In Your Corner magazine | Summer 2022

HOME EQUITY LINE OF CREDIT

In this issue ISSUE 11 | 2022

NAVIGATING TODAY’S BEST HIRING PRACTICES How to hire candidates in this new era

COMPETITIVE EDGE Fostering innovation in the workplace with DEI

EARLY ADOPTERS: THE PLEASURES AND PERILS 5 tips on embracing the latest innovations

AVOIDING PAYMENT APP SCAMS Be cautious when sending money online

A CITY IN METAMORPHOSIS Downtown San Diego is on track to become California’s biotech core CB&T’S VISION, MISSION, VALUES CB&T enters a new era focused on building and strengthening banking relationships

Unlock your home’s value with a HELOC from CB&T You may have a good amount of equity in your home, and now’s a good time to put it to use. Get a Home Equity Line of Credit (HELOC 1 ) at a competitive rate and you’re ready to achieve your dreams. Complete that project Upgrade the kitchen or install the pool you’ve always wanted Flip to page 25 for ideas on how to use a HELOC to add value to your home! Consolidate your debt Tackle high-interest debt at a lower rate Get what you really want Improve your life by putting the value of your home to work

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DINNER REIMAGINED Make a reservation for a unique California dining experience

TAKE 5 Q&A with Richard Hong, First Vice President, Business Center Manager, Albany

PUBLISHER California Bank & Trust (CB&T)

COMMUNICATIONS OFFICER | MANAGING EDITOR Kari Luu Stoddard COMMUNICATIONS OFFICER | PROJECT EDITOR Tom Stacey

MAGAZINE CONSULTANT Michelle Jacoby

EVP | DIRECTOR OF MARKETING Jathan Segur

CONTRIBUTORS Stacy Barry, Aaron Berman, Sally J. Clasen, Bruce Farr, Jake Poinier

VP | CREATIVE DIRECTOR Ron Gligic

SENIOR DESIGNERS Nathan Joseph and Diana Ramos

Visit calbanktrust.com/ heloc-offer for more details.

In Your Corner magazine may contain trademarks or trade names owned by parties who are not affiliated with California Bank & Trust, Zions Bancorporation, N.A. or its affiliates. Use of such marks does not imply any sponsorship by or affiliation with third parties, and California Bank & Trust does not claim any ownership of or make representations about products and services offered under or associated with such marks. Articles are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice.

1. See page 33 for important details and disclosures

Navigating today’s best hiring practices BY STACY BARRY How to hire candidates in this new era

Creative compensation While candidates are in a position to make more demands, some businesses are finding that money, still obviously important, is not the only priority. More than ever before, potential employees are placing added emphasis on flexibility, health and safety,

interview strategies, refined job descriptions, clearly communicated culture and values, and creativity in compensation and benefits. Full transparency A key component of attracting the right candidate is a job description that accurately reflects position requirements and necessary qualifications. Transparency of expectations prevents wasting valuable time interviewing — and possibly even onboarding — candidates who are not a fit. Once you begin the recruitment dance, the process should not only be painless for the candidate, but also consistent, with regular status updates at each point in the process and early immersion into company culture. “As soon as a potential new hire comes in, we want them to get an immediate, across-the-board sense of our collaborative, respectful and customer-focused culture,” says Eyring. “That’s the best way to see if our values align with theirs.” If at all possible, hiring managers should connect potential employees with other members of the team, so they can have formal interaction with people they’ll be working with. That way, as soon as they enter the team, there’s already chemistry.

clear line of sight to advance within the company and industry. “Companies will likely need to look at overall compensation packages on a more frequent basis,” Eyring says. Current employees are key One way to find hidden gems in the talent pool is to empower individuals already committed to your organization to identify and bring in candidates. Employees at every level who are regularly out in the community are able to recognize and appreciate good customer service when they experience it, whether it be from a retailer, wait staff or medical office receptionist. “We can train anyone with a customer-service mindset,” Eyring says. While many hiring managers identify the talent shortage as their most pressing challenge, retention of current and future employees remains a high priority. “Checking in regularly and consistently to see if things are going as expected and what the challenges are, makes everyone feel supported, appreciated and part of the team,” Eyring says.

