliers International represented the buyer. The seller was represented by Ken Arimitsu of Coreland. Bank of America originally financed the property as a 280-unit condominium conversion project in 2005 and in 2007 foreclosed on the remaining 239 unsold units. Since then, Bank of America acquired five additional units and has operated as a rental property.
Luxury Home Auction to be Held for Chula Vista Property
Concierge Auctions will host a lender-owned luxury home auction on Dec. 17 of a home at 2856 Gate Nine Place in Chula Vista. The property is listed by Bobby Martins of RE/MAX Associates in cooperation with Coast Sotheby’s International Realty. Previously offered for $1.785 million, the 5,400-square-foot Spanish style hacienda home, located at the Gates at Eastlake Woods, features six bedrooms, five and a half baths, high ceilings, three fireplaces, spacious entertaining rooms and natural travertine stone floors throughout.
The second level includes a game and media room, completely separate from the living areas. A courtyard, attached three-car garage, landscaping and designer flagstone pool and spa are added features. “By allowing the market to identify value through transparent bidding, the Concierge Auctions program will accomplish the client’s goal of selling before the end of the year,” said Bob Chapman, owner/broker of Coast Sotheby’s International Realty.
The auction will be held at 2 p.m. at the property. No minimum bid is required to participate. The high bid will be subject to final confirmation. A $10,000 deposit via wired or certified funds is necessary to bid. The property is available for preview daily from noon to 3 p.m., and by appointment. For more information, call Concierge Auctions at (877) 214-3785 or visit ChulaVistaCAAuction.com.
Transportation Security Administration Leases in Liberty Station
The Transportation Security Administration has signed a 10-year lease for 16,579 square feet of office space at Building 902 in the Liberty Station Office District. The lease consideration was not disclosed. Liberty Station was developed by McMillin Commercial on the former Naval Training Center site in Point Loma. The Office District consists of seven Class A buildings totaling 366,933 square feet. Building 902 is a three-story, 104,397-square-foot, LEED Gold office building that is 93 percent leased. Defense contractor BAE Systems occupies 80,000 square feet, leaving 8,754 square feet available for lease. All other Liberty Station Office District buildings are 98 percent leased with direct and sublease opportunities available. Jill Morton and Scott Kincaid of CB Richard Ellis represented McMillin Commercial and are the office leasing team for Liberty Station. Don Mitchell of Cresa Partners acted as a project consultant on behalf of McMillin Commercial. Ron Miller of Cresa Partners represented the Transportation Security Administration.
Military Advisory Council Presents Achievement Awards
The San Diego Military Advisory Council will present its 2009 achievement awards on Dec. 8 to the Navy-Marine Corps Relief Society Miramar, the San Diego Armed Services YMCA, the San Diego Council of the Navy League of the United States, United Through Reading and SDSU President Stephen Weber. The awards will be presented at an event from 7:30 to 9:30 a.m. at the Admiral Kidd Catering & Conference Center at the Naval Mine and Anti-Submarine Warfare Command in Point Loma. Adm. Thad Allen, commandant of the U.S. Coast Guard, will be the keynote speaker. Vice Adm. Thomas Kilcline Jr., commander of Naval Air Forces, and Mayor Jerry Sanders, will be present as honored guersts. The Marine Corps will be collecting new, unwrapped toys for the Toys for Tots program at the event.
Science Festival Seeks Mascot Drawings: $1,000 to the Winner
The 2010 San Diego Science Festival is sponsoring an online competition to create a mascot for the festival. Participants must submit a drawing of their mascot concept to the SDSF Website (sdsciencefestival.com/mascot.html) by Dec. 31. All ages can participate. Submittals will be voted on and the person chosen as the winner will receive $1,000 in prize money. Second- and third-place winners will receive $300 and $150, respectively.
The SDSF is looking for a creative mascot that will be featured on the Website, in some print materials, and eventually “come to life” at festival events similar to mascots for a sports team, cartoon show, or fast food restaurant. “The mascot needs a great personality that should embody everything about science, such as creativity, discovery, passion, adventure, exploration, excitement, wonder, and imagination,” said the SDSF.
Criteria for the winning design:
• Creativity: No idea is a bad idea, but it needs to be your idea.
• Simplicity of Design: This should be a character that the SDSF creative team can easily recreate many times for many different applications, including a life-sized costume.
• On Target: Make sure the character represents “science.”
For more information on the science festival, visit sdsciencefestival.com.
