From Bankers Hill to Vista, local developers are refining small living with big, bold ideas

From Bankers Hill to Vista, local developers are refining small living with big, bold ideas. Think meticulous layouts without a wasted square inch, indoor-outdoor living, and amenities that rival boutique hotels, all in highly walkable neighborhoods. Scaling down has never felt so next-level.

Space Explorer

Before he built Hillcrest’s Cayuca residential community, Curtis Micklish made a major lifestyle change. The designer and his wife, Christina, who runs Urbanist Guide San Diego, downsized from 1,800 square feet to just 400. “It allowed me to understand what was really necessary for two people to live comfortably in a small space,” he says.

Everyone deserves to live in a comfortable, clean, affordable place they call home.

It’s no secret that San Diego is an expensive place to live. Throughout our city, residents at all income levels are experiencing a lack of affordable housing options at their price point.

Murfey Company has been committed to constructing affordable housing since completing our first development in Pacific Beach 10 years ago. We continue to design and build housing that is more affordable for all San Diegans.

Our multifamily residential development rents are geared toward one-income households: the single adult living on their own or the young college grad who is moving into their own place for the first time.

We accomplish this mission in many ways.

Generally, Murfey Company constructs studio, one-bedroom and two-bedroom apartment homes. These units feature modest square footage and include desirable amenities, such as washer and dyers. The property themselves offer curb appeal and a great location in which the walkability factor is high.

Many of our units are planned in areas of the city that are being redeveloped and revitalized. Banker’s Hill, Point Loma, Hillcrest and Pacific Beach are neighborhoods where you will see these types of Murfey Company projects.

Currently, we are developing a 100-unit project, Secoya (pictured), in Banker’s Hill that will offer 73 very affordable studio apartments for people seeking housing in the city. This property features a hot tub, outside grilling area with backyard space for entertaining, and an 8^th floor roof top deck with views of the city and Coronado.

We also are developing a single-family home neighborhood at CA-94 and Euclid Avenue. This is a 47-unit single-family home development that has 20 detached homes and 27 townhomes. Murfey Company is proud that this development will give first-time homebuyers the opportunity to enter the real estate home market.

Our success is a reflection of the City of San Diego’s policies and programs. Mayor Todd Gloria and city officials are committed to the affordable housing. Murfey Company benefits from city incentives, which in turn allows us to build more affordable housing units.

As native San Diegans, my brother Russ and myself want to see San Diego grow, thrive and succeed. We are doing our part to maintain San Diego’s reputation as an amazing place for businesses and communities. Providing affordable housing supports these goals.

Murfey Company is a leader in both residential and nonresidential development in San Diego and Southern California that is committed to excellence. For more information, visit www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light

San Diego’s Middlemarch Fund, created to finance construction for the “missing middle” — buyers who earn too much to qualify for government subsidies but not enough to pay market-rate rents — has invested in the $30 million Secoya on Fifth project, an eight-story mixed-income building on Bankers Hill that will have more than 100 apartments. 

Co-developer the Murfey Co. expects construction to be completed in late 2022.  Bishop Ventures is the other developer behind the project.

The project includes almost 2,800 square feet of retail space, but no parking for the residential units. 

According to one news report, the rental rates for the studio apartments are expected to start around $1,495 per month —affordable for a “low-income” single person earning 70% of the county’s median income, or $59,400 per year. Most of the apartments in the building will be studio units.

Secoya on Fifth was first project to receive an equity investment from Middlemarch, developed by Norwood Development Strategies founder and managing member Debbie Ruane. 

Orange County’s hotel sales broker Atlas Hospitality Group has issued its mid-year 2021 hotel sales report, which includes the sales of hotel properties in San Diego County. 

By June 30, a total of 28 properties were sold compared to 10 at the same time in 2020. Total sales in county hit $622 million, up 525% from the same period in 2021. 

The highest priced sale of a hotel in the past six months was the 210-room Hotel Indigo in San Diego’s bustling Gaslamp Quarter. 

The sales tag came to $180 million, according to the semi-annual report. 

