Daily Business Report — Sept. 14, 2010
Hoover and Obama
When President Herbert Hoover persuaded Congress to raise federal taxes after the stock market crash of Oct. 29, 1929, he transformed an economic downturn into a Great Depression, says Roger Hedgecock. “(President) Obama is condemned to Hoover’s fate by repeating Hoover’s mistake.” Read the full column by the radio talk show host in September’s San Diego Metropolitan Magazine.
Downtown Partnership Seeks Mayor’s Veto
The Downtown San Diego Partnership is asking Mayor Jerry Sanders to veto proposed amendments to the Planned District Ordinance (PDO) for Downtown hotel projects if they are approved by the City Council today, saying they would jeopardize thousands of construction jobs and hospitality positions.
“Currently there are 12 hotel projects in the pipeline that would generate more than $215 million in tax revenues over a 10-year period and create more than 10,000 construction jobs and 1,500 permanent hospitality positions,” said Scott Maloni, chairman of the Downtown Partnership in a letter to the mayor. “The proposed amendments threaten to derail these projects, jeopardizing thousands of desperately needed jobs for San Diegans and significant revenue for the city.”
According to Maloni, the proposed amendments will subject hotel projects to appeals by the City Council “on any basis, even if they are fully consistent with the existing community plan and PDO, thus opening up to process to ambiguity and politicizing the land use process.”
“In this current economy,” added Maloni, “securing financing for a project is very difficult. If you add additional uncertainty, it would be nearly impossible to secure financing for a Downtown project.”
Camp Pendleton to Get New Hospital
A joint venture between McCarthy Building Cos. Inc. and Clark Construction Group LLC has won a multimillion-dollar contract from the Naval Facilities Engineering Command Southwest to design and build a new hospital at Camp Pendleton. The contract has a potential total value of $451 million. The hospital is to be built on a 70-acre site at the Marine Corps base and will total 500,000 square feet. A parking structure containing 1,500 spaces also will be built. Completion is scheduled by 2014. The contract was awarded from the American Recovery and Reinvestment Act of 2009.
Navy Supply Ship Launched by NASSCO
NASSCO launched the Navy’s newest supply ship, the USNS Washington Chambers, during a christening ceremony last Saturday at the San Diego waterfront. The ship is named in honor of Capt. Washington Chambers (1856-1934), the innovative Navy officer who oversaw the growth of the Navy’s fledgling aviation program. His visionary developments enabled the launching of airplanes from Navy ships only a few short years after man’s first flight at Kitty Hawk, an advancement that made Chambers a pivotal figure in naval aviation’s difficult but ultimately successful evolution from a force of relatively simple planes to today’s sophisticated aircraft.
More than 1,000 attendees cheered as the ship’s sponsor, Loretta Penn, christened the ship by breaking the traditional bottle of champagne against the bow before the 689-foot-long vessel slid into the waters of San Diego Bay. Penn donated a collection of 62 books for the ship’s library, enhanced by the addition of Chambers’s biography “From Torpedoes to Aviation: Washington Irving Chambers and Technological Innovation in the New Navy: 1876 to 1913,” signed by the author and presented to Penn and the ship’s crew during the launch festivities.
Vista Warehouse and Office Building on the Market
The corporate headquarters of DEI Holdings Inc., a 202,045-square-foot warehouse and office building in Vista, has been placed on the market at a listing price of $25 million or $124 per square foot. The property is offered at an 8.7 percent cap rate. “DEI Holdings Inc. has been in business for more than 30 years and employs more than 200 people at this location,” said John Erthein, a vice president with Marcus & Millichap Real Estate Investment services. “There are six years remaining on the original term of the lease, which is triple-net and contains annual increases of 3 percent.” Located at 1 Viper Way, the property includes a 31 percent office build out, 11 loading docks, six grade-level doors, 26-foot to 28-foot clear heights and is situated on an 11.66-acre parcel. The building is divisible into three separate units.
Serenata Town Homes Sold for $10.2 Million
Serenata Town Homes, a 45-unit development at 6410 College Grove Drive in San Diego, has been sold for $10,150,000 to SD Landmark 1 LLC. The community, developed by Intracorp and completed in 2009, was originally built for individual home sales but will now be offered for lease by the new owner. In the transaction, the seller, College Grove LLC, was represented by Alejandro Lombrozo, John Chu and Ed Rosen of Cushman & Wakefield. The buyer represented itself.
Regional Aviation Plan Meetings Scheduled
The San Diego County Regional Airport Authority will hold a series of open houses this month to give the public information on the Regional Aviation Strategic Plan. The first is today from 5:30 to 7:30 p.m. at the San Diego County Regional Airport Authority Commuter Terminal board room, 3225 North Harbor Drive, San Diego.
• Thursday, Sept. 16, 5:30-7:30 p.m., McClellan-Palomar Airport, Airport Administration Office, 2192 Palomar Airport Road, Carlsbad 92011.
• Wednesday, Sept. 22, 5:30-7:30 p.m., Gillespie Field Airport Administration Office, 1960 Joe Crosson Drive, El Cajon 92020.
• Thursday, Sept. 30, 5:30-7:30 p.m., South County Economic Development Council Career Center, 1111 Bay Boulevard, Suite E, Chula Vista 91911.
Satori Hires Marketing/Communications Director
Angie Robert has been hired as director of marketing and communications for Satori World Medical in San Diego. Robert previously held a senior position in marketing and brand development at Life Settlement Solutions. She has also held marketing and public relations positions at HM Electronics and Nuffer, Smith, Tucker Public Relations, respectively. Robert is a faculty member at University of Phoenix, teaching business, marketing and communications classes to undergraduate and graduate students. She is the vice president of professional development for the San Diego chapter of International Association of Business Communicators, the public relations chair for the Arthritis Foundation San Diego Area Chapter and a board member for the Combined Health Agencies of San Diego County. Robert holds a bachelor’s degree in communications from San Diego State University, and a master’s of business administration in marketing from University of Phoenix.
SCORE San Diego’s Upcoming Small Business Workshops
• Sept. 15 – QuickBooks Basic – 9 a.m. to 4 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door)
• Sept. 16 – Good Governance for Non-Profits – 9 to 11:30 a.m. at San Diego Foundation – Liberty Station (2508 Historic Decatur Rd #200, San Diego 92106; pre-paid registration $39, $49 at the door)
• Sept. 17 – Women’s Networking Breakfast & Exhibits – 8 to 11 a.m. at Morgan Run Resort & Club (5690 Cancha De Golf, Rancho Santa Fe 92091; pre-paid registration $35 by 9/14, $45 thereafter; exhibitor rate: $85 by 9/14, $95 thereafter)
• Sept. 20 – Managing Grants & Contracts (for Non-Profits) – 9 to 11:30 a.m. at San Diego Foundation – Liberty Station (2508 Historic Decatur Rd #200, San Diego 92106; pre-paid registration $39, $49 at the door)
• Sept. 21 – Internet Marketing 301: Pay-Per-Click – Carlsbad – 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $49, $59 at the door)
• Sept. 22 – Marketing & Contracting w/ State & Local Government – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door)
• Sept. 23 – Internet Marketing 201 (SEO) – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door)
• Sept. 24 – Hiring and Managing Employees – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door)
• Sept. 25 – Business Plan 201: How to Write a Business Plan – 9 a.m. to 3:30 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $99, $109 at the door)
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