Daily Business Report-Oct. 10, 2014
The brewer expects to be operational in Richmond, Va., in late 2015 or early 2016.
Stone Brewing Plans $74 Million
East Coast Expansion
San Diego-based Stone Brewing Co. announced Thursday it will invest $74 million in a production brewery and destination restaurant in Richmond, Va. The brewery is expected to be operational in late 2015 or early 2016, with Stone Brewing World Bistro & Gardens opening a year or two after that. Ultimately, the company will employ more than 288 people in the Greater Fulton area of Richmond.
“The search for our location east of the Mississippi River was no easy endeavor,” said Stone President and Co-founder Steve Wagner. “Richmond’s vibrant energy and impressive craft beer culture, along with the uniqueness of the property, will allow us to create a truly memorable Stone experience for our fans.”
Stone anticipates building a 200,000 square-foot production brewery and distribution facility on 14 acres of land. The company also plans to renovate a two-story, 30,000-square-foot building as a destination restaurant featuring locally grown organic food.
“A facility on the East Coast will allow us to meet demand for our beer, ensure we are providing our fans with the freshest beer possible and also serve as a distribution hub for states located east of the Mississippi,” said Stone CEO and Co-founder Greg Koch. “We look forward to becoming an integral part of the lively craft beer community in Richmond, the state of Virginia and the entire eastern U.S.”
Stone said it examined more than 40 locations in 20 states before picking Richmond.
This is the second expansion Stone has announced this year. In July, the company said it will become the first American craft brewer to independently own and operate a brewery in Europe with the opening of a facility in Berlin.
— Times of San Diego
City Offers App to Snitch on Water Wasters
The city of San Diego Thursday unveiled a smartphone application that will let users take photographs of water waste and report the address to the Water Conservation Department.
The “Waste No Water” app, available for both iPhone and Android devices, will use GPS to automatically report the location to the city, which will respond by sending crews to resolve the problem.
“One of the key tools we have in preventing water waste is the public,” Mayor Kevin Faulconer said. “When we work together as a community, there’s nothing that San Diego can’t do. Using this app, the power to conserve water is literally in your hands.”
On Wednesday, the City Council’s Environment Committee advanced a proposal to make the current voluntary water conservation measures mandatory. The full City Council is expected to approve the idea by the end of the month, and Faulconer supports the move.
In addition to reporting violations of the restrictions, the app will allow users to check the status of their complaint; request a free water survey of their residence or business; connect with the city’s “Waste No Water” campaign social media accounts; and access online information on the restrictions, rebate programs and other helpful resources.
The service can be downloaded by going to the phone’s app store and searching for “Waste No Water.”
— City News Service
Home Sales and Prices Stabilize in September
Home sales and prices in San Diego County stabilized in September, according to new housing statistics from the Greater San Diego Association of Realtors.
Sales of single-family resale homes decreased 2 percent in September compared to August, but sales of condo/townhouses increased by nearly 2 percent during the same time period.
The median price of single-family homes was unchanged in September at $510,000, which is about 5 percent higher than the median price a year ago. Condos and townhomes saw a 1 percent dip from the previous month, with a median price of $337,500, almost 11 percent higher than September of 2013.
The number of active listings on the Multiple Listing Service (MLS) in San Diego County has been hovering around 8,400 for the past three months, with just over three months of housing stock. (Six months is considered a healthy inventory level.) Homes that sold in September were on the market for an average of 42 days.
During September, the ZIP codes in San Diego County with the most single-family sales were:
92127 (Rancho Bernardo) with 48.
92028 (Fallbrook) with 46.
92064 (Poway) with 45.
92056 (Oceanside) with 42.
92117 (Clairemont) also with 42.
The most expensive listing sold last month in the county: a six-bedroom, eight-bath, 21,000-square-foot home in Rancho Santa Fe that sold for $13 million.
Castle Park Garden Sells for $11.1 Million
CHULA VISTA — Castle Park Garden, a 70-unit apartment property in Chula Vista, has been sold for $11.1 million to Mark II LP. The property includes a 62-unit building at 272 Kennedy St. and eight adjacent units at 251 Oxford St. The seller was The Kreutzkamp 2000 Revocable Trust.
he property features 32 one-bedroom/one-bath units, 30 two-bedroom/one-bath apartments, seven two-bedroom/two-bath units and one four-bedroom/two-bath apartment. Amenities include laundry facilities, a playground area and 100 surface parking spaces.
Researchers Tell New Details
About a Powerful Protein
Using X-rays and neutron beams, a team of researchers from the UC San Diego School of Medicine, University of Utah and Oak Ridge National Laboratory have teased out new information about Protein Kinase A (PKA), a ubiquitous master switch that helps regulate fundamental cellular functions like energy consumption and interactions with hormones, neurotransmitters and drugs.
“Mutations in PKA can lead to a variety of different human diseases, including cancers, metabolic and cardiovascular diseases and diseases involving the brain and nervous system,” said senior author Susan Taylor, professor of chemistry, biochemistry and pharmacology at UC San Diego. “Developing treatments and cures for these diseases depends upon knowing how the switch works.”