Orange County’s hotel sales broker Atlas Hospitality Group has issued its mid-year 2021 hotel sales report, which includes the sales of hotel properties in San Diego County. 

By June 30, a total of 28 properties were sold compared to 10 at the same time in 2020. Total sales in county hit $622 million, up 525% from the same period in 2021. 

The highest priced sale of a hotel in the past six months was the 210-room Hotel Indigo in San Diego’s bustling Gaslamp Quarter. 

The sales tag came to $180 million, according to the semi-annual report. 

Eight-year-old venture-funded startup LawnLove, which bills itself at the Uber of lawn care, has been acquired, and will merge with Austin, Texas-based competitor LawnStarter.

Jeremy Yamaguchi, LawnLove founder and CEO, said the merger will “create the largest provider of residential lawn maintenance in the country.” Yamaguchi also said everyone will remain in place after the merger, with no job losses. 

The startup had received funding from such high-level investors as Y Combinator, Alexis Ohanian, football great Joe Montana and TV show investor Barbara Corcoran. 

Yamaguchi said the lawn care industry has been booming since the start of COVID-19 pandemic.

Jeremy Yamaguchi, LawnLove founder and CEO, said the merger will “create the largest provider of residential lawn maintenance in the country.” Yamaguchi also said everyone will remain in place after the merger, with no job losses. 

The startup had received funding from such high-level investors as Y Combinator, Alexis Ohanian, football great Joe Montana and TV show investor Barbara Corcoran. 

Yamaguchi said the lawn care industry has been booming since the start of COVID-19 pandemic.

The $28 million was $4 million less than the $32 million spent last year by the agency.

San Diego’s fast-growing bioengineering startup Genomatica said it has raised $118 million in a new funding round led by venture capital firm Novo Holdings. The fund-raise brings Genomatica’s total funding to $388 million.

The company reports that its sales this year have reached $48 million. 

The Genomatica website recently reported that it had reached an agreement with food-focused industrial conglomerate Cargill to scale up production of its bio-based butanediol, used in the production of such products athletic apparel and seat cushions, to more than 100,000 tons. 

The new facility will triple its production capabilities when it comes online in 2024.

Finally, some North County news…The Carlsbad Aquafarm, Southern California’s lone shellfish farm raising Pacific oysters and Mediterranean mussel, says it has introduced a tour and farm discovery walk, which explains the techniques and equipment needed to grow oysters, as well as showing how the farming process protects the natural ecosystem of the lagoon. 

The farm has been in operation since the late 1960s.

Check out the website for details on the “farm” tours.

Tom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to tom.york@gmail.com.

 

This article originally appeared on timesofsandiego.com

You have decided to tackle a home rebuild or initiate a major home improvement project, and the next step is to find the right builder.

Tip #1: It’s all about the details

All building projects have a budget and a timeline, so do your homework before meeting with potential builders. Before selecting the right construction company for your project, be sure you know what you want to achieve. A builder cannot offer an accurate bid or create a timeline without knowing the details. This will save time and money. It is common for clients to ask for changes to a project, which increases the costs and time.

Tip #2 Reputation matters

Choose to interview builders who are licensed, reputable and local. Ask for a list of past projects and past client references.

Why a local builder?

For starters, you can visit a couple of their finished projects and check out the completed work. Local builders generally use local suppliers and subcontractors. This will help your project stay on track, on budget and on time.

Tip #3 Spell out the terms

A building contract is a must and do not work with a contractor/builder who does not provide a written contract. There are many forms of a contract. Contracts for residential projects often include the drawings and schedules so it is clear what is included and what is not. And the payment terms are agreed upon before work begins, too. Remember, a contract addresses the “what ifs”, such as: What if the work is changed along the way? What if the project takes longer than agreed?

Tip #4 Hire the general contractor early in the design process

You are seeking a company that is committed to excellence at every step from bringing in their subcontractors, executing the complete scope, to meeting deadlines, providing a quality end-product, and protecting the owner’s interest by managing a budget, providing appropriate insurance, and tracking lien releases.

