Business report

Friday, July 29, 2022, San Diego Metro Magazine

The construction of the first phase of the
giant $1.35 billion Chula Vista Bayfront project

City of Chula Vista and Port of San Diego Hold Groundbreaking Ceremonies for The Catalyst Project – The Gaylord Pacific Resort and Convention Center

The city of Chula Vista and the Port of San Diego ended two decades of planning on Wednesday with the groundbreaking ceremony for the 1,600-room Gaylord Pacific Resort and Convention Center — the catalyst for the $1.35 billion Chula Vista Bayfront project. of dollars.

Gaylord Hotels is Marriott International’s leading convention hotel brand. Once built, this will be Gaylord Hotels’ first location on the West Coast. With its nationally recognized brand, the center is expected to spur further development on the 535-acre waterfront.
Decades in the making, the use of a public-private partnership was jointly designed by the Port and the City of Chula Vista and executed through the participation of RIDA Chula Vista partners, RIDA Development Corp & Ares Management. The port and city successfully secured $275 million in public bond financing to support public investment in the project and closed escrow in May. The first phase will include the resort hotel and convention center as well as a brand new public park, new roads, parking structure and supporting public infrastructure.
“The Chula Vista Bayfront is the defining project of a generation for the South Bay. We are finally realizing the fulfillment of all the tireless effort that hundreds, if not thousands, of people have invested in this project over the past decades,” said Chula Vista Mayor Mary Casillas Salas.

The hotel is currently scheduled to open in 2025. It will have a huge impact on the South Bay and San Diego area and attract visitors from all over California and beyond. It will create thousands of jobs during construction alone. Once opened, it will create a sustained economic impact of half a billion dollars each year with 4,000 direct and indirect permanent jobs, according to port and city officials.

Top photo: Rendering of the Gaylord Pacific Resort and Convention Center and other waterfront features. (Courtesy of the City of Chula Vista)

The ATLAS Campus
Regent Properties sells office and R&D properties in Carlsbad for $130.75 million

ATLAS, a 230,957 square foot office/R&D complex, and two Class A office buildings in Carlsbad, have been sold by Regent Properties for a combined price of $130.75 million.

ATLAS, which completed a massive redevelopment in 2017, was acquired by Boston-based Tritower Financial Group LLC for $88.75 million in June. The campus is located at 5909 and 5919 Sea Otter Place and was 81% leased to a list of tenants including DJO Global, Syneos Health, Nortek and Airspace Technologies.
The ATLAS Resort features outdoor work and meeting spaces with lounges, outdoor TV, kitchen and BBQ area, state-of-the-art indoor/outdoor fitness and wellness equipment, on-site cafe (Joes on the Nose), amphitheater and petanque courts.

Offices at 5540 Fermi Court, Carlsbad

The two Class A office buildings are located on adjoining lots at 5540 and 5541 Fermi Court. The 114,835 square foot portfolio was acquired by Silicon Valley-based Menlo Equities for $42 million in April. 5540 Fermi Court is a two-story building totaling 64,948 square feet. 5541 Fermi Court is a two-story building totaling 49,887 square feet.

Vice President Aric Starck and Senior Partner Drew Dodds at Cushman & Wakefield represented Regent Properties in the transactions. Ben Schwartz and Brian Share of Cushman & Wakefield arranged the financing for the ATLAS acquisition on behalf of Tritower, and the company will also handle leasing and property management for the project.

The George Kautz House
Historic La Jolla home to become high-tech boutique hotel

Brother and sister Hailey and Max Waitt renovate a historic La Jolla home that had been used as a bed and breakfast inn into a high-tech hotel catering to mid-1920s to mid-1940s travelers. of the George Kautz house, built in 1913, will be intact, but the interior of the house will have an all-new look inspired by the style of the early 20th century – but with a modern twist, according to Hailey Waitt.

Read more…

Evans Hotels appoints Jayne Aston as Managing Director
and promotes Will Cherashore to CFO

Evans Hotels, the family-owned hotel company, has appointed Jayne Aston as General Manager of the Bahia Resort, replacing Will Cherashore and appointing Cherashore as the resort’s Chief Financial Officer.

