HOSPITALITY: Planned Downtown Site Is 22-Stories
JR Legacy Holdings LLC has plans for a $65 million, 410-room hotel in downtown San Diego’s Columbia neighborhood, which some observers see as a sign of a continued thawing in financing prospects for large new hospitality projects.
TOURISM: Officials Will Distribute Small Portion Of Collections in August
Local officials are optimistic about getting past the latest in a series of funding and other obstacles recently facing the San Diego Tourism Marketing District, the primary support mechanism for the city’s tourism promotion efforts.
DINING: Some Local Restaurateurs See Right Time to Bet on Expansion
Consumers remain in a cautious mood when it comes to spending on meals outside the home, but several San Diego County restaurant operators see enough improvement happening in the economy to continue planning new locations and business expansions.
PROPERTY: Six Apartment Projects Under Construction
A new 279-unit apartment complex with other mixed-use amenities, proposed for an East Village site by MB Property Acquisitions of San Francisco, recently joined a growing list of multifamily projects either under construction or in the pipeline for downtown San Diego.
GOVERNMENT: City Looks to Ease Some Rules and Requirements
The City of Carlsbad is in the midst of overhauling its planning and zoning rules, in a bid to make its central downtown Village district more welcoming to new businesses like microbreweries, wineries and high-end restaurants.
Real Estate Column
Investors nationwide view San Diego County’s commercial real estate market as a mixed bag of long-term prospects, according to results of the latest quarterly survey by the consulting firm Pricewaterhouse Coopers, also known as PwC.
TRAVEL: Analysts Peg Price For Luxury Resort at $365.8M
Aside from installing the Omni banner effective July 1, the new owners of La Costa Resort and Spa plan no immediate changes at the Carlsbad golf property, which completed an extensive $50 million makeover in 2011.
SPORT: Companies Win By Selling Lifestyle and Innovations
Loyal amateurs and professionals craving the latest board designs and technologies — the way Apple devotees flock to the newest iPhone — have helped manufacturer Firewire Surfboards LLC achieve double-digit sales growth over the past three years.
PROPERTY: Concerns Include Sustainability And Controlling Costs
Security, energy efficiency and tight operating budgets are just a few of the issues expected to be front and center, as the world’s oldest and largest trade group geared to commercial building operators brings its annual global conference to San Diego for the first time since 2000.
LAW: Bigger Landlords Ready; Data Come Up in Sales, Leases
Ready or not, California owners of commercial buildings larger than 50,000 square feet will need to begin complying this year with a state law requiring the disclosure of properties’ historical energy usage data to prospective buyers, renters and lenders.
TRAVEL: Planned Center Would Cut Emissions, Congestion
By early 2016, San Diego International Airport will join the growing throng of major U.S. airports turning their rental car operations into a centralized, one-stop hub for busy travelers.
RETAIL: Westfield Continues Its Local and Global Upgrades
Westfield Group will soon embark on a renovation of its Carlsbad property that is expected to top $100 million, marking the mall operator’s fifth big local makeover in as many years.
Real Estate Column
A couple of San Diego buildings with long historical ties to the downtown area were recently the target of some high-profile transactions. One of those was the property that currently houses the Courtyard by Marriott San Diego Downtown hotel at 530 Broadway, off Sixth Avenue.
PROPERTY: Report Expects Newly Insured to Drive Need for Facilities
Economic uncertainties and questions about the impact of upcoming federal health care reforms have prompted medical practices to delay real estate decisions during the past few years. But experts say the local climate could see some shifts as key elements of the Affordable Care Act take effect in 2014.
Real Estate Column
The Hilton San Diego Bayfront hotel recently completed extensive outdoor renovations, aimed at better capitalizing on the downtown property’s waterfront location.
DEVELOPMENT: Creative Mix of Residential, Offices, Retail, Restaurants, High-Tech
A development team that includes locally based Lankford & Associates Inc. has unveiled plans for an East Village mixed-use project that its proponents hope will become downtown San Diego’s next “urban quarter” over the next decade.
PROPERTY: Commercial Comeback Is Uneven as Sector Charts New Course
The commercial real estate recovery is progressing steadily in San Diego County so far in 2013, but local experts are still curbing their expectations as to when things might switch into a higher gear.