The earlier in the process that you can hire the general contractor, the better it is in the end. Even before the design begins, they can start saving you money and providing you with valuable feedback. It is common to hire the general contractor early under a preconstruction contract before awarding the general construction contract.

An easy way to select a general contractor early in the process (before the plans and scope are ready to be bid) is to interview your top choices for general contractor. Use a placeholder value for the hard construction costs (i.e., the “sticks and bricks”) and then ask the construction company to provide pricing for their overhead, fee, management, and supervision based off that placeholder value. Ultimately, these fees are what a general contractor can control and negotiate early; the remaining project costs are going to be based off market pricing from subcontractors according to the design and scope of the project as dictated by the client (i.e., outside the general contractors control).

The company with the lowest pricing is not necessarily the best choice; the most experienced and most qualified company will save you time, effort and heartache in the long run.

After the general contractor is hired they can start digging into the project. Through competitive bidding, a qualified general contractor will be able to compare and negotiate subcontractor costs for services, materials and labor for each of the components of the project on behalf of the client. Depending on the size of a project, three to five bids are reasonable. The general contractor will also be able to provide valuable cost savings ideas to help implement the design and client vision.

We appreciate it when potential clients let us know early that they have identified Murfey Company as their strongest candidate and would like to ask for additional information. This gives a general contractor the opportunity to answer more detailed questions and to start providing more time and attention to the potential project.

Tip #5 Stay calm

The final stage of the project sometimes can be a little bit rough for the property owner and the builder. The owner can be anxious to get the project completed, and the builder still has many loose ends to tie up.

To minimize potential frustrations, write a comprehensive list of items that the builder needs to complete and review it together. Before you know it, you will be enjoying your new space.

Murfey Company has been helping San Diegans Create Their Lifestyle since 2009. For more information go to www.murfeycompany.com.

 

This article originally appeared in the La Jolla Light

A long time ago in a galaxy far, far away … it was a dark time for the rebel neighborhood. Although the death star virus had been destroyed, the people had not been able to celebrate the independence of their beloved rebel nation in the way they were accustomed. Over a year later, the people have left their bases and are taking to the streets for well-deserved fun, parade and party. The 4th is strong in these ones, and they will celebrate freedom once again.”

So read the shirts that volunteers will wear at the 42nd annual Bird Rock Fourth of July Parade, themed “May the Fourth of July Be With You.” The parade is scheduled to begin at 10 a.m. Sunday, July 4, along Beaumont Avenue. It was canceled in 2020 due to COVID-19-related restrictions on gatherings.

The event will be slightly modified, organizers said, but will still aim to create the community joy of past years.

“We’re excited to have a reopening and opportunity to celebrate coming out of this stressful year and a half. But we’ve eliminated some things that would put people in close quarters, like kids [bounce houses]. And in the past, there was food and hot dogs donated by the community … but we’ve eliminated that, so no donated food,” said organizer Russ Murfey of the Murfey Co. construction firm. “We are encouraging social distancing and will have increased hand-washing stations. Luckily, the entire event is outside, which is a safe spot to be.”

Murfey and his brother Scott have run the parade for six years and have attended since they were children.

“The parade is always important to us, it has a special spot for us from our childhood and through our lives. Now that we have children, we get to pass along that celebration,” Russ Murfey said. “As far as this year goes, this is the opportunity to see a lot of people we haven’t seen in a long time.”

Planning for this year’s parade started in April, around the time the state announced its intention to fully reopen the economy and lift its COVID-19-related tier system on June 15.

“We were holding off for that information; that was a major driver in the decision,” Murfey said. “Thankfully, we have the city permit process dialed in [from past parades] and it was just a matter of getting our ducks in a row. It’s part and parcel with our everyday work. The parade ends up being a mini-project we enjoy working on.”

When it came to choosing a theme, organizers were looking for something in pop culture that “the kids would like,” Murfey said.