A SUCCESSFUL RECRUITING and hiring the start of the pandemic. As companies continue to operate within the COVID-19 landscape, many hiring managers are faced with historically large numbers of positions to fill or a lack of qualified candidates to fill them. “In 22 years, I have never seen a more challenging market,” says Trina Eyring, director of talent acquisition for Zions Bancorporation. “There is a significant shortage of talent and finding the right people to join the team is definitely challenging.” effort has always required evolution and adaptation, but never more so than since Candidates with the most potential often have multiple offers to leverage against each other, or they’re taking a more passive approach, choosing to stay unemployed or in their current position until the perfect fit comes along. This candidate-driven market means companies must be extremely competitive, with enhanced

work/life balance and an organization’s core values when making their decision. “It would be nice if companies could just absorb all of the inflationary pressures that people are feeling, but that’s not feasible,” says Eyring. “A view of total rewards is becoming more important.” Full benefits on day one and more flexibility in scheduling is key, as is investing in continuing education and professional development. Additionally, candidates appreciate knowing that while you may be hiring for one position, there is a

“There is a significant shortage of

talent and finding the right people to join the team is definitely challenging.” Trina Eyring Director of Talent Acquisition, Zions Bancorporation

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IN YOUR CORNER ISSUE 11 | 2022

Fostering innovation in the workplace with DEI

Competitive edge BY BRUCE FARR

B EN ALVARADO IS ON A MISSION. As executive vice president and director of Core Banking for CB&T, Alvarado is mounting a dedicated campaign to further champion the practice of diversity, equity and inclusion (DEI) throughout the bank’s wide range of enterprise in California. That mission is a timely and important one. As a corporate practice, DEI has gained considerable momentum over the past few years. There’s been widespread — and increasing — recognition that innovation in business has many of its roots in diversity of thought and experience.

realized department within corporate governance has blossomed. DEI’s increasing prevalence and practice is fully understandable, especially in light of its impact on companies’ and organizations’ output. A 2020 report by McKinsey & Company demonstrated how organizations with gender- and ethnically-diverse leaders and employees innovate at a faster rate than their counterparts. The study showed decisively that diversity of thought fuels new product development and generates opportunity for all. Likewise, an article in the esteemed Harvard Business Review points out that in every company they reviewed, diverse teams were far more innovative, particularly those that promote cultural diversity. Making an impact That “cultural diversity” factor is one that Alvarado particularly embraces, because he’s lived it. Raised in a Hispanic home but in an Anglo neighborhood, he says

Why DEI matters Although the idea of promoting

diversity in business organizations has been in practice for quite some time, the widespread growth of this discipline has truly evolved into a core business function at many innovation-focused organizations. Especially in the past few years, DEI’s evolution into a wholly

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IN YOUR CORNER ISSUE 11 | 2022

awareness among CB&T employees, but he is also taking his passionate advocacy of the DEI concept into the community. He’s proud to be spearheading a handful of community outreach programs that help promote and extend diversity awareness issues in the California communities the bank serves. “One of the programs that I’m incredibly proud of is called Cultures United,” he says. “It’s an Orange County community-based forum in which local leaders speak on a variety of topics. The bank was the founding — and sole — sponsor of this program two years ago, and we’ve been using it to create conversations in the community.” In fact, Alvarado is a chair of Cultures United. Administered under the United Way umbrella, the program is designed to promote conversation, collaboration, philanthropy and unity in the community, all of which is informed and motivated by diversity, equity and inclusion. One of the latest such Cultures United efforts featured a two-part program celebrating the past, present and future of Black History Month and Women’s History Month. “Over the past 12 months, we’ve been getting out in front of a lot of boards that we sit on, and organizations that we volunteer on,” Alvarado says. “Again, it’s all about promoting awareness of these programs in the community. That’s a major thrust of what we’re trying to accomplish.” On the horizon Alvarado has a vision for the future of DEI at the bank. Among many plans, he talks enthusiastically about implementing an Intercultural Development Inventory (IDI) into the CB&T culture. “It’s really a way to assess the awareness and sensitivity of cultural differences and similarities in an organization,” he explains. “For example, you may not think you have any biases, but when we do an IDI, it helps to expose some aspects of our beliefs or behavior that we might not have been aware of. It helps us answer how culturally competent are we, and how much do we want to be?” Alvarado makes clear the benefits of

