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Daily Business Report-Sept. 14, 2017

Daily Business Report-Sept. 14, 2017

Rendering of Safari Highlands Ranch proposed by Concordia Homes.

Report: Safari Highlands Ranch

Economic Impact — $514 Million

Plan is undergoing Environmental Review by City of Escondido

The proposed Safari Highlands Ranch residential development by Concordia Homes is projected to provide hundreds of millions of dollars in total economic impact and support thousands of new and existing jobs in the city of Escondido and San Diego County, according to a new report commissioned from the National Association of Home Builders.

Located in the hills of the San Pasqual Valley, Safari Highlands Ranch would generate an approximate total economic impact of $514 million during construction and an ongoing annual economic impact of $53 million after full buildout, according to the report.

Safari Highlands Ranch is projected to:

  • Generate approximately $450 million in local income and $64 million in taxes and other revenues for local government during construction.
  • Support approximately 5,739 jobs during construction.
  • Generate approximately $41 million in local income and $12 million in taxes and other revenues for local government annually after completion of construction.
  • Support approximately 649 jobs annually after completion of construction.

“Safari Highlands Ranch would generate significant short-term and long-term economic revenue for the city of Escondido that can be used for vital city services such as police and fire,” said Don Underwood, managing partner at Concordia Homes. “The proposed community would also deliver benefits for local schools, create new recreational amenities and provide for infrastructure and traffic enhancements.”

Safari Highlands Ranch is currently undergoing environmental review by the city of Escondido.

Safari Highlands Ranch is located off Rockwood Road, north of the San Diego Zoo Safari Park. The proposed 1,098-acre community consists of approximately 700 acres of preserved open space, 550 estate homes, nine miles of new public trails, and a new village core, permanent fire station and emergency evacuation access route for the San Pasqual Valley. The project would provide nearly $7.8 million through development fees to local schools, including the San Pasqual Union School District and Escondido Union High School District. Safari Highlands Ranch would also generate nearly $4 million for infrastructure and traffic improvements, including extending reclaimed water infrastructure into the San Pasqual Valley.

Safari Highlands Ranch is currently undergoing environmental review by the city of Escondido.

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San Diego Developing Strategic Plan

for Refugee and Immigrant Integration

The city of San Diego announced that it will develop a new strategic plan that will help welcome and integrate immigrants and refugees into the community. The project will be made possible thanks in part to $25,000 in grant funding and in partnership with the San Diego Regional Economic Development Corp., San Diego Regional Chamber of Commerce and other non-governmental institutions and advocacy groups.

“Immigrants and refugees contribute to San Diego’s culture and economy, and our region has taken in more refugees than any other in California,” said Mayor Kevin Faulconer. “This new program ensures we continue supporting those who come to our city to pursue a better life for themselves and their families.”

San Diego has been selected to receive a $12,500 Research, Technical Assistance and Matching Grant Award as part of the 2017 Gateways for Growth Challenge. The California Endowment matched the award, for a total of $25,000. Launched in 2015, the Gateways for Growth challenge is a competitive opportunity for local communities to receive direct technical, research and monetary assistance from New American Economy and Welcoming America to develop multisector plans for welcoming and integrating immigrants.

The 2017 grants were awarded to 25 cities throughout the United States.

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Highlights

Highlights

Business Confidence Drops

to Lowest Point of 2017

The Business Forecast of the San Diego Regional Chamber of Commerce and sponsored by San Diego Private Bank, shows confidence has dipped to its lowest point of 2017 in August, with the Business Outlook Index (BOI) at 13.2. This is a significant drop from last month, which was solidly positive (20.7). The Index runs from -100 to +100, with zero being neutral, so it remains in positive territory, but August 2017 marks the lowest BOI since October 2016 when the index hit 9.3. That was the worst showing since the BOI’s inception and due to the uncertainty surrounding the presidential election. Since then, confidence had been solid until this month.

Expectations about revenue, employment, and business conditions are all down this month when compared to the previous three months. Results for the number of work hours firms expect to offer their employees did not change.

Confidence dropped significantly across several industries from July to August. The transportation/automotive industry fell into negative territory from a solid score of 26 to -2 this month. Concerns over rising costs and competition top their list of challenging issues. One person in this industry identified the “price of gas for freight charges” as a problem. Insurance costs are also mentioned, along with competition from the Uber ridesharing service.  Specifically, the transportation/auto sector is less optimistic about revenue and the number of work hours.

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Rendering of LBA Realty's Kearny Mesa project.

Rendering of LBA Realty’s Kearny Mesa project.

Large Office, R&D and Industrial

Complex Planned for Kearny Mesa

LBA Realty has started construction of a 230,000-square-foot office, R&D and industrial campus in Kearny Mesa.

LBA Realty purchased the property, located at 4400 Ruffin Road, from United Technologies in December 2016. The property previously housed Pratt & Whitney (United Technologies subsidiary), an aerospace company which was situated on 13 acres.