In his new management role, Aston will lead the extensive day-to-day operations of the Bahia Resort Hotel in Mission Bay. Cherashore’s responsibilities will include Evans Hotels financial reporting and compliance; recommend and implement corporate plans for capital investments and financing, and oversee and provide financial analysis for operations and management.

Prior to joining Evans Hotels, Aston worked for Hyatt Hotels and Resorts where she held several leadership positions of increasing responsibility at seven properties in six states. Most recently, she was Director of Operations at Hyatt Regency Hill Country Resort and Spa in San Antonio, Texas.

Cherashore began his career at Hotels in Evans in the marketing department and later worked as a sales manager for The Lodge at Torrey Pines. He then spent 10 years gaining significant experience in hotel real estate finance, asset management, redevelopment and operations. He served as vice president of finance for the Kelly Slater Wave Company and its parent company, the World Surf League.

American Specialty Health named one of the nations
The best and brightest wellness companies 2022

American Specialty Health Incorporated (ASH) was named one of the nation’s best and brightest wellness companies for 2022 by the National Association for Business Resources. The distinction recognizes companies that promote employee well-being, occupational health and well-being.

The company’s San Diego office had won six consecutive regional wellness wins in previous years; this is ASH’s first national win for this wellness award.

“It’s a great privilege to be named one of the National Leaders in Employee Health and Wellness, especially this year on the 35th anniversary of our company,” said the co-founder. , President and CEO, George DeVries. Over the years, we have developed a team of over 1,500 employees. I am so grateful to each of our employees. Together, we have been able to grow the business year after year, staying true to our longstanding guiding principles and a strong spirit of innovation.

MG Properties Acquires Milpitas Apartments for $193 Million

MG Properties, a San Diego-based private real estate investor, owner and operator, has purchased Eleanor Apartments, a 333-unit community in Milpitas, Calif., for $193 million.

The community sits in a premier Bay Area location defined by strong job growth and opportunity. Eleanor is a transit-oriented mixed-use community with 10,000 square feet of ground floor retail, completed in 2021. This luxury community has an attractive contemporary design and a robust set of common amenities , and residents can easily access a variety of restaurants and entertainment within walking distance. options around the property.

“We are excited to further grow our long-term presence in the Bay Area, a market that has strong potential for recovery from the impacts of the Covid crisis,” said Jeff Gleiberman, president of MG Properties.

The legal community presents a gala

The California Lawyers Association (CLA) and California Judges Association (CJA) are launching a new event – ​​a black-tie gala celebration – to raise funds for their respective charitable foundations.

On September 17, 2022 in San Diego, the Gala will bring together attorneys and judges from across California to recognize the best in the legal profession. Andy Buckley from the hit show “The Office” will be the master of ceremonies. ESPN SportsCenter host Sage Steele will deliver the keynote. The gala will serve as the closing event for ACL 2022 Annual Meetingto be held September 15-17, 2022 at the San Diego Hilton Bayfront Hotel.

“We appreciate the opportunity to come together as a statewide legal community, recognize our common goals, and shine a light on members who enhance our profession and beyond,” said Oyango A. Snell, CEO and Executive Director of CLA.

Qualcomm and Samsung expand and extend
broad strategic partnership

Qualcomm Inc. and Samsung have agreed to extend their patent licensing agreement for 3G, 4G, 5G and upcoming 6G mobile technology until the end of 2030. Qualcomm Technologies Inc., a subsidiary of Qualcomm Inc., and Samsung also agreed to expand their collaboration with Snapdragon platforms for future high-end Samsung Galaxy products, including smartphones, PCs, tablets, extended reality, and more.

These collaborations reinforce the companies’ track record of success and reaffirm their commitment to extending their technology leadership and delivering the best device experiences in the world.

“The extension of our licensing agreement is further evidence of our mutual commitment to long-term collaboration,” said Cristiano Amon, Qualcomm President and CEO. “Our relationship with Samsung has never been stronger. For more than two decades, we have worked together to lead the industry and we are excited to continue this strategic partnership to develop innovative technologies and products using the platforms Snapdragon to power more Samsung premium devices globally.