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Daily Business Report-April 3, 2013

New Heart and Vascular Center
Planned at Grossmont Hospital

The Grossmont Healthcare District and Sharp Grossmont Hospital are breaking ground for a new, 71,000-square-foot Heart and Vascular Center at the La Mesa hospital. When completed, the three-story medical facility will provide services ranging from general cardiology and treatment of heart and vascular conditions to advanced surgical and interventional procedures. Constructed in phases between 2013 and 2016, the building will house state-of-the-art multipurpose rooms that can serve as both operating rooms and catheterization labs. The center is funded by the Proposition G bond measure that East San Diego County voters approved in 2006 and philanthropic support. A $10 million capital campaign will be launched to finance equipment for the new facility.

NRC Considers Edison’s Request
To Run Nuclear Plant at 70 Percent

The Federal Nuclear Regulatory Commission meets today to consider a request from the operator of the San Onofre nuclear power plant, which has been shut down for more than a year, KPBS reports. The operator, Southern California Edison, is asking for a license amendment that would allow it to restart the plant this summer. Today’s public meeting in Maryland is significant in that it tests Edison’s strategy to bring one reactor at the plant back online at lower power. The NRC has pointed out that the current license for the plant requires it to run safely at 100 percent power.

An Edison consultant concluded it would not meet safety standards to run the Unit 2 reactor at 100 percent power for more than 11 months. So the company is asking for a voluntary license amendment to run Unit 2 at 70 percent power. The plan is to operate at 70 percent power for five months and shut down again for further inspections. No decision will be reached today but Edison has asked the NRC for a decision by May 24.

Merger of Coronado First Bank and
San Diego Private Bank Completed

Coronado First Bank and San Diego Private Bank announced the completion of their merger, effective April 2, and said the combined bank will operate under the name of San Diego Private Bank and will be headquartered in Coronado. The bank’s Coronado and Newport offices will operate as divisions under the names Coronado Private Bank and Newport Private Bank, respectively. The SBA division located in San Marcos will continue to expand under the Private Business Capital banner. Selwyn Isakow will serve as chairman of the board, Maria P. Kunac will serve as president and CEO of the bank and the continuing directors will be David Ellman, David Engelman, Selwyn Isakow, Leon Kassel, Maria P. Kunac, David Moore, Ernest Rady, Steve Rippe and Jerry Suppa. The combined bank has approximately $300 million in total assets.

Heritage on Ivanhoe

Heritage on Ivanhoe Homes in Escrow

Twelve of the 14 new homes released in February at Heritage on Ivanhoe in La Jolla are now in escrow, according to the developers. The gated enclave occupies land previously owned by the Copley publishing family and offers two original La Jolla beach cottages, four new single-family detached homes and eight twin homes. The property was purchased in 2011 by Heritage on Ivanhoe LLC, a partnership led by San Diego developer Mike Turk and real estate professional Steve Cairncross of RE/Max Coastal Properties. Cairncross said completion and first move-ins are anticipated by early summer. Homes offer three to four bedrooms and 3.5 to four baths. Each home features a private elevator, two-car side-by-side garage, and finished roof decks featuring 360-degree ocean views. The two remaining homes at Heritage on Ivanhoe are priced at $1,395,000. The property is at 7740 Ivanhoe Ave.

Retail Expert Joins Jones Lang LaSalle Retail

David Bradley has joined Jones Lang LaSalle Retail as a retail expert. He will partner with West Coast Retail Market Lead Craig Killman and Vice President Bryan Cunningham to extend the firm’s retail brokerage capabilities. Bradley has completed more than 75 transactions in the region valued at more than $50 million. Bradley earned his bachelor’s degree from the University of Iowa. He received the distinction of CoStar Power Broker in 2011, and is a member of the International Council of Shopping Centers.

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