Daily Business Report: January 12, 2024
Newsom administration makes progress on tiny home promise
State names firms who will build 1,200 tiny homes,
but is silent on when they will be built
By Marisa Kendall | CalMatters
Nearly a year ago, Gov. Gavin Newsom promised to deploy 1,200 tiny homes to help shelter the state’s growing population of homeless residents. Now, the state has chosen who will build those tiny homes and what they will look like — but there’s still no word on when people will be able to move in.
Newsom unveiled his plans in March to deliver the tiny homes to Los Angeles, San Diego County, San Jose and Sacramento. The state has selected six companies to manufacture the dwellings:
- Pallet: a Washington-based company that makes small, fiberglass cabins specifically designed as temporary shelter for homeless residents. Their dwellings have been used in several California cities, including Oakland, San Jose and Fresno.
- Factory OS: A Vallejo-based company that makes modular units that can be stacked and turned into apartment buildings, or used alone as tiny homes.
- Boss: A Montebello-based tiny home company.
- Irontown Modular: A Utah-based modular construction company.
- AMEG: An El Dorado Hills-based modular home builder.
- Plugin House Company: An Austin, Texas-based modular home company.
Photo: An ‘emergency sleeping cabin’ by the company Pallet Shelter in front of the state Capitol on Jan. 9, 2024. The company recently won a contract by the state to address homelessness by providing temporary housing with these shelters. (Photo by Miguel Gutierrez Jr., CalMatters)
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Breakthrough Properties acquires majority interest
in fully-leased life science campus in Torrey Pines
Breakthrough Properties, a leading global life sciences real estate developer, has acquired a majority interest in Callan Ridge, a two-building Class A life science campus nearing completion in San Diego’s preeminent Torrey Pines cluster. The 185,000-square-foot campus is fully leased to Turning Point Therapeutics Inc., a subsidiary of Bristol-Myers Squibb Company, through April 2035.
Breakthrough, which is a joint venture of global developer Tishman Speyer and biotechnology investment firm Bellco Capital, will own a 65 percent interest in Callan Ridge, while the project’s developer, Healthpeak Properties, a leading owner, operator, and developer of real estate for health care discovery and delivery, will retain a 35 percent interest.
The three-story campus, which started construction in 2021, incorporates a wide range of sustainable building features, including electrochromic windows, photovoltaic glass panels, recycled steel and concrete, drought-tolerant landscaping and the largest single-building green roof in San Diego. The joint venture will pursue LEED Gold certification upon full completion of the development. Ideally situated adjacent to the Torrey Pines Science Park and in close proximity to San Diego’s leading research institutes, Callan Ridge also features unobstructed panoramic views of the Torrey Pines State Natural Reserve.
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Supreme Court case about impact fees could have
huge consequences for housing in California
The higest court will soon decide how much leeway cities and counties have in offsetting new construction with fees to pay for infrastructure
By Ben Christopher | CalMatters
A dispute between a 72-year-old retiree in Placerville and El Dorado County over a $23,420 building fee got its day before the country’s highest court recently in a case with potentially seismic consequences for local government budgets and housing markets across California and the country. At issue is just how far cities and counties have to go to justify “impact fees”: fees slapped on new construction projects in order to offset the toll new developments take on local infrastructure.
The stakes are especially high in California, where impact fees can tack on hundreds of thousands of dollars to new housing projects that are already among the most expensive to build in the nation.
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Rohanee Zapanta named ‘Most Influential
Filipina Woman of the World’
By Matthew Piechalak | USD
San Diego Superior Court Judge Rohanee Zapanta believes strongly in the importance of representation. “Part of being a judge is being out there in the community — being visible and showing what justice looks like, and if it looks like you and me, there’s an emphasis that justice is for everyone,” says Zapanta, a double-alumna from the University of San Diego and a member of the USD Alumni Board of Directors..
Zapanta was recently named the “Most Influential Filipina Women in the World” by the Foundation for Filipina Women’s Network (FWN). She received the award in November at the foundation’s 19th Filipina Leadership Global Summit in Prague, Czech Republic.
“I am so grateful and excited to receive this award,” said Zapanta.
The foundation recognizes women of Philippine ancestry who are changing the face of leadership in the global workplace. The award celebrates outstanding work in their respective fields and acknowledges their contributions to society, mentorship and legacy.
Zapanta was selected from a field of 19 nominees from 10 countries.
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Lots of Monkeying Around at the San Diego Zoo
The San Diego Zoo is kicking off the new year by celebrating the recent births of three monkey species: two squirrel monkeys – one born Nov. 27 and one born Nov. 28, a Schmidt’ red-tailed monkey born Nov. 11, and a DeBrazza’s monkey born Oct. 28. All four of the infants are doing very well, bonding with their very attentive mothers and nursing frequently.