DEI EXPLAINED

“When we all bring each other’s perspectives into the mix, that’s when the magic happens, and we see real progress in DEI.” Ben Alvarado Executive Vice President and Director of Core Banking, California Bank & Trust

DIVERSITY The recognition of vital

differences that exist within a given group or environment.

that he was “singled out” for his ethnicity as a child. “I was sort of a kid and young adult without an island,” he explains. “I was never ‘Mexican’ enough for some, but then not ‘white’ enough for others. That experience has made me infinitely curious about others, and led to my enjoyment of hearing their different ideas, thoughts and perspectives. My sense is that everyone has a story, and it’s important to create spaces where people can confidently and safely share those stories.” Further building the DEI program at CB&T is a critical goal of Alvarado’s mission.“[The] first objective for an organization that embraces DEI is to create awareness of it,” he says. “What is DEI and why is it important? I want people to understand its impact on our lives and business, and promote openness and willingness to learn about that impact.” Once employees know what DEI is, Alvarado says the next question to answer is how the practice of it will impact the business. “People in the organization ask, ‘Now that I know what [DEI] is, where do I, personally, fit into it?’ We need to create a safe space to reassure people as to why it would be so valuable to have them sit in on or lead a diverse group, whether it’s diverse in its cultural makeup, gender or any other. When we all bring each other’s perspectives into the mix, that’s when the magic happens, and we see real progress in DEI.” As important as DEI is internally to any organization, its practice also offers the company a competitive advantage in the marketplace, Alvarado points out.

“It really gives a huge advantage competitively,” he says. “Especially since COVID, people have taken the time to reflect on who they are, who they work for, what their organizations are all about, and what is their purpose in life. These considerations have become even more important now, as people are looking for different jobs and changing lines of business. As an employer, focusing on [DEI] and letting people know that it matters helps turn a business into an employer of choice.” For example, at CB&T, one of the bank’s main expressions of DEI policy is its budding Small Business Diversity Banking Program. In short, the program provides loan credit to women, minority, LGBTQ+ and veteran-owned businesses. “This program expands the credit box that we look at in our loan decision-making process,” Alvarado explains. “The parameters that guide us in these decisions are expanded somewhat. So, if they happen not to qualify under the standard regulations, this box under the Small Business

EQUITY The act of ensuring that processes and programs are administered impartially and fairly, and that they provide equal possible outcomes for every individual.

Diversity program helps re- evaluate their application under a new lens.”

INCLUSION The practice of making sure that all people — regardless of their color, culture, gender or sexual preference — feel a sense of belonging in the workplace.

Community outreach Not only is Alvarado working to help generate diverse cultural

these DEI initiatives. “By promoting a rich culture of diversity in the workplace, it can help teams to be more creative and productive in their work — all while engaging in a lot more interesting conversations,” he notes.

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IN YOUR CORNER ISSUE 11 | 2022

Foldable laptops. Light bulbs that monitor your health. TV remotes powered by Wi-Fi radio waves. The temptation to be among the first to buy these and other examples of the latest consumer technology is overwhelming. In fact, 28% of Americans prefer to be “early adopters” when it comes to new technology, according to a Pew Research Center report. And the pandemic has only increased the number of gadgets purchased overall, reveals a recent survey commissioned by Mojo Vision, the makers of augmented-reality contact lenses. Naturally, there are both risks and rewards to being the first on your block to own the latest innovations. Here are a few:

BY AARON BERMAN

Early adopters: THE PLEASURES AND PERILS

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You’ll get a head start in understanding a technology that could soon sweep the

Whatever you buy today will soon be obsolete. Phones are a great example

PRO

CON

nation. Just think, for example, how much better you’d be at Zoom meetings if you’d been using the service when it launched back in 2012.

of this, with continuous innovation prompting more than half of consumers to replace their devices within two years, according to a study published by peer- reviewed journal publisher MDPI. Despite the cons, many consumers are quick to jump on the early-adoption bandwagon. If you’re one of them, take proactive steps to curb any risk.