Resident Josh Oliver, who Murfey said “usually makes one of the best floats and goes all out,” came up with “May the Fourth of July Be With You,” a nod to the “Star Wars” phrase “May the force be with you.”

Murfey said the theme had extra significance for him and his wife, Maureen. “My son was born on May 4 (culturally known as Star Wars Day), so having a theme for him, I think, is hilarious.”

Maureen came up with the shirt design, and the theme was set. So get ready for floats adorned with droids, Death Stars and maybe Darth Vader.

“Our hope is that people go all out with the floats,” Murfey said. “The floats are what make the parade unique. Some floats can barely roll and some are built like a Sherman tank. Some people decorate a wagon the morning of, others plan it for weeks. It’s all about having fun, getting creative and getting the kids involved. We want to create some memories with something fun and unique.”

Donations to help support food and entertainment are being accepted at gofundme.com/f/2021birdrock4thofjulyparade.

Business Spotlight features commercial enterprises that support this publication.

 

This article originally appeared in the La Jola Light

A 100-unit apartment complex with no off-street parking is the first to make use of San Diego’s new “Complete Communities” program, which city officials hope will spur developers to build more projects that combine affordable and market-rate housing.

Secoya, currently under construction at the corner of 5th Avenue and Redwood Street in Bankers Hill, is a joint venture between local development firms Murfey Company and Bishop Ventures. Most of the units will be studios with some one- and two-bedroom apartments.

Bishop Ventures CEO Gilman Bishop said the roughly 10,000 square foot lot is about the size of two single-family home lots. Under normal rules, a project on that lot would be limited to 25 units. Up to 50 units would be allowed under the city’s more modest affordable housing incentive program.

But the Complete Communities program, approved last November by the San Diego City Council, allows a developer to completely sidestep regulations on the number of units allowed per acre. Instead, the city regulates the building’s size based on the square footage of floor space, which means the builder can pack as many units into the design as will fit.

“It incentivizes developers to build smaller units so they get more units within that same envelope,” Bishop said. “What you end up with is a lot of smaller units that are naturally affordable.”

In exchange, the developer must agree to set aside a significantly higher portion of the homes as affordable housing than under the city’s other incentive programs. Bishop said seven units will be affordable for very low income households and another four will be affordable for moderate income households.

Ryan Wynn, director of development at Murfey Company, said even the apartments without restricted rents will be more affordable than the average for Bankers Hill. The studios are expected to start around $1,495 per month — considered affordable for a “low-income” single person earning roughly 70% of the county’s median income, or $59,400 per year.

RELATED: San Diego Tweaks 8-Year Housing Plan To Satisfy State Requirements

In addition to their small size, the apartments will also come with no off-street parking. While that may turn off some potential tenants, Wynn said the neighborhood’s walkability, proximity to Balboa Park and the addition of protected bike lanes connecting to Hillcrest and downtown could still attract both young professionals and empty nesters.

“We feel like the demographics are pretty wide ranging of people that don’t necessarily need a car,” Wynn said.

Mayor Todd Gloria praised the development and said it was in line with his goals of growing the housing supply in areas that are less car dependent.

“One of my top priorities is to increase production of homes, close to transit stations and job centers, for low- and middle-income families and individuals — so, it’s fantastic to see the first development under our Complete Communities program break ground,” Gloria said. “I’m looking forward to unveiling a package of initiatives in the coming weeks aimed at doing more to expand affordable housing options.”

 

This article  originally appeared on KPBS

You have decided to create the space you always wanted and want to build your dream home – or complete a major renovation. The next step is maneuvering the construction loan process.

While a mortgage involves the lender and the borrower, the construction loan includes a third party – the builder.

Like all home loans, interest rates depend on multiple factors. Lenders qualify you based on credit score, debt-to-income ratio and the percentage to be financed. Generally, interest rates for a construction loan are higher than mortgage rates.

Additionally, many loans require the lender to make payments directly to the contractor. These payments are made in installments as construction deadlines are met. After construction is complete, the loans are either converted to permanent mortgages or paid in full.