Guests may see the monkey infants with their mothers as they move about their habitats. As the infants grow, they will become more active, spending much of their waking hours playing.
Guests to the San Diego Zoo can visit the squirrel monkeys at Wildlife Explorer’s Basecamp; the Schmidt’s red-tailed monkeys at the Zoo’s Ituri Forest; and the De Brazza’s monkeys at the Lost Forest habitat.
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Pvolve fitness franchise expands to San Diego, Carlsbad
Pvolve, the omnichannel fitness franchise heralded for its patented, science-led method that pairs functional movement with proprietary equipment, recently closed what was the most significant year for brand expansion in the six years since the concept’s inception. The franchise opened five new studios in 2023, which included new market debuts in San Diego and Carlsbad, Nashville, Tenn., Victoria,British Columbia, and Calgary in Alberta, Canada.
Nomination open for the 2024 Finopotamus Tekkie Awards
Finopotamus, the only online resource providing in-depth technology coverage exclusively to credit unions, announced that it is now accepting nominations for its 2024 Tekkie Awards. This annual award series honors significant achievement in credit union technology from the previous calendar year. The 2024 awards will thus recognize outstanding technology achievements from 2023. The nomination form and a detailed description of each are located here.
NuFACE introduces ‘Fitness for Your Face’
NuFACE, a pioneer in clinically-proven, FDA-cleared skincare since 2005, announced the launch of “Fitness for Your Face” campaign. Featuring the award-winning Trinity+Complete Device, the new NuFACE Fitness for Your Face 10/10 Facial Workout on the NuFACE smart app helps clients jumpstart New Year wellness goals.
European Commission OKs Krazati as treatment for lung cancer
Mirati Therapeutics Inc., a commercial stage biotechnology company, announced that the European Commission granted conditional marketing authorization for Krazati as a targeted treatment option for adult patients with KRAS-mutated advanced non-small cell lung cancer and disease progression after at least one prior system therapy.
643rd consecutive monthly dividend declared by Realty Income
Realty Income Corporation announced that it has declared the 643rd consecutive common stock monthly dividend. The dividend amount of $0.2565 per share, representing an annualized amount of $3.078 per share, is payable on Feb. 15, 2024 to stockholders of record as of Feb. 1, 2024. The ex-dividend date for February’s dividend is Jan. 31, 2024.
Debiopharm and ThinkingNodeLife.ai forge partnership
Debiopharm, an independent biopharmaceutical company headquartered in Switzerland, and La Jolla-based ThinkingNodeLife.ai (TNL), a trailblazer in AI Digital Cells Lab in USA, announced a collaborative partnership aimed at advancing the development of a cutting-edge cancer drug. This strategic alliance leverages the unique capabilities of TNL’s AI Digital Cells Lab platform and Debiopharm’s deep pharmaceutical expertise to bring cancer drugs into new frontiers of innovation.
Bespoke Partners initiates coverage of Healthcare IT sector
Bespoke Partners, recognized as the largest executive search firm focused on software, announced that it is initiating coverage of the Healthcare IT sector to provide clients with curated access to its extensive network of software and SaaS leaders. Bespoke has completed 80 successful placements of top executives in private equity portfolio companies that are pioneering Healthcare IT applications.
Skeyeon announces issuance of satellite communication patent
Pioneering very low earth orbiting (VLEO) satellite technology firm Skeyeon announced the issuance of their latest patent, US11,671,169, titled “Radio frequency data downlink for a high revisit rate, near earth orbit satellite system,” issued on June 6, 2023. This groundbreaking patent sets the bar even higher in orbital satellite communications, marking another stellar achievement for the company. The patent was devised by notable inventors Dan Nobbe and Ron Reedy.
Core Biogenesis and Nucleus Biologics in partnership
In a joint effort to provide lower cost and more defined reagents and media to the cell and gene therapy market, Nucleus Biologics, The Cell Performance Company, a leading provider of custom cell culture media solutions for the cell and gene therapy industry, has signed a manufacturing, distribution, and collaboration agreement with Core Biogenesis, an innovator in the field of recombinant human proteins expressed in plants.
Matter Now acquires Cathbad House
Matter Now Inc., a leader in the carbon credit marketplace, announced the acquisition of Cathbad House, a company renowned for its carbon credit education and blockchain technology. This strategic move fortifies Matter Now Inc.’s commitment to environmental sustainability and marks a significant expansion in the carbon credit industry. Cathbad House offers training courses for farmers, foresters, and small and mid-size businesses to create carbon credits and thereby help offset climate change.