There will likely be glitches. Being the first to use a technology also means

CON

being the first to stumble upon the parts that don’t work. Companies often treat early users as beta testers, using the bugs they experience to improve subsequent versions. Recall the first iteration of the Apple Maps app in 2013, which sparked safety warnings from police and forced CEO Tim Cook to suggest using other software after it led some drivers to cut across the Fairbanks International Airport runways, among other mishaps. The earlier you “buy-in” to a technology, the more bugs you will encounter. You’ll have a say in shaping future versions. Companies tend to listen to the complaints and suggestions of early adopters, often addressing both in subsequent releases. PRO

Five tips for getting the most out of being an early adopter

Buy from a trusted source with a solid return policy. Every time an exciting piece

of technology debuts, fraudsters do their best to capitalize on it by selling counterfeit versions online. Even eBay has been a fertile fleecing ground: Fraudsters will offer products like the Xbox gaming console and Apple iPad for sale, only to send customers photos of the items or empty packaging instead of the actual equipment.

Be careful when using a new technology in a potentially dangerous situation. While

more than $82,000 from 3,784 backers on Kickstarter in 2013, but has yet to appear. Decide how much privacy you’re willing to sacrifice. 5 The same cutting-edge technology that allows people to exercise greater control over their lives often relies on personal data, including the user’s location. In some cases, it can also be used against them, as it was when Ring doorbells were allegedly accessed by hackers who

many innovations promise to free you from everyday tasks, use common sense when it comes to high- risk activities. The use of Autopilot, the self-driving feature built into Tesla’s electric vehicles, for example, has resulted in at least 10 casualties, The New York Times reports.

The same cutting- edge technology that allows people to exercise greater control over their lives often relies on personal data, including the user’s location. In some cases, it can also be used against them.

Ensure there is an infrastructure in place to support your new tech. Increasingly, the

latest technology relies on other technologies to function. Before you buy the latest electric car, for example, you’ll want to know where charging stations are in your city. Other technologies, such as some electronic dog trackers and robot vacuums, depend on cellular phone service and smartphones to get the most out of their features. Use caution when investing in prototype products. In this age of crowdfunding sites, inventors’ lofty goals can sometimes delay the 4 delivery of their new gadget or software indefinitely. The Shadow app, for example, designed to plumb the depths of the global subconscious by analyzing users’ voice recordings about their dreams, raised

abused and threatened users via the devices, leading to a 2020 lawsuit. Know the risks and adjust your privacy settings accordingly. Bottom line: While it’s fun to be first, it’s worth weighing the advantages and disadvantages of any new technology before you take the plunge.

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IN YOUR CORNER ISSUE 11 | 2022

Avoiding payment app scams Be cautious when sending money online

I T’S SUMMER AND the patios are calling. But as gathering with large groups for happy hours or dinners resumes, so too does the headache of splitting the check multiple ways. That’s where the convenience of using a payment app comes in. Once you sign up for a payment service — such as Apple Pay, Google Pay and Venmo — you can transfer money to pretty much anyone from your computer, tablet or smartphone. However, as convenient as they are, all is not rosy when it comes to this technology. Fraudsters are happy to exploit the convenience of payment apps to separate you from your money or personal information. Here are three guidelines to remember: Know who you’re sending money to. Remember, most payment apps are 1 meant to be used between people who know each other and not to buy things from strangers. Treat these transactions like cash: Once you send the money, it’s gone. Do your due diligence to make sure funds are being sent to the right person for the right purpose.