REAL ESTATE: Choices Abound for Class B and C, Class A Remains Scarce
San Diego County’s real estate recovery is being felt in different ways, depending on the neighborhood. Here’s how local commercial brokers view trends in some prominent local office submarkets.
BUILDING: Local Debut Of Homebuilder Conference Examines Industry Issues
“It’s sort of like Comic-Con for the home-building industry,” said Borre Winckel, president and CEO of the Building Industry Association of San Diego County.
RETAIL: Sony Deploys Variety of Store Formats As Retail World Changes
At places like Fashion Valley mall, locally based Sony Electronics has recently been busy adjusting to a world in which consumers not only are changing up the way they interact with their gadgets — increasingly outside the home, and in the palm of their hand — but also how they buy them.
PROPERTY: East Village Transformation to Create Tech, Design Hub
Lowe Enterprises and locally based I.D.E.A. Partners recently moved forward with plans to develop a $90 million mixed-use development in East Village, considered the first element in a long discussed strategy to turn the downtown neighborhood into a job-creating hub for cutting-edge technology and design firms.
TRAVEL: Good Signs Include Line’s Mexico Investment Plans
Local officials say potential future expansion in Mexico by Carnival Cruise Lines could prove crucial to reviving San Diego’s recently sagging cruise ship industry.
Tourism: Iconic Hotel Is Major Tourist Draw
The resident historian at Hotel del Coronado notes that the historic beachfront property — marking its 125th anniversary this year — not only put San Diego on the map as a national tourist destination, but also helped pave the way for the military presence that also drives the local economy.
TOURISM: Plan Will Raise Area’s Profile as Tourist Draw
If it can clear some significant long-range hurdles, San Diego can turn its cross-border proximity to the growing city of Tijuana into a boon for the local hospitality industry, tourism and government leaders said at a recent forum in Mission Valley.
Real Estate Column
The latest figures from McGraw-Hill Construction show San Diego County 18 percent ahead of a year ago for construction projects in the pipeline.
BUILDING: A Process Called ‘Lean Construction’ Smooths Road to Renovation
Tenant improvements and site renovations have been crucial to the business enhancement efforts of local contracting companies over the past five years, as work assignments in new-construction projects remain tough to come by in San Diego County and elsewhere.
REAL ESTATE: New Agency Will Address Plans For Redevelopment Needs
San Diego officials in coming weeks will be strategizing on ways to maintain development momentum downtown and elsewhere in the city, without the help of the California redevelopment agency program abolished by the state last year.
PROPERTY: Tight Supply, Active Lenders, Hungry Investors Drive Sector
Lenders, investors and landlords continue to capitalize on San Diego County’s apartment fundamentals in the early months of 2013, with high demand and limited supply driving rents and property prices upward.
BUILDING: Firm Adds Workers To Handle Pre-Construction Jobs
Much of the work of Cumming Corp. is finished long before most of its clients’ construction projects begin sprouting from the ground. But an improving economy is spurring the San Diego-based company to brace itself to serve rising demand for its pre-construction project and cost management services.
PROPERTY: Firm’s Focus Is on Renovation Of Existing Properties
When Pacifica Hotel Co. recently sold the 73-room Empress Hotel in La Jolla, company leaders said the sale would open up opportunities for the growth-focused firm to pursue new coastal hotel development deals.
RETAIL: Hispanic Buying Power to Reach $1.3 Trillion in 2015
Specialty grocers serving the Hispanic community — such as Northgate Gonzalez Markets, Vallarta Supermarkets Inc. and El Super — have played a big role in filling some empty and underutilized retail spaces in San Diego County.
PROPERTY: Avison Young Brings Its Model to Local Market
Toronto-based commercial real estate services firm Avison Young is rapidly growing its own U.S. office footprint, most recently entering a competitive San Diego market already filled with several established regional and national brokerage players.
PROPERTY: Location Options Are Limited in Tight Market
Vacated San Diego County retail space often doesn’t stay empty for long, a continuing trend illustrated by cases like the recent closure of a Kmart store in Mission Valley.
TRAVEL: California Pacific On ‘Fast-Track’ for FAA OK
California Pacific Airlines’ newly appointed president and CEO, industry veteran John Selvaggio, remains confident that the fledgling carrier can take to the skies by year’s end, despite a long and turbulent certification and startup process.