A variety of home construction loans are available. Below is a brief overview of the most common ones.

Home remodel loans

The amount you can finance to renovate your existing home depends on the appraisal value of the property after the improvements are made. Your contractor and the renovation plans need to be approved by your lender. The funds are submitted directly to the contractor.

In general, a construction loan offers a longer repayment period and a lower interest rate than a home equity line of credit or a personal loan.

Renovation construction loans

Also known as a 203(k) loan, the renovation construction loan adds in the cost of major renovations to the mortgage instead of being financed after closing. The loan is based on the home’s value after repairs and renovations. These loans make sense if you are buying a fixer-upper but do not have the cash required for renovations.

New construction loan

When you are building a home from the ground up, there are no improvements to secure the loan, so expect the lender to thoroughly review your finances, the architectural plans and your builder. The lender will pay home construction loans to the builder in installments, which is called a draw. Each draw coincides with a key phase of the project, such as pouring the foundation, framing and finishing work.

An inspection is typically required before each draw is released to the builder, and the amount of that payment is based on the work completed, as noted in the inspection report.

Construction-to-permanent loans

This one-time loan funds the construction, then the borrowed amount is converted to a permanent mortgage after the building is complete. Also known as a single-close construction loan, the interest rate is locked in at closing. Borrowers make interest-only payments while the home is under construction. Because the interest rate for these loans can be high, shop around.

Construction-only loans

A construction-only loan, or two-close construction loan, is a short-term loan that must be paid off when construction is completed. The interest rate is higher than a traditional loan, and there will be a second set of loan fees when you apply for a traditional mortgage. Construction-only loans are an option if you have large cash reserves or want to shop for a permanent lender while building.

Owner-Builder Loans

The owner-builder loan is for borrowers who want to act their own contractor. However, the borrower must demonstrate through experience and licensing that they have the expertise to supervise and manage the construction.

Murfey Company is a leader in residential and nonresidential development in San Diego and Southern California that is committed to excellence and helping clients navigate the building process. Murfey Company also has extensive expertise in negotiating and securing construction loans and can be a tremendous resource in getting projects financed. For more information, visit www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light

Existing homes are selling incredibly fast in San Diego County and throughout Southern California, and the same holds true for single-home residential construction.

Simply said, single-home construction in SoCal is booming. Because of the high demand, the region is on track to build 9,500 to 10,000 homes this year.

Construction experts report that single-family home building in San Diego County increased during the first nine months of the year, up 11.3 percent from the previous year with 2,516 permits. Just behind San Diego County is Riverside County, which experienced a 7.3 increase in single-family building permits during the same period.

Data for San Diego County, provided by the Construction Industry Research Board, shows that 3,831 permits were pulled in the first 9 months of 2020, and 1,094 permits were pulled in unincorporated San Diego County. It was followed by Chula Vista with 489, Vista with 345 and Carlsbad with 340. Communities with the fewest housing permits were Solana Beach with 10, Del Mar with 11 and La Mesa with 13.

On a state level, California has seen a slight slowdown in single-family residential construction. The California Association of Realtors is forecasting just a 3.8 percent increase in building permits in 2021. The state’s single-family home creation fell to 6.3 percent, below its 6.9 percent average during the previous five years. Nationally, 11 states performed worse than California, and single-family permits rose 14 percent elsewhere in the U.S.

The state’s strict pandemic business regulations, the high cost of housing and the cost of new construction as well as a shortage of construction workers have affected the state’s rate of new construction. Stay-at-home mandates created a wait-and-see approach from some builders, who decided to delay construction plans, too.

However, in Southern California communities, residential construction has been thriving. The city of San Diego’s success in part is related to the proactive programs created to move some of the construction approval processes online. These steps helped to maintain safety while allowing the construction momentum to continue.

The bottom line is – all of this is very good news for San Diego.

Murfey Company, a leader in residential and nonresidential development in San Diego and Southern California, is dedicated to building housing as a developer of its own projects as well as a third-party builder for developers who seek are seeking a construction company to team up with. For more information, visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light