Daily Business Report-June 8, 2018

Animated photo of Redemption Games co-founders Michael Witz, left, and Dan Lin. (Photo courtesy of Redemption Games)

Supercell invests $5 million in

Carlsbad’s Redemption Games

Redemption Games, an innovative game development studio in Carlsbad, will become the first American company to receive investment by Supercell, the Finland-based game company known for hit mobile gaming titles Hay Day, Clash of Clans, Boom Beach, and Clash Royale. The $5 million Investment will be for a minority stake in Redemption Games, which will continue as an independent studio with full control of its operations.

“In our investments, we are always looking for the best teams with great culture,” said Supercell CEO Ilkka Paananen. “Redemption Games has an amazing team of experienced developers who have a solid track record and true passion for making great puzzle games. We’ve been impressed by their craftsmanship and distinctive approach to game development. This is our first investment outside of Europe and we couldn’t be more excited to partner up with the Redemption Games team.”

Michael Witz and Dan Lin, co-founders of Redemption Games, worked together for 20 years, collaborating for 10 of those in mobile gaming. They sold their prior company, Mob Science, to Jam City (previously SGN) in Los Angeles where they led the design and development of the top grossing game Cookie Jam. Their passion for gaming and entrepreneurial spirit precipitated the formation and success of Redemption Games. “Motivation for us stems from the craftsmanship of creating a great product. As I’ve told everyone who joins our team, the only promise we make, is that we are only going to ship a game we are proud to put our name on. This means we’re ridiculously stubborn and won’t give up on even the smallest feature until we nail it,” noted Lin.

The strategic partnership with Supercell will take advantage of the growth model that has allowed it to gross $2 billion in revenue, and $810 million in profit in the last year; growth thatwas achieved with only a few hundred employees.

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Single-Family home price hits $650,000

in May; home sales up by 5 percent

Single-family home prices in San Diego County hit a record high in May, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors.

The median price for single-family (detached) homes was $650,000 in May. Attached properties (condominiums and townhomes) settled at a median price of $421,000 last month, just under their record price set in April. Overall, home prices have seen a year-over-year increase of 6.5 percent for all resale properties.

Single-family home sales in May increased by 5 percent over April, while sales of condos and townhomes rose by just over 2 percent. For the year to date 2018, however, sales of existing homes are down nearly 8 percent over last year.

San Diego homes continue to be scooped up soon after they go on the market. In May, single-family homes were closing escrow in an average of only 26 days, while attached properties were closing in only 21 days.

“Prospective home buyers should expect a competitive housing market throughout the summer,” said SDAR President Steve Fraioli. “Fortunately, the low inventory of homes for sale doesn’t seem to be dampening their demand.”

In May, the ZIP codes in San Diego County with the most single-family home sales were:

92057 (Oceanside North) with 63

92130 (Carmel Valley) with 58

92026 (Escondido North) with 53

92028 (Fallbrook) with 51

92128 (Rancho Bernardo East) with 49

The most expensive single-family property sold in San Diego County in May was a half-acre oceanfront home in the Beach Colony neighborhood of Del Mar, built in 1982, with more than 4,600 square feet, 4 bedrooms, 5 baths, a guest cottage, and a sale price of $16.5 million.

Click here for a detailed look at the numbers

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C-3 to honor 4 local leaders for

contributions to regional planning and design

Citizens Coordinate for Century 3 (C-3) has selected four local leaders to receive honorary awards for their contributions to regional planning and design in San Diego. The award recipients will be recognized and celebrated at a ceremony on Thursday, June 14, from 6-9 p.m. at Mission Trails Regional Park’s Visitor Center.