REAL ESTATE: Vacancy Rate for Sector Is at Lowest Level Since Mid-2011
Improving fundamentals in San Diego County’s industrial property market are piquing the interest of locally based investors like SR Commercial, as vacancy rates in that sector continue to head downward.
Real Estate Column
A Denver-based investment firm has purchased a La Jolla apartment community located on a site with ties to San Diego’s history.
PROPERTY: Area’s Popularity Increasing With Various Firms
Mayor Bob Filner recently appointed Jason Hughes, who heads the local brokerage firm Hughes Marino Inc., to advise the City of San Diego on a volunteer basis as it decides what to do with a half-million square feet of downtown office leases set to expire in the next few months.
TOURISM: Cohn Restaurant to Also Be Part of Emerging Scene
San Diego developer Pacifica Cos. is nearing completion on a $34 million boutique luxury hotel in Imperial Beach, called Pier South, that local planners are also hoping serves as a big economic catalyst for the city and South County.
PROPERTY: Lower Rents, New Highway Are Area’s Pluses
Locally based Murphy Development Co., already the largest developer of industrial properties in Otay Mesa, is increasing its bet on that region’s long-term economic prospects by starting work on its fourth South County industrial project, a $300 million development known as Brown Field Technology Park.
REAL ESTATE: Company Boosts Portfolio With New $640M Acquisition
Leaders of BioMed Realty Trust Inc. note that the company’s recently announced $640 million acquisition of a life-sciences property portfolio, currently held by Wexford Science & Technology LLC of Baltimore, underscores two key aspects of a growth strategy that has actually been in place for some time.
PROPERTY: REIT Sets Goal of $200M In 2013Acquisitions
Excel Trust Inc.’s growth strategy for 2013 includes standing by the acquisition priorities that helped it significantly expand its business base since becoming a public company in April 2010.
Property: Limited Space Options Draw National, Local Investors
Continued recovery in San Diego County’s office market is catching the attention of local and national investors, with the first quarter of 2013 witnessing a string of high-profile property acquisitions and leasings.
DINING: Tom Ham’s to Make Better Use of Scenic Location
Locally based restaurant operator Shelter Island Inc. is in the midst of a $3.5 million makeover of its landmark Tom Ham’s Lighthouse at Harbor Island, aiming to pay homage to its history while better capitalizing on its waterfront location.
TOURISM: Funds to Be Released; Filner Says Transparency Increased
San Diego City Council will soon clear the way for the first new funding to be disbursed for promotion of the region’s crucial tourism industry, after the mayor’s office and Tourism Marketing District officials apparently resolved a bitter dispute over the district’s renewal.
PROPERTY: Terramar Sees Drawing Power of Good Food
Carlsbad-based Terramar Retail Centers has at least two notable restaurant tenants lined up for its $40 million project in downtown San Diego, known as “The Headquarters,” and is targeting an October opening at the renovated former police headquarters building.
TRAVEL: Legoland’s New Hotel Puts Park On the Overnight Map
The Carlsbad theme park was already called Legoland California Resort well before construction began on the colorful three-story, 250-room hotel set to officially open its doors April 5.
PROPERTY: Class A Space Fills Up, Heating Up Interest in Class B
What a difference an economic recovery makes, when it comes to the balance of power between office tenants and landlords in San Diego County.
TOURISM: $50M Renovation Planned For Historic Property
Pacific Hospitality Group Inc.’s next fixer-upper project is a planned $50 million renovation of the historic Warner Springs Ranch resort, which the San Diego company recently purchased in a bankruptcy auction.
REAL ESTATE: Investors Meeting Demand With Redevelopment, Renovation
Sorrento Valley and Sorrento Mesa have some of the region’s oldest commercial properties, with inventory dating back to the 1970s and earlier, but those submarkets have recently seen a rise in redevelopment, renovation and leasing activity.
TOURISM: New Site Hopes to Draw International Visitors
Construction workers are busily transforming a portion of Chula Vista into something resembling an island beach resort, as the parent of SeaWorld San Diego aims for a June 1 opening of its Aquatica San Diego waterpark.