San Diego, CA
Longfellow Names New San Diego Head – San Diego Business Journal
SAN DIEGO – Longfellow Real Estate Partners has named a new managing director of the Boston-based company’s San Diego operations.
Peter Fritz replaces Nick Frasco, who was promoted to partner, West Division, where he oversees Longfellow’s growth throughout the Western U.S.
Fritz takes over Longfellow’s San Diego operations at a time when the life science real estate market is coming off a slow year.
San Diego Managing Director
Longfellow Real Estate Partners
“It’s no secret that the last 18 months have been tough,” Fritz said.
Vacancy rates for life science space in San Diego had risen to a countywide average of 12.4% at the end of 2023, with the vacancy rate reaching 28.5% in Sorrento Valley, according to Cushman & Wakefield.
The commercial real estate brokerage projected that “the significant decline in venture capital investment, layoffs from large life science users, and the absence of banks wiling to fund development loans will temper development.”
Even so, Fritz said that “our portfolio is stabilized with high occupancy.”
Strong Ecosystem of Life Science Buildings
When Longfellow entered the San Diego market in November 2018, the company went on a buying spree, scooping up office property and converting it to life science.
According to the company’s website, Longfellow has a San Diego portfolio of more than 4 million square feet.
Among its key San Diego holdings are the 515,354-square-foot SOVA Science District in Sorrento Valley and the 298,104-square-foot Biovista life science campus in Sorrento Valley that includes the California English restaurant by celebrity chef Richard Blais.
The company in September will complete Bioterra, a 323,403-square-foot life science campus in Sorento Mesa.
“We’re still very focused on the core market – Torrey Pines, UTC, Sorrento Mesa, Sorrento Valley,” Fritz said, adding that he is optimistic about the region’s life science industry’s prospects for growth.
“Certainly, long term, we’re very bullish on San Diego and on life science and life science in San Diego,” Fritz said. “There’s a lot of excitement that the later part of this year, going into 2025 is going to be really strong. From a commercial real estate perspective, there’s still some challenges to overcome.”
Overall, Fritz said that, “The science and innovation and the demand for new medicines is unchanged.”
San Diego is faring better than some of the other life science markets, Fritz said.
“There’s a strong ecosystem for the startups all the way to big pharma,” Fritz said, adding that he expects to see more partnerships between startup companies and big pharmaceutical companies.”
Fritz joined Longfellow in June 2019 as director of project management and development in San Diego and was promoted to senior director of development before becoming managing director.
Before he came to Longfellow, Fritz was vice president of Project Management Advisors, Inc. in the San Francisco Bay area.
Longfellow Real Estate Partners
FOUNDED: 2009
HEADQUARTERS: Boston
CEO: Adam Sichol
BUSINESS: real estate investment
EMPLOYEES: 200+
CONTACT: 918-838-7390
WEBSITE: www.lfrep.com
NOTABLE: Longfellow Real Estate Partners has invested in life science clusters across the U.S. and United Kingdom
San Diego, CA
Coastal Commission ruling opens door to development of National City waterfront
National City’s Pepper Park can soon expand in size by nearly 50%, thanks to a ruling this week by the California Coastal Commission to approve the National City Balanced Plan.
The approval of the plan at the CCC’s Wednesday meeting, developed by the Port of San Diego, means that not only will the popular park have the ability to increase in size, big changes are coming for commercial, recreation and maritime uses on the National City bayfront.
“We are grateful to the California Coastal Commission for its support of the National City Balanced Plan,” said Danielle Moore, chair of the Board of Port Commissioners. “The progress we have made has been anchored in tireless collaboration with the community, business leaders and, of course, the city of National City. It’s about bringing more recreational opportunities to the bayfront while also streamlining and strengthening maritime operations, and we are eager to bring these projects to life.”
Other components of the balanced plan include:
- Realigning Marina Way to serve as the buffer area between commercial recreation and maritime uses
- The closure of Tidelands Avenue between Bay Marina Drive and West 32nd Street, and West 28th Street between Tidelands Avenue and Quay Avenue, around six acres, to increase terminal efficiency by eliminating redundancies
- The development of a recreational vehicle park, tent sites, cabins and the “ultimate development of up to two hotels with up to 365 rooms, as well as dry boat storage,” a port statement read
- A connector rail project to connect the existing rail and loop track located on the National City Marine Terminal to additional rail car storage spots at the existing Burlington Northern Santa Fe National City Yard east of the National Distribution Center
The Board of Port Commissioners must accept the CCC’s certification, then the port and city can begin the process of completing the above projects.
