Daily Business Report-Aug. 17, 2017
701 B St. Atrium Lobby (Photos courtesy of EMMES Realty Services of California)
Multi-Million Dollar Renovation Planned
for Plaza and Atrium Lobby of 701 B Street
EMMES Realty Services of California LLC has begun a multi-million dollar renovation of the Seventh Avenue plaza and atrium lobby of 701 B Street in Downtown San Diego.
Following the renovation of the B Street entrance of the building, the most dramatic change to the lobby will be the removal of the angled space frame glass wall, which currently inhibits views into the lobby due to the dark reflective glass. A new, straight vertical glass wall will be constructed, nearly doubling the size of the outdoor amenity plaza along Seventh Avenue. This will create a spacious outdoor plaza.
When completed, the new lobby will also greet tenants and guests with a cascading water wall and provide spaces to gather formally and informally within the completely reimagined interior lobby, café space, or in the outdoor plaza.
“EMMES’s goal is to re-establish 701B as the ‘place to be’ Downtown — a destination,” said Mark Kuske, asset manager for the company. “We wanted to create a design that would be appealing to a wide range of tenants, while also providing another attractive asset to the whole Downtown experience.” “Lobbies of the past were merely transient spaces that no one really spent any time in,” said Kevin Leslie, LPA project designer. “They offered no amenities and were simply not comfortable places to want to spend time. We see lobbies today as an extension of the office, providing places to ‘get away’ and have meetings outside of the normal working environment. The new 701B lobby will be activated throughout the workday and evening hours, where typical office lobbies vacate after working hours.”
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Venture Capital Funding Totals
$287 Million in Second Quarter
The San Diego region saw 24 deals worth a total of $287.4 million in venture capital (VC) investment in the second quarter of 2017. This places San Diego 12th out the 18 U.S. regions tracked by the PwC MoneyTree Report in terms of VC dollars and 13th in deal volume.
VC into the region increased 14.9 percent compared to the previous quarter, despite fewer deals. However, VC investment is down 26.3 percent when compared to the same period a year ago.
More than half, nearly $152 million, of the VC received in the second quarter went to health care, which includes biotech companies and medical devices manufacturers. Health care consistently draws the bulk of VC dollars into the region.
The technology cluster received almost $96 million, $600 most of which went into Internet, mobile and telecom companies.
Expansion stage funding increased more than four-fold from the previous quarter to $154.7 million, representing nearly 54 percent of all VC dollars for the quarter. Later stage funding also increased in the second quarter, while seed and early stage funding fell.
The top five deals went to companies in eigher the expansion or later stae funding rounds. The three largest deals were in the field of precision medicine, and when combined, represent 39 percent of all investment i the second quarter.
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Border City Mayors Urge Support
of NAFTA to Improve Regional Economy
Mayors from border cities in San Diego County and Mexico urged federal leaders Wednesday to support the modernization of the North American Free Trade Agreement and continue an effort to improve the region’s economic prosperity. Their news conference at the San Ysidro Port of Entry came the same day that negotiations on an updated version of NAFTA began in Washington, D.C.
“There has never been a more important time for San Diego to champion international trade,” San Diego Mayor Kevin Faulconer said.
“Trade, open dialogue and collaboration create jobs and economic prosperity for Americans, Canadians and Mexicans alike,” Faulconer said. “That’s why we are calling on federal leaders to preserve and modernize NAFTA for the benefit of future generations.”
The mayors called for clear rules of trade that ensure all small- and medium-sized businesses have the opportunity to participate, and having tariffs and fees generated at all borders be dedicated to border infrastructure, modernization and staffing. — Times of San Diego and wire reports
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More than 22,000 County Taxpayers
Fail to Pay 2016-2017 Property Taxes
San Diego County Treasurer-Tax Collector Dan McAllister said his office sent more than 22,000 notices to property taxpayers who have gone into default after failing to pay all of their 2016-2017 property taxes.
Each month a bill goes unpaid, it incurs an extra 1.5 percent penalty (or 18 percent per year). All late bills have already been charged a 10 percent penalty for each unpaid installment. Penalties will continue to accrue until the bill is paid in full.
The total amount due is $100,913,592. Threat of increased penalties is not the only incentive for people to pay their taxes. Under California law, the treasurer-tax collector may sell any or all portions of properties that have been in default for five years.
“Last year we mailed 19,207 default notices, so we saw a slight jump in the number of people who went into default this year — 22,512,” said McAllister. “Nevertheless, our overall collection rate was 99.2 percent, one of the highest in the state, which shows the vast majority of San Diego property owners pay what they owe and pay on time.”
Late payments can be made at any of the Treasurer-Tax Collector’s five locations throughout the county, by calling (855) 829-3773, or online at www.sdttc.com.
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TSRI Researchers Find A Way to
Combat Pharmacoterrorism
Using a novel molecular analysis technique, scientists at The Scripps Research Institute (TSRI) have identified the chemical underpinnings of Captagon, also known as fenethylline, an illegal amphetamine-type stimulant that has been linked to substance abuse and ‘pharmacoterrorism’ in the Middle East.
The study, published in the journal Nature, also identified a potential vaccine candidate that counteracted Captagon’s effects in mouse studies.
“Our study illuminates not only why, but how Captagon, a presumed prodrug to amphetamine is being abused so heavily. It contains a component theophylline, which greatly enhances amphetamine’s psychoactive properties, this discovery also provides a path for combating Captagon’s abuse,” said lead scientist Kim Janda, pProfessor of chemistry and member of the Skaggs Institute for Chemical Biology at TSRI. The finding builds upon Janda’s earlier research on the development of vaccines for drugs of abuse. In June, his anti-heroin vaccine passed a pivotal stage of preclinical testing.