Avoid using payment apps to purchase a product or service that you haven’t

already received. Depending on the payment service provider, there may be no recourse. Don’t disclose your personal information. Cybercriminals will pretend to be an employee of your bank or from your payment provider’s customer care center or fraud department. The fraudster will try to talk you into sharing your login ID and password. That’s a red flag. Enable multifactor authentication. Many payment services already include this security setting, which is a second step to verify who you are, such as a text with a code — for any accounts or services you use that support it. Your bank or payment provider will never call you to request information it already has or ask to remote into your computer unless you initiated the request for help with some banking issue. Always be careful when discussing financial details over the phone. When crossing the street, you always look both ways just to be safe. The same caution can be used when using a payment app. As long as you take precautions, you can enjoy the great convenience of using them with your friends and family. 3 4

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2-7: See page 33 for important details and disclosures

Our clients entrust us to help them with every facet of their financial lives. This is a high calling, and we take it seriously. And like any responsive business, our bank must continuously evolve to optimally meet the needs of our clients. In that spirit, we recently revitalized CB&T’s vision, mission and core values to reflect the current and future state of the organization. Ultimately, the process took our existing vision, mission and core values, and strengthened and enhanced them using the same foundation and principles. These are not just noble-sounding statements, but operating guidelines we incorporate into our daily activities and strategic decisions. We’ll make sure everything we do as a business — and most importantly, how we interact with clients — continues to stay true to our foundational values.

We've evolved our guiding principles, and kept the same commitment to you

I truly believe these renewed vision, mission and values represents us — and I am proud to share the results with you here.

Eric Ellingsen President & CEO California Bank & Trust

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IN YOUR CORNER ISSUE 11 | 2022

A CITY IN metamorphosis

D OWNTOWN SAN DIEGO — ever a city center thrumming with excitement, activity and innovation — is in the midst of what, perhaps, is the most significant transformation of its long history. Over the past few years, massive new development and redevelopment projects have been underway, auguring a seismic shift in the downtown commercial culture. Taken as a whole, these sizeable projects promise to usher in a new economic model in the city, one that’s guided by the rising star of life sciences research, development and practice. This new life science/biotech imprint will likely supplant the city center’s long history as a hub for finance and government. That older identity was especially relevant a few decades ago, when the multi-

Life sciences and biotech-targeted real estate development aims to transform San Diego’s core

BY BRUCE FARR

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IN YOUR CORNER ISSUE 11 | 2022

At eight stories and with 203,000 square feet, Genesis-San Diego is slated to be completed later this year.

level buildings rising above the city center and along its coast were bustling with more traditional “old economy” businesses and services. Now, however, with the advent of “new economy” thinking, investment and development, San Diego’s city core is poised to redefine itself as a model of 21st century economics and lifestyle. Why life science? The push for life sciences as a subclass of the U.S. economy isn’t new — life sciences research and development have taken root in greater numbers of American cities over the past decade. Perhaps the single-largest contributing factor to the explosive growth of life sciences is this country’s increasingly aging population, and the demands it creates for greater advances in healthcare. Couple

that with a timely shift to an economy that’s based on innovative and technologically advanced healthcare tools, medications and treatments, and we can better understand transformations such as the one San Diego is undergoing.

Biotech history Life science-oriented

businesses and institutions have been thriving in San

Diego for more than three decades. This is partly due to such iconic facilities as the public research institute at the University of California, San Diego, and the Scripps Research Institute in Torrey Pines. Adding to these are hundreds of smaller biotech companies that dot the suburbs and outlying areas of the city. But several factors — including the lack of new, leasable inventory in the suburbs and the increasingly difficult accessibility issues these high-traffic areas cause — have, in the past three years or so, ushered in a new real-estate-focused demand for space in San Diego’s celebrated downtown. The city core has become a new hub for these highly innovative industry niches. And, importantly, downtown was ripe for the type of new development (and redevelopment of existing structures) that these industry investors were seeking. At the end of 2021, the city’s office market, which includes downtown and uptown, had a vacancy rate of 20.8%. Downtown transformed Christina Bibler, economic development director at the City of San Diego, has been involved in city planning and development for the past six years. She offers some perspective on the downtown transformation. “There’s been this ‘awakening,’ if I can call it that,” she says. “It’s simply a case of people wanting to be centrally located in their work environment, and not spend their entire day on the road. [Because of