“I am proud of the work we have done to help create a lasting legacy for National City, the Port of San Diego, and the entire region,” said Port Commissioner GilAnthony Ungab. “Nearly a decade in the making, this plan balances the interests of the community and many other stakeholders, addresses public access, maritime, and recreation uses, and expands waterfront access in my community.”
The National City Bayfront is 273 acres of waterfront land and 167 acres of water, and includes the National City Marine Terminal, Pepper Park, Pier 32 Marina, the Aquatic Center and pieces of public art.
San Diego, CA
Gloria announces effort to add more townhomes, cottages to San Diego neighborhoods
Mayor Todd Gloria announced an initiative Wednesday intended to expand housing options in neighborhoods by integrating small-scale residences such as townhomes, rowhomes and cottages into an area’s existing character.
The Neighborhood Homes for All of Us initiative is also intended to support community land trusts — nonprofit organizations that acquire land to create permanent affordable housing.
“Since Day 1 of my administration, I have been focused on building more homes that San Diegans can actually afford — and getting them built faster,” Gloria said at a news conference Wednesday. “‘Neighborhood Homes for All of Us’ is the latest piece of that puzzle. This innovative program will break down the barriers that have gotten in the way of building the type of housing that I believe is ideal for young families and first-time homebuyers for whom the dream of homeownership has long felt out of reach.”
Around 80% of land zoned for housing in the city is restricted to single-family homes, which continue to increase in price, Gloria said. And a significant portion of new housing being built consists of apartment buildings with primarily studio and one-bedroom units, leaving working-class families fewer and fewer options for homes.
Neighborhood Homes for All of Us is intended to increase the housing supply and allow community land trusts to keep housing affordable in disadvantaged communities for low- to middle-income families.
“San Diego is an incredible place to raise a family, and more families need the opportunity to do that in San Diego’s existing, highly desirable single-family neighborhoods where their kids can learn and play in a great community,” City Planning Director Heidi Vonblum said. “But today, that comes at a price that is out of reach for too many. Integrating more options for families requires careful and thoughtful planning, with input from existing and future community members across the city, to ensure these new home opportunities for San Diego’s families are built in ways that best enhance and benefit San Diego’s amazing neighborhoods.”
The initiative will roll out in two phases. In the first phase, beginning this week and continuing through next summer, San Diegans can help determine what the neighborhoods can look like. The public will be able to see renderings showing small-scale neighborhood homes within San Diego’s existing communities, along with new regulations that “provide a clear pathway for building these homes,” according to a statement from Gloria’s office.
Phase 1 will also include an open house and ways for the community to provide feedback and concerns.
Phase 2, scheduled for the second half of 2026, will be for city staff to develop regulations allowing for the building of more neighborhood homes in a way informed by the public feedback.
The initiative is partly funded through a Regional Early Action Planning grant from the San Diego Association of Governments.
San Diego, CA
Affordable housing project for San Diego Unified teachers moves forward
The first of five affordable housing projects for San Diego Unified School District teachers was approved on Wednesday night.
The school board voted unanimously in favor of working with the developer who bid on the project at the Instructional Media Center on Cardinal Lane. The Affordable Workhouse Housing project promises 100% affordability, with 108 one-, two- and three-bedroom units, and some surface lot parking.
“It’s a practical solution to a very real problem, and it sends a message that we are committed to stability, not just for employees but for the students,” one speaker said.
Board members say the project will be fully funded by the developer, DECRO Corporation based in Culver City, and that the estimated annual rent revenue is $125,000 dollars. It is expected to increase 2.5% each year.
Some in the neighborhood are concerned.
“We are one way in and one way out. We are built in a canyon,” neighbor Callie Grear said.
“Parking here is horrible,” neighbor Paul Grear said. “Everybody is parking in front of our street. I can’t even park in front of my house.”
“The safety of our neighborhood is in jeopardy with this plan,” neighbor Patricia Torres said. “We are already overcrowded. We are asking this board to reconsider building on this site.”
Despite the pushback, board members unanimously voted in favor of moving forward with the developer on this project. Unless exempt, it will first undergo city scrutiny. There are still four other locations still on which SDUSD wants to build.
A vote for housing on those other four properties has been postponed until January so that the school board can hold a workshop and appropriately question the developers that are bidding on those projects.
In all five projects, San Diego Unified hopes to build 555 units in the next 10 years.
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