Daily Business Report — Sept. 20, 2010
Jobless Rate in August — 10.6 Percent
The unemployment rate in the San Diego County was 10.6 percent in August, down from a revised 10.9 percent in July and above the year-ago estimate of 10.3 percent, the state Employment Department reported. California’s unemployment rate for the same period was 12.4 percent. The nation’s jobless rate was 9.5 percent.
Between July 2010 and August 2010:
Total nonfarm employment declined by 2,200 and settled at 1,208,400 jobs. Agricultural employment remained unchanged.
• Government reported the greatest month-over decline, down 1,800 jobs. Federal government (down 1,000) accounted for more than half of the job loss in this sector. Local government contracted by 600, while state government receded by 200 jobs.
• Four other industries posted job declines over the month, including trade, transportation, and utilities (down 500), leisure and hospitality and manufacturing (down 300 jobs each), and other services (down 200).
• Two industries recorded month-over job growth. Educational and health services gained 800, while construction added 100 jobs. Professional and business services, financial activities, information, and mining and logging reported no change in employment levels over the month.
Between August 2009 and August 2010:
total nonfarm employment declined by 9,700 jobs, or 0.8 percent. Agricultural employment decreased 200 jobs, or 2.1 percent.
• Manufacturing posted the greatest year-over decline, down 2,900 jobs. Durable goods contributed to 100 percent of the job loss in this industry.
• Nine other sectors recorded year-over job losses, but the most notable came from leisure and hospitality (down 2,700), government (down 2,300), and financial activities (down 2,200).
• Two industries reported job growth over the year, including professional and business services (up 2,700) and educational and health services (up 2,500).
Trieste Apartment Villas Sold for $68.2 Million
Raintree Partners, a Laguna Niguel-based real estate investment and development company, has purchased Trieste Apartment Villas, a 302-unit multifamily community in La Jolla for $68.2 million. The property was financed with a 10-year fixed rate loan from Fannie Mae, according to Aaron Hancock, Raintree’s director of acquisitions. Hancock said the $44.5 million loan carried an interest rate of 4.18 percent, with 2.5 years of interest only payments and then a 30-year amortization. The loan was arranged by Greg Reed and Kristen Croxton of Deutsche Bank Berkshire Mortgage. Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis represented the seller, Trieste Apartments LLC. Raintree Partners represented itself. Raintree has planned several upgrades in addition to the unit interiors to improve the multifamily property. Upgrades include renovation of the existing clubhouse and relocation of the leasing office. Improvements will be made to the property’s fitness center, along with improved landscaping and signage for the property. The Trieste Apartments, located at 3950 Mahaila Ave., include one‐ and two‐bedroom units configured as flats, lofts, and a single unit with a townhouse plan. The property consists of 11 buildings on 6.9 acres and is currently more than 95 percent occupied. The property is gated and includes two swimming pools, washer and dryers in the unit interiors, clubhouse, fitness room and business center.
Jolyn Parker Honored as CHAD Volunteer of the Year
Jolyn Parker, volunteer member of the board of San Diego Hospice and The Institute for Palliative Medicine, has been named “Volunteer of the Year” by the Combined Health Agencies (CHAD) for her contributions to the organization. Parker, a resident of Rancho Santa Fe, is a retail consultant to several start-up businesses. She began working as a volunteer for the hospice in 2005. Parker works in many fundraising events including the annual golf tournament and Melisa’s Memorial 5K Walk and Fun Run. She is a member of the Friends of Hospice donor group. “Our people are our strongest asset, led by volunteers like Jolyn Parker,” said Kathleen Pacurar, CEO of San Diego Hospice. “Her commitment to the community where she lives and works, and her passion in relieving suffering and promoting quality of life led her to us. Her tireless efforts help us to raise awareness and charitable funds in support of our important work.”
Wetlands Restoration Work to Begin in South Bay
Groundbreaking for a project that will restore 280 acres of wetlands in south San Diego Bay has been scheduled for Sept. 23 at 10:30 a.m. at the Chula Vista Wildlife Reserve, located behind the South Bay Power Plant. Taking part in the ceremonies will be representatives from the Board of Port Commissioners, the Environmental Protection Agency, National Oceanic and Atmospheric Administration, the California Conservancy and the U.S. Fish & Wildlife Service. The agencies provided $7 million in grants for the project. Some 67,000 cubic yards of material will be removed from the wildlife preserve and transported to one of three salt ponds that are part of the project. Excavating the material will lower the existing elevations and add tidal channels that will create salt marsh habitat to support shorebirds. The addition of tidal channels also will create new habitat for fish. Lowering the salt marsh elevation will ensure that native plants such as pickleweed, cordgrass and salt grasses will survive and not have to compete with invasive plants such as iceplant. About 140,000 cubic yards of dredged material will be redistributed within Ponds 10 and 11 to create tidal channels and salt marsh habitat. Dredging will be done by Marathon Construction Corp. The Lakeside company was awarded a $1.3 million contract from the Board of Port Commissioners. Another part of the project involves removal of invasive plants in both the Chula Vista Wildlife Reserve and Emory Cove, located off of Highway 75 near Silver Strand State Beach, between Coronado and Imperial Beach. The Port of San Diego received a $1 million West Coast Estuaries Initiative Grant from the Environmental Protection Agency to help fund the project. The Port provided $1.3 million from its environmental fund.
UCSD to Celebrate 50th Anniversary
Actor Dileep Rao, who appeared in “Avatar” and “Inception” and is an alumnus of UCSD, will help kick off the university’s 50th anniversary celebration on Tuesday at the Welcome Week Convocation and Dinner, where he will serve as the keynote speaker. The event marks the formal entrance of new students into the university community. Rao is a 1995 graduate of UCSD. The university will celebrate the anniversary with several events scheduled through June 2011, including Founders’ Day on Nov. 18. On that date in 1960, documents were signed to officially establish UCSD.
SCORE San Diego’s Small Business Workshops
• 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).
Chef of the Month
Chef Joe Magnanelli of Cucina Urbana in Banker’s Hill started cooking when he was in high school. During a brief turn in college to study criminal justice, he worked part-time at a small Italian restaurant in Maryland where he grew up. It was tough to sit through classes when all he could think about was how he would rather be cooking.
So he left school against his parent’s wishes and focused his full attention on what would become his future career. Though Magnanelli had no formal training, a friend recommended him for a job at the St. Regis Hotel in Washington, D.C., allowing him to hone his skills for two years.
“I was lucky enough to get into a really good restaurant at a pretty young age and use that as a springboard to get me going in this career,” says Magnanelli.
He followed that with stints at Bistro Lepic in Georgetown and The Ritz-Carlton before moving to San Diego eight years ago. Magnanelli’s first job in town was as a line cook at Bertrand at Mr. A’s, where he was swiftly promoted to sous chef. From there he worked at El Bizcocho in the Rancho Bernardo Inn with award-winning chef Gavin Kaysen. When Cucina Urbana owner Tracy Borkum met Chef Joe Magnanelli four years ago, she saw his raw talent and hired him as the executive chef of her Gaslamp restaurant Chive. The property is now closed but Borkum subsequently opened Laurel in the same space where CU now stands and made Magnanelli head chef. She decided to change the restaurant concept and he remained on in the same position.
Magnanelli calls CU warm, inviting and approachable with many ways to dine.
“This new concept is becoming a trend,” he says. “We do a lot of our own cheeses, our own sausages —a lot of stuff we’re doing in-house and delivering at a really reasonable rate. There’s nothing on our menu over $20.”
The restaurant is doing so well, Magnanelli says, that guests should expect a three-week wait to get a reservation on Thursday, Friday and Saturday nights.
He is a hands-on chef and designed the ever-evolving menu, which includes a significant portion of locally sourced and organic items.
“I’m having more fun now than I’ve ever had, after being in this business for 18 years,” says Magnanelli.
— Jillian Risberg, San Diego News Room
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