this] a lot of life science/biotech companies see the convenience of doing business in San Diego. Add to that the cross-border connection [with Mexico], which bodes well for these companies that do business in the city. It amounts to what I might call the ‘make-sense market,’ and that’s why we’re seeing a million-plus square feet of development underway.” The influx of real estate projects that are seeking life science tenants has created something of a domino effect in the city center. At the end of last year, San Diego had eight new-construction lab projects underway. In fact, about 5% of the city’s existing office supply is set to be redeveloped into lab space, according to a spokesperson for Jones Lang LaSalle Inc., an international commercial real- estate firm that specializes in life-sciences brokerage. “When you look at the growth trajectory for tech and life science here in San Diego, well, it’s really pretty staggering,” Bibler says. Capital funding Staggering, indeed. Connect.org, a tech accelerator organization whose website tracks and compiles venture capital funding news for San Diego, reports that last year alone, San Diego County startups raised more than $9 billion in funding capital, much of it earmarked for life sciences and biotech. Matt Kroe, a capital funding manager for Connect, says the explosion of new startups and the money to fund them is really off the charts.

“When you look at the growth trajectory for tech and life science here in San Diego, well, it’s really pretty staggering.” Christina Bibler Economic Development Director, City of San Diego

“It sometimes feels repetitive, with each of these reports announcing a new record high, but it’s important to continue to celebrate these wins for our region,” he notes. “Just six years ago, San Diego County was struggling to break $1 billion in annual venture funding. In 2021, we hit $9 billion.” Three such life sciences-aimed projects currently underway can be regarded as flagship undertakings, due to their size, scope and vision. They include Genesis-San Diego, The Campus at Horton, and the IQHQ Research and Development District. Genesis-San Diego The real estate project nearest completion among the three is located at 1155 Island Ave., where an eight-story, 203,000-square-foot office space is being converted to a premier, class-A life science development building. Under the aegis and guidance of Genesis-San Diego, the ambitious project will offer the scientific community with what is being termed “the most modern and cutting-edge facilities

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IQHQ The third and most impressive project is IQHQ’s Research and Development District (RaDD), a property on San Diego’s iconic waterfront, planned for completion in 2023. The developers’ vision is to attract biotech or pharmaceutical companies to a prime downtown location that spans three city blocks along the picturesque San Diego Bay. Its website notes that the campus “…will consist of mid-rise structures and a 17-story tower, including rooftop decks and green space.” RaDD will offer exceptional views of the bay and access to dining, shopping and music events in nearby Seaport Village. There will be easy access to the popular USS Midway and walking and biking paths along the Embarcadero. Perhaps more than any other single project in the city core, the $1.5 billion RaDD aims to distinguish downtown San Diego as a key biotech cluster. With IQHQ as its primary developer, the project covers more than eight acres on the waterfront and is expected to total 1.7 million square feet of lab, office and retail space. The entire project will include 150,000 square feet of on-site amenities, including ground-floor shops, restaurants, rooftop decks and a public paseo that travels the length of the property. Ripple effect Bibler says the completion timelines for this trio of massive projects are largely on schedule. “Genesis, for the most part, will be opening

designed to date, with strategically engineered laboratories and highly designed office space.” Slated for completion later this year, the structure includes over a million square feet, spread among eight stories of Class A LEED Gold life sciences space. The Genesis project’s website says that it “will provide an environment for fundamental innovation and creation.” The Campus at Horton The Campus at Horton’s website is emblazoned with three stark statistics: “7 city blocks. 10 acres. Over a million square feet.” Those clipped stats form the basis for what is shaping up to become one of the most significant projects in Horton Plaza’s long history as a city hub.