SDSU Holds Big Writers Conference
SDSU’s College of Extended Studies will host the 26th annual SDSU Writers Conference Jan. 29-31 at the Doubletree Hotel in Mission Valley. It is one of the largest conferences of its type on the West Coast. Several aspiring writers have had their books published as a result of attending the conference. Such as Mary Castillo, who will have her sixth book published in the spring; and Marjorie Hart, who wrote her first book two years ago at age 82 and is working toward having another published next year. Castillo attributes much of her good fortune to the annual conference and the confidence it gave her as she pursued a writing career. “The knowledge and insight from the SDSU Writers’ Conference workshops, and chance encounters with publishing professionals prepared me for the transition from hopeful writer to published author,” she said.
The conference annually includes one-on-one consultations and hands-on editing assistance. Participants will learn ways to sharpen their writing skills and make connections with editors and agents of fiction, nonfiction and screenwriting while learning how to publish in the traditional manner or on the Internet.
Fee for the conference is $365 through Jan. 5. After Jan. 5, the cost is $399. For more information, call (619) 594-2517 or visit the conference’s Website at neverstoplearning.net/writers/.
ON THE MOVE . . .
Manager Selected for The Wine Pub: Sean Murphy, a veteran of the hospitality industry, has been chosen to manage The Wine Pub, a new Point Loma business that serves boutique wines, handcrafted beers and seasonal food. Wine Pub owner Sandy Hanshaw said Murphy has extensive experience in restaurant, catering and convention services in top markets from Las Vegas to New York City. The Wine Pub, located at 2907 Shelter Island Drive, is open 4 to 10 p.m. Sunday through Thursday and 4 to midnight on Friday and Saturday. The phone is (619) 758-9325. The tasting menu includes up to 25 domestic and new world wines by the glass and much more by the bottle. It also serves a handful of artisan beers from around the region and small plates of food. The limited food menu has prices from $4 to $16 and features a signature cheese and chocolate fondue, along with sausage and mashed potatoes, Kobe beef sliders, panini sandwiches and a selection of seasonal soups and salads.
Real Estate Veteran Joins CB Richard Ellis: Commercial real estate veteran Eric Knowles has joined CB Richard Ellis’ San Diego central office. Knowles, in the industry for more than 25 years, has been specializing in the placement of religious institutions into ppropriate spaces for the past 10 years. Since 1999, he has counseled, advised and represented hundreds of religious institutions nationally ranging from small start ups to large mega-churches. Knowles joins CB Richard Ellis as a senior vice president and head of the CBRE North America Religious Facilities Practice Group.
SUSHI Center Adds Directors: Steven B. Johnson, vice president of public affairs for the San Diego Convention Center, and Beth Miller, owner of Miller Design, have joined the board of directors of SUSHI, A Center for the Urban Arts. Johnson has more than 17 years of experience in marketing and public and government affairs. Miller has more than 22 years of experience in commercial interiors.
Pathway Genomics Names Chief Growth Officer: Pathway Genomics, a privately held, venture-backed company, announced the appointment of Sidney Stolz as chief growth officer. In this position, Stolz will focus on expansion of Pathway’s direct-to-consumer genetic testing services. He has more than 25 years of experience in the field. Stolz previously was executive vice president of Healthcare Solutions Inc. and before that held a number of executive positions with Towers Perrin and UnitedHealth Group.
Balboa Park Stores Offer Discounts
Eight of Balboa Park’s specialty stores will offer one-day-only discounts of up to 30 percent on Dec. 12 for holiday shoppers. Shoppers don’t have to be members of the stores’ institutions to take advantage of the sales.
The eight participating stores are:
• San Diego Automotive Museum — 15 percent discount on most merchandise.
• Balboa Park Visitors Center — 20 percent discount on all merchandise, excluding ticket sales, food, beverages, and sale items. Shoppers receive a free gift for purchases of $20 or more.
• San Diego Museum of Man — 25 percent discount on most merchandise.
Museum of Photographic Arts — 25 percent discount on most merchandise, plus a copy of the book “Weather” by photographer Jay Tyrell with any purchase of $50 or more.
• San Diego Natural History Museum — 15 percent discount on most merchandise.
• Reuben H. Fleet Science Center — 25 percent discount on most merchandise.
• Museum of San Diego History — 30 percent off most merchandise.
• United Nations International Gift Shop — 25 percent discount on most merchandise.
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