Ware Malcomb, a commercial real estate architectural firm was selected to reposition the two-story 124,000-square-feet office space which will feature a modern lobby and parking. Renovation has started on the existing manufacturing building and a new 106,000-square-foot industrial-type building will be constructed featuring a 32-foot clear height, 24-dock high doors, four grade level doors, expansive column spacing, ESFR fire suppression system, and a large truck yard area for loading access.

Occupancy by future tenants is planned for April 2018. CBRE is marketing the property.

“This will be the largest office and industrial opportunity in central San Diego,” said Rob Merkin, senior vice president of CBRE.  “This unique campus offers multiple synergistic property types to be positioned in one location.”

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Fundraising Professionals to Present

Honorees on National Philanthropic Day

The San Diego chapter of the Association of Fundraising Professionals will recognize honorees at the annual National Philanthropy Day event Nov. 14 from 11 a.m. to 1:30 p.m. at the Del Mar Fairgrounds. The annual celebration honors the dedication, leadership and community contributions of San Diego County’s philanthropists, volunteers, professionals and organizations.

The 2017 National Philanthropy Day list of honorees are:

Outstanding Philanthropists: Gary and Mary West

Outstanding Philanthropic Business: San Diego County Credit Union

Outstanding Grantmaking Organization: San Diego Downtown Lions Club

Outstanding Development Professional: Jeanne E. Schmelzer, CFRE

Outstanding Fundraising Volunteer: Sister Ann Durst

Outstanding Organizational Volunteers: Connie Matsui and Debra Farrar

Outstanding Youth/Student Volunteers: Azareel Canizales and Charlotte Schmidt

“National Philanthropy Day recognizes the passion of our committed citizens in one of the largest and most successful events celebrating philanthropy across the nation,” said Joyce Glazer, Planning Committee chair.

Proceeds go toward supporting the next generation of development professionals with scholarships and monthly educational workshops, which provide pathways to improve outcomes in the San Diego region.

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Office condo at 955 Boardwalk in San Marcos sold for $1.44 million.

Office condo at 955 Boardwalk in San Marcos sold for $1.44 million.

Industrial and Commercial Building Sales

San Marcos — The industrial building at 201 Trade St. in San Marcos has been sold for $3.2 million to Creative Electron Inc. of San Marcos. The seller was OSM Trade Street LP of Los Angeles. Creative Electron is a manufacturer of 2D and 3D X-ray machines. The property underwent a recent renovation and the buyer intends to occupy the building.

Vista — A multi-tenant retail building at 825-855 Williamston St. in Vista has been sold for $2.8 million to Abraham and Jacqueline Poladian of Vista. The seller was San Diego Costal LLC.

Escondido — A commercial building at 2200 Felicita Road in Escondido has been sold for $2.15 million to Harry Assi of Vista. The seller was Blue Light Capital Corp. of Escondido.

San Marcos — A 4,003-square-foot office condo at 955 Boardwalk in San Marcos has sold for $1.44 million. The buyer is Forward Front LLC. The seller was Ghosh Ventures LLC. The total building consists of 24,396 square feet of executive office suites on three floors.

Brokers in the transactions included Lee & Associates and Home Smart Realty West.

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Personnel Announcements

Arezoo Jamshidi Joins Seltzer McMajon Vitek

Arezoo Jamshidi

Arezoo Jamshidi

The San Diego-based law firm of Seltzer McMahon Vitek announced that Arezoo Jamshidi has joined the firm’s Litigation and Appellate Departments as an associate. Jamshidi’s practice focuses on representing individual clients and diverse businesses on a wide range of civil litigation and appellate matters before both state and federal courts.

Prior to joining the firm, Jamshidi worked as an appellate associate at Lewis, Brisbois, Bisgaard & Smith, where she represented clients on a litany of legal matters, such as products lability, medical malpractice, environmental law, workers’ compensation, civil rights and business litigation. She also served as a clerk for the Honorable Kendra Y. Ausby of the Circuit Court of Baltimore City and an intern for the Honorable Lynne A. Battaglia of the Maryland Court of Appeals.

Jamshidi currently serves as president of the Iranian American Bar Association’s San Diego chapter, a professional organization dedicated to educating and informing the Iranian-American community and public at large, as well as government officials, on legal matters of particular concern to the Iranian-American community. She also volunteers with YALLA, a San Diego-based college preparatory academy employing soccer to inspire refugee and immigrant youth to achieve a college education. Jamshidi has also managed asylum cases as a volunteer attorney with the Casa Cornelia Law Center, a public-interest law firm provides pro bono legal services to victims of human and civil rights violations.

Jamshidi received her law degree, cum laude, from the University of Baltimore School of Law and holds a Bachelor of Arts in International Relations and Spanish from Berry College.

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We Want Your Opinions on San Diego’s Big Issues In the coming months, Probosky Research (one of California’s leading opinion research firms) will continue its partnership with SD METRO to survey San Diego residents about topics of interest to our readers. We’d like to throw open the door for suggestions for topics. What do you want to know? What do you think you know, but aren’t sure? What are you certain you know, but want to prove it beyond doubt? Ideally, we’d like to see questions that have to do with public policy.

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