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How Much Money Does it Take to be Wealthy
in San Diego? $2.7 Million,
According to Charles Schwab Survey
San Diego area residents belive it takes an average of $2.7 million for a person to be considered wealthy, which is more than 30 times the actual median net worth of U.S. households reported by the U.S. Census Bureau.
Charles Schwab’s inaugural Modern Wealth Index, from which that information was taken, also found that San Diegans are split about what wealth means, with some describing wealth as a specific sum of money and others describing it more as a state of mind.
The top five definitions of wealth among 500 San Diegans surveyed are:
- Having a lot of money (30 percent)
- Enjoying life’s experiences (25 percent)
- Being able to afford anything they want (24 percent)
- Living stress-free and having peace of mind (19 percent)
- Having loving relationships with family and friends (13 percent)
While 36 percent of those surveyed say they are already millionaires or believe they can reach that level, the majority (64 percent) say they don’t have any hope.
When asked to compare two opposing ideas of wealth at a more personal level, San Diego residents lean into things that money can’t buy:
- Fifty-seven percent say wealth is about having gratitude vs. having money (43 percent)
- Sixty-six percent equate wealth with having good physical health vs. having lots of money (34 percent)
- Seventy-four percent believe wealth is about spending time with family now vs. leaving an inheritance for them (26 percent)
“Wealth is viewed so often as an unachievable amount of money, but that way of thinking is old-fashioned,” said Randy Schechter, branch manager of Charles Schwab’s La Jolla branch. “We believe people should think about wealth as the money they have now, whether that’s a lot or a little, and what matters is that you pay attention to it. Being engaged, even when you’re just getting started, is the only way to build wealth over time to reach your personal goals.”
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McClellan-Palomar Airport
Gets Commercial Air Service
Cal Jet by Elite Airways will start commercial flights between McClellan-Palomar Airport and Las Vegas twice a day beginning Sept. 28.
The airline has already started taking reservations for tickets on its website.
County officials said Cal Jet by Elite Airways plans to operate a single Bombardier CRJ700 jet, which has 64 seats, from McClellan-Palomar in Carlsbad.
The flights will allow local residents a way to comfortably fly without having to drive to San Diego International Airport, and become the first commercial air service at McClellan-Palomar since 2015.
McClellan-Palomar is one of eight airports operated by the County of San Diego’s Department of Public Works and the only one that offers commercial flights for county residents. Like all other commercial airports, passengers at McClellan-Palomar must check in for flights and be screened by federal Transportation Security Administration agents. However, because McClellan-Palomar is a smaller airport, passengers can escape the traffic, expensive parking and long security lines at other major airports.
For more information or to book flights, go to Cal Jet by Elite Airways website.
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Call for Entries for Business Pitch Competition
Start-ups, entrepreneurs, and small business owners in San Diego can apply to “Get Started San Diego,” a pitch contest where innovative businesses will present their plans to a panel of judges for a chance to win a $25,000 prize package of cash and technology solutions.
Applicants will be selected to pitch their plans in front of a live audience during “Get Started San Diego,” which will be held from 6-9 p.m., Thursday, Sept. 28 at the Port Pavilion on the Broadway Pier, 1000 N. Harbor Drive.
The business and start-up community is invited to attend the free event to network and gain insight from seasoned entrepreneurs, early-stage investors, and global executives while enjoying food trucks and start-up craft beer. Pre-registration is required at www.getstartedsandiego.com.
Candidates interested in pitching their business plan can apply until 11:59 p.m. PT, Friday, Sept. 1 at www.getstartedsandiego.com. Finalists selected to present at the live event will be notified on Sept. 12, and will receive expert pitch coaching to prepare for their two-and-a-half-minute pitch to a panel of judges.
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Researchers: Desert Plant Could Treat
Often-Lethal Form of Encephalitis
Researchers at Skaggs School of Pharmacy and Pharmaceutical Sciences at UC San Diego and the University of Colorado Anschutz Medical Campus have found that compounds produced by the creosote bush, a desert plant common to the Southwestern United States, exhibit potent anti-parasitic activity against the protozoa responsible for giardia infections and an amoeba that causes an often-lethal form of encephalitis.
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Eclipse Parties to be Held at
City, Mesa and Miramar Colleges
San Diego City, Mesa, and Miramar colleges are setting up opportunities to safely view the solar eclipse Monday morning, Aug. 21, when classes begin for the new fall semester.
The eclipse will be viewable in San Diego from approximately 9:07 to 11:45 a.m., with maximum impact at 10:23 a.m. Although San Diego is far south of the path of totality, nearly 60 percent of the sun will be blocked by the moon and the impact will be noticeable.
Among the viewing opportunities at City, Mesa, and Miramar colleges:
- City College will have a few solar telescopes and eclipse glasses available for safe viewing set up in the courtyard of the Science Building.
- Mesa College’s Physical Science Department faculty and staff will provide solar telescopes and special filters outside the college’s Math/Science Building. In addition, the Physical Science Department will project the celestial event onto a large screen for safe and easy viewing.
- Miramar College will have two solar telescopes and some 20 pairs of eclipse glasses to share at Compass Point on the campus lawn.
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Personnel Announcements
Chris Pond Named President of Burwood Cloud Services
Burwood Group announced that Chris Pond has been named president of Burwood Cloud Services, tasked with building upon the success of the Managed Services team while shaping Burwood’s future direction around service-oriented architecture and the cloud management model.
Pond has over 20 years of experience in the IT industry in advising various companies and is a past entrepreneur and business owner, having founded Network Insight, which was acquired by Centerbeam. He has served on several boards including Cirrascale Inc., Ximed Medical Group Foundation, WebMetrics, San Diego Regional Chamber of Commerce, Technology Board, and others.