city and the regions in order to deliver. I’m happy to say that they are performing.” Bibler says that she agrees with the theory that these projects will beget even further innovative growth. “At the end of the day, having all of this office and lab development coming to downtown is helping to spur other projects,” she notes. One of them in particular is a brand-new, $1.5 billion dollar project called Tailgate Park that’s being developed in conjunction with the San Diego Padres. “It will produce 1,800 housing units, 50,000 square feet and a parking garage, among other amenities,” she says. “The point is the opportunity that these current large projects produce for the greater downtown; there definitely is a ripple effect.” Infrastructure is key One critical factor in the success of these projects is the degree to which city infrastructure can ultimately support them. “What it means is that we need to put forward conveniences like our central transportation hub,” says Bibler. “There’s an active conversation about that going on downtown that involves the city, the county, the state and our federal government. That’s because making these [infrastructural] enhancements is a multi-billion-dollar effort. Add to that the expansion

of our airport, which is another project that’s been underway for many years, but is finally under construction.” Bibler stresses the importance of the partnership the city, county and region has formed with the real- estate developers. “One really vital aspect of how the city is working with these private partners to optimize plans for these downtown spaces is how it will help ensure their convenience, attractiveness and the public’s access to them,” she notes. “For example, we just did a park agreement with the IQHQ team. There’s a public space that people need to be able to enjoy in order for these projects to be successful. And that includes a place for these new businesses’ employees to use, as well.” Bibler says she hopes the key takeaway is the city’s investment into prioritizing infrastructure, and the movement that the private sector has made to ensure that this downtown urban hub is really a resurgence of opportunity and vitality. “These projects are essentially laying the groundwork to move San Diego from what otherwise would have been a minor market into this international market that we truly are,” she says.

In 2017, the spacious complex was sold to Stockdale Capital Partners, which proposed a major

overhaul of the five-level former shopping mall, converting it into an innovative, sophisticated campus fully outfitted for life science/biotech research and application. One of the key focal points of the Horton Campus

IQHQ’s Research and Development District will span three city blocks along San Diego Bay, and offer such amenities as shopping, restaurants and rooftop decks.

imminently,” she says. “The Campus at Horton is still under construction, with delivery of the project slated for later this year or early next. And IQHQ, which is a behemoth of a project, is being actively marketed [to the public and potential tenants] right now. “IQHQ, in my opinion, is leading the pack with five buildings and a million- and-a-half or more square footage,” Bibler adds. “This project is really setting the bar very high as it regards public-private partnership. There’s really nowhere else up and down the California coast with that kind of waterfront development that required working with the U.S. Navy, the

redesign is on environmental sustainability. Among other notable features, the campus is designed to meet a zero-carbon goal and, to that end, will offer cooling by a central on-campus plant, including 5-MW

With a focus on environmental sustainability, Campus at Horton is designed to

meet a zero- carbon goal.

photovoltaic and battery storage systems designed to cut energy costs. It will also offer an on-site commercial blackwater treatment system, which is projected to save more than half of the campus’s potable water use. Inside the campus, a 10-story, 300,000-square- foot life science tower will provide lab space for life science or office tenants.

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Increasing your home’s value BY JAKE POINIER

H OME IMPROVEMENT projects run the gamut from whole-home, HGTV-style dream makeovers to less-glamorous tasks such as adding insulation, fixing pipes or replacing a worn-out roof. With housing and construction prices up along with inflation, it’s increasingly important to put your hard-earned dollars where they make the most impact on your quality of life — and the least pressure on your wallet. Wisdom about what to renovate and how much to spend isn’t confined to the realm of your real estate agent. Your local banker also garners plenty of insight from seeing what types of plans people have for their home improvement loans. “Kitchens and bathrooms are always going to be some of the most popular home enhancement projects,” says María Cedeño, CB&T vice president/area production manager. “Those are areas that really enrich your lifestyle and provide comfort and enjoyment.” Work-life retreat Beyond those tried-and-true remodels, some of the other current trends in the market are related to changes such as work-from-home policies and stuck-at-home experiences

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IN YOUR CORNER ISSUE 11 | 2022

during the pandemic, both of which forced us all to get more familiar with our living spaces. “What we’re seeing quite a bit of now is updating homes to include more of an open feel in the interior, especially combining or expanding spaces to the exterior,” Cedeño says.

“When it comes time to sell, it doesn’t matter what’s going on in the magazines or on TV, and it doesn’t matter what’s going on two or three miles away,” says Cedeño. “The focus should be on your immediate area.” Striking a balance Even the risks of too much customization or over- improvement need to be balanced with the family’s needