Daily Business Report — Aug. 10, 2012
Three Bankers Hill Properties Acquired
for Future Mixed-Use Development
Three Bankers Hill properties, including the 125-year-old Britt Scripps Inn on Maple Street, have been sold for $5 million to Graham Downes and Blokhaus Development, who anticipate the development of a modern mixed-use project on the property.
The three parcels total 35,000 square feet and include the historic Britt Scripps Inn, 406 Maple St., built in 1887, Mandarin House restaurant, 2604 Fifth Ave., and the 13-unit Evergreen Apartments, 2642 Fifth Ave.
“Urban revitalization and mixed-use development in older neighborhoods like those surrounding Balboa Park constitute one of the hottest opportunities in the market for the creation of well-designed hospitality, housing, retail servicing, and new community gathering places,” said Danny Fitzgerald of Cassidy Turley, which represented the buyer.
“This type of development is San Diego’s future and this project’s goal is to become a centerpiece for Bankers Hill and for the celebration of the Balboa Park Centennial in 2015.” The seller was represented in the transaction by Hattersley Group LLC.
Coastal Commission Approves Chula Vista’s
Long-Sought Waterfront Development Plans
A plan to develop the Chula Vista waterfront that’s been a decade in the making was approved Thursday by the California Coastal Commission, KPBS reports. The plan includes three hotels, a conference center, condos and retail on 560 acres. Chula Vista Mayor Cheryl Cox said the Coastal Commission approval means construction can soon begin. “Probably the first part of 2016 we should see some shovels in the ground,” she said, “and then we’re off on a 24-year expansion of Chula Vista’s bayfront. The Chula Vista Bayfront Master Plan turns a chunk of mostly empty industrial land along San Diego Bay into a very dense development that one Coastal Commission staffer said would be like downtown San Diego. At least one hotel on the site would be as tall as 300 feet. The master plan included promises to protect sensitive marshlands. Those kinds of concessions won the support of environmentalists, led by attorney Marco Gonzalez. City officials hope the development will create 2,000 permanent jobs and bolster city tax revenues.
Community College District Board Places
$398 Million Bond Measure on Nov. 6 Ballot
The governing board of the Grossmont-Cuyamaca Community College District has voted to place a $398 million bond measure on the Nov. 6 ballot for expanded career training facilities, veterans’ centers to assist former and active-duty military, and updating aging classrooms, infrastructure and technology systems. The college district stretches from the East County cities of El Cajon, La Mesa, Lemon Grove and Santee to the Imperial County and Mexican borders. To pass, the measure requires approval by at least 55 percent support of the votes cast. The typical East County homeowner would be assessed less than $40 each year, district officials said.
Tule Wind Project Gets Green Light
Two major energy projects planned for the East County were approved this week by the county Board of Supervisors. KPBS reports that the board granted permits to the Tule Wind Power Project, which consists of almost 100 wind turbines on 725 acres in McCain Valley. The board also approved transmission lines that would carry power generated by wind turbines in Baja California to a San Diego Gas & Electric substation near Jacumba. Both were approved despite strong opposition from Supervisor Dianne Jacob.
Old Globe Gala Nets $960,000
The Old Globe’s 2012 gala, “A Night in Tuscany,” netted $960,000 for the theater’s artistic and educational activities, the theater announced. The July 28 event was co-chaired by Globe board members Pamela Cesak, Jo Ann Kilty and Vicki Zeiger. Lead underwriters for the evening were Audrey Geisel, Darlene Shiley, Conrad Prebys and Debra Turner. The Italian-inspired sit-down dinner was catered by Sheraton San Diego Hotel and Marina.
Jessica St. Charles is the new director of catering and convention services at the Hyatt Regency Mission Bay Spa & Marina. A six-year Hyatt employee, St. Charles started her career at the Hyatt Regency Century Plaza in Los Angeles as a senior catering manager. Before joining Hyatt, she spent 11 years in marketing for the tourism management industry.
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. email@example.com.