Named after important contributors to San Diego’s design history, this year’s awards will honor:

• Roger Showley, former journalist with the San Diego Union-Tribune, a recognized leader and innovator who has maintained a commitment to serving the public good, will receive the Revelle Award, named after Roger and Ellen Revelle, two founding members of C-3.
• Rob Wellington Quigley, architect, will receive the Ruocco Award for his efforts in leading the creation of the East Village South Focus Plan. The award is named after Lloyd and Ilsa Ruocco, where Lloyd Ruocco was a C-3 founder and long-time C-3 leader.
• Vicki Estrada, founder and principal of Estrada Land Planning, will receive the C-3 Champions Award for her contributions to landscape architecture and planning in San Diego, including the most recent Master Plan for Balboa Park.
• Nicole Capretz, founder and director of the Climate Action Campaign, will receive the C-3 Special Recognition Award, for her efforts and achievements in advancing the city of San Diego’s Climate Action Plan in furthering the goals and aspirations of C-3.

Tickets are $125 for C-3 members and their guests and $150 for non-members and include food and drinks and a complimentary copy of the reprinted “Temporary Paradise?

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General Atomics engineers honored

for outstanding contributions to aerospace

and Robin Snider of General Atomics Aeronautical Systems Inc. (GA‑ASI) have been honored by the American Institute of Aeronautics and Astronautics with awards for outstanding contributions to aerospace.

GA-ASI is a leading employer in the San Diego area and manufacturer of Remotely Piloted Aircraft (RPA) systems, radars, and electro-optic and related mission systems.

In the category of Outstanding Contribution to Aerospace Management, Dee Wilson, vice president of Engineering for GA-ASI’s Aircraft Systems business unit, was recognized for his leadership in the engineering development of the company’s remotely piloted aircraft.

Robin Snider, senior director of Advanced Systems & Payloads for GA-ASI’s Mission Systems business unit, was honored for Outstanding Contribution to Aerospace Research. Snider is an industry pioneer in advanced electro-optics sensors, electronic warfare systems, and high-performance conformal antennas for both manned and unmanned aircraft platforms.

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ISO report shows potential

for summer energy shortages

The California Independent System Operator (ISO) forecasts tight electricity supply margins during high-use times this summer, especially during evening hours of hot days. The increase of renewable energy sources coupled with reductions in hydroelectric supplies and natural gas plant retirements poses a strain on energy supplies.

In its annual 2018 Summer Loads and Resources Assessment released in May, the ISO predicts conditions to become challenging in the evening hours, as California’s abundant and growing solar supply declines during sunset, at the same time consumers return home from work and turn on air conditioners and other appliances.

In fact, the 2018 analysis found a 50-percent probability that the ISO will need to declare a Stage 2 Emergency for at least one hour this summer, which hasn’t occurred since 2007. The report shows an extremely low probability of rotating power outages. Read more of the Energy Matters newsletter to learn how you can help during periods of tight energy supply. Click here for the report

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Voice of San Diego reporter named

Journalist of the Year for 2018

Andrew Keatts, assistant editor and senior investigative reporter for Voice of San Diego, has been named 2018 Journalist of the Year by the San Diego Pro Chapter of the Society of Professional Journalists.

Keatts’ work includes his investigation into a 2016 tax measure pushed by SANDAG, the region’s planning agency, that led to a staff shakeup and a state law overhauling the agency’s governance, oversight and auditing practices. His months-long investigation kicked off with a story two weeks before the 2016 election revealing that SANDAG officials’ $18 billion ballot measure relied on the assumption that San Diegans would spend far more than they had historically, meaning the agency’s projections would be off and that its long list of projects might never get done. His stories spurred the SANDAG board to order an outside investigation that confirmed what he had reported — and led to the departure of the agency’s powerful longtime head executive and the passage of legislation meant to improve the agency’s accountability.

All the chapter’s award winners will be announced at the annual banquet on July 17 at Kona Kai. Cost: $60 per person, $50 for students, $480 for reserved tables of eight

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Volcanic Views

Hawaii National Guardsmen escort crews from local and national media outlets to Leilani Avenue in Pahoa, Hawaii, to cover current conditions from a lava fissure, June 5, 2018. Guardsmen are on duty helping keep citizens safe as the Kilauea volcano continues spewing lava. (Air National Guard photo by Staff Sgt. James Ro)