Cox Business Builds Out Network
To 165 Navy sites in San Diego
Cox Business has completed a build-out of 40 miles of its broadband network to 165 Navy sites in San Diego County, including barracks, hotels, fire stations, residential housing, recreation centers, and ships in the harbor to bring Cox’s advanced video and high speed Internet services to approximately 50,000 sailors stationed in San Diego.
Cox was awarded a five-year contract by the Navy to provide communications services to sailors in residential housing and barracks, as well as business services to critical facilities such as fire stations. Services provided by Cox Business include:
• Digital TV and high definition television for on-base locations such as recreation rooms, fire stations and barracks common rooms.
• Digital TV and high definition channels on the ships.
• All high definition channels at the Navy Gateway Inns and Suites military hotels, which are used by active duty and retired military personnel, as well as for temporary housing.
SDSU CIBER Program Gets $1 Million Grant
San Diego State University announced Thursday that its Center for International Business Education and Research received a four-year, $1 million federal grant. The award from the U.S. Department of Education will help pay for faculty research, opportunities for students to study abroad, outreach and development programs for the business community, and training programs for language and business faculty from institutions across the country, among other things.
According to SDSU, the center integrates international education into business programs and supports undergraduates majoring in international business. The school said the center is one of 17 in the United States and the only one in California.
— City News Service
Julie Glance joins Cabrillo Credit Union
Julie Glance, a credit union executive with more than 20 years experience, has joined Cabrillo Credit Union as its new chief financial officer. Glance’s experience has included every facet of the financial industry. She previously served as a federal regulator with the National Credit Union Administration and worked at the executive level in several local banks and credit unions over the past 15 years.
A 1991 graduate of San Diego State University with a degree in finance, Glance has also earned a second degree in landscape architecture. She replaces Joel Hudson who, after 16 years as Cabrillo Credit Union’s chief financial officer, is retiring this month.
Marcus & Millichap Announces Promotions
Marcus & Millichap, a commercial real estate investment services firm, has promoted Phil Sambazis and Ben Tashakorian to first vice presidents investments in the San Diego office.
Sambazis most recently held the title of vice president investments. He started his career with Marcus & Millichap in March 2006, and was promoted to senior associate in March 2009. In January 2011, Sambazis became an associate vice president investments and was named a vice president investments in July 2012.
Most recently a vice president investments, Tashakorian has been with Marcus & Millichap since May 2002. He began his career as an associate, was promoted to senior associate in May 2005 and then was named an associate vice president investments in January 2008. An office and investment sales specialist, Tashakorian became a VPI in July 2008.
Cytori Therapeutics Selected to Join
Trade Mission to Japan and South Korea
Cytori Therapeutics Inc. of San Diego has been selected to participate in a U.S. trade mission to Japan and South Korea led by the U.S. Secretary of Commerce Penny Pritzker. The business development mission to be conducted this month involves 20 companies in the health care and energy sectors. Cytori is a regenerative medicine company.
The goal of Pritzker’s first trade mission to Asia is to promote U.S. exports to Japan and South Korea by helping American companies launch or increase their business in these key markets. The Cytori delegation will include Kenneth Kleinhenz, vice president of global regulatory affairs and Seijiro Shirahama, president of Asia Pacific. Kleinhenz has led the ongoing collaboration with local trade groups, the medical device community and the government of Japan on its newly proposed regenerative medicine law to be finalized later next month.
Harvest Festival Brings Handmade Crafts
and Entertainment to the Del Mar Fairgrounds
San Diego’s fall and holiday celebration, the Harvest Festival, returns for the 42nd year with family fun, entertainment, and shopping on Oct.17-19 at the Del Mar Fairgrounds.
More than 300 artists and craftspeople — many new to the show — will offer American handmade works, including Halloween, Thanksgiving and Christmas décor, handmade wearable art, photography, garden decorations, hand-turned wood, unique holiday gifts, ceramics, jewelry, children’s toys, and much more. All products in the show are American-made, and chosen by a jury.
Families enjoy the live entertainment at the Harvest Festival, which includes live bands, stilt walkers, comedy juggling, and the “horsey guys” comedy duo.
Home Depot Carmel Mountain returns this year to host its Kids’ Workshop, teaching do-it-yourself skills and tool safety for youngsters at the complimentary Kidzone. All proceeds from voluntary donations will benefit nonprofit partner Mama’s Kitchen. Plus, anyone bringing a non-perishable food item to Mama’s Kitchen will receive a $2 discount on one general or senior admission.
Also returning is Nature of Art kids’ arts and crafts, which will be offering fun and free kids’ painting and crafts projects adjacent to the Home Depot booth.
Some new acts will be premiering in Del Mar this year, including Captain Jack Spareribs and the Doo Wah Riders. Returning are Harvest Festival favorites Big Mama Sue & Fast Eddie, Fables of the West (aka The Horsey Guys), WC Willy and Friendly Frankie, and juggler Chuck Gunter.
Hours are: Friday and Saturday, 10 a.m. to 6 p.m., and Sunday, 10 a.m. to 5 p.m.
Adults $9. Seniors 62 and over $7. Youth 13-17 $4. Children 12 and under are free, with an adult. One ticket good for all three days.
Advance tickets may be purchased online at www.harvestfestival.com.