Daily Business Report — Jan. 6, 2012
Conventions Expected to Generate $1.6 Billion in Economic Impact
Conventions in San Diego this year are expected to generate $1.6 billion in regional economic impact and $22.6 million in tax revenues, the San Diego Convention Center Corp. reports. The forecasts represent increases above 2010 and 2011. An estimated 558,350 attendees are expected to attend 65 conventions and contribute $654.3 million in direct spending. One of the largest gatherings is the Professional Convention Management Association’s 2012 Convening Leaders Jan. 8-11, a meeting of association, corporate and independent meeting planners. Association organizers said as many as 4,000 people may attend. Based upon PCMA’s initial attendance estimates, San Diego can expect an immediate $11.8 million in economic impact, $167,400 in tax revenue and 10,600 hotel room nights. The Convention Center Corp. said 18 medical conventions will be held this year, worth $426.4 million in regional economic impact.
MG Properties Group Acquires San Marcos Apartments
Barham Villas Apartments, a 168-unit multi-family development in San Marcos, has been acquired by San Diego-based MG Properties Group, a private real estate investor and operator. The property was sold by TGM Associates LP, based in New York. CB Richard Ellis represented the seller. The acquisition was financed with a $21.36 million fixed-rate loan from Freddie Mac arranged by Andrew Behrens at CB Richard Ellis Capital Markets. The property has a mix of one-, two-, and three-bedroom apartments, each Each with a one-car garage. MGPG plans to complete additional interior upgrades, renovate the common areas to contemporary standards and remedy deferred maintenance issues to improve resident quality of life.
Platinum Equity Donates $300,000 to SDSU
San Diego State’s School of Journalism & Media Studies has received a $300,000 gift from Platinum Equity, the former owner of the San Diego Union-Tribune. The money will be used to create the Platinum Project in Digital News Literacy and support instruction in digital and social media for SDSU undergraduates and professionals. The funding will allow the school to offer graduate fellowships to graduate students. The Platinum funds will help support the university’s Digital and Social Media Collaborative, a project of the School of Journalism & Media Studies, the SDSU College of Extended Studies and the SDSU College of Professional Studies and Fine Arts.
San Diego State was one of five organizations to receive funding from Platinum Equity. KPBS, a public broadcasting service of SDSU, received $25,000 to help fund a back-up power source for the radio and television stations. The other organizations to receive funding are the AVID Center ($500,000), Junior Achievement ($100,000), and the Classroom of the Future Foundation ($75,000).
Downtown Embarcadero Project Begins
After 15 years of planning, work has begun on the North Embarcadero Visionary Plan. Groundbreaking was held this week for the first phase of the project, which will beautify the Downtown waterfront and create new public open spaces. Officials from the Port District, the city and Centre City Development Corp. took part in the groundbreaking. “The revitalized North Embarcadero will connect Downtown San Diego to the waterfront, creating acres of new park space that San Diegans, visitors and future generations can use to enjoy our beautiful bay,” said Kevin Faulconer, chairman of the North Embarcadero Visionary Plan Joint Powers Authority. A 105-foot wide esplanade is planned at the waterfront, which will have formal gardens, plazas, shade pavilions and a promenade. USS Cal Builders was awarded the construction contract for the $28.6 million project last November. It is expected to be completed in summer 2013. The design team for the project includes Project Design Consultants, Civitas, Spurlock Poirier Landscape Architects, Joseph Wong Design Associates and Leni Schwendinger Light Projects LTD.
Planned Parenthood Program Manager Honored
Chrissy Cmorik, education outreach program manager at Planned Parenthood of the Pacific Southwest, has received received the Molina Health Care Community Champion Award. She was honored for her volunteer work at the Center for Community Solutions, where she serves as a rape victim advocate. At Planned Parenthood, Cmorik is one of the leaders of the Teen Success Program, which provides education and support for teenage mothers. The program offers information about reproductive and sexual health and practical life skills training such as resume writng and career development. “Chrissy is able to connect with the young women in the program in a way is that is authentic and yet highly effective,” said Nora Vargas, vice president of community engagement at Planned Parenthood. “We are so proud of Chrissy’s work both for Planned Parenthood and the Center for Community Solutions.”
Evans Elected Scripps Memorial Hospital Chief of Staff
Physicians at Scripps Memorial Hospital La Jolla have elected Shawn Evans, M.D., as the new chief of staff of the hospital. During his two-year term, Evans will serve as liaison to the administrative staff and the board of directors. He has been a member of the medical staffs at Scripps Memorial Hospital La Jolla and Scripps Mercy since 1997. Evans received his medical degree from UC Irvine after earning a bachelor’s degree from San Diego State. He completed his residency at UCSD.
Upcoming SCORE San Diego Workshops:
• Jan. 7 – Introduction to Starting Your Own Business – 9 a.m. to 4 p.m. at National University – Kearney Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
• Jan. 7 – Internet Marketing 101 – Use the Internet to Successfully Market Your Business – 9 a.m. to 3 p.m. at National University – Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Jan. 9 – Restaurant 101 – 9 a.m. to 1 p.m. at National University – Kearney Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door).
• Jan. 10 – Tax Considerations for Small Business – 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego, 92101; pre-paid registration $29, $39 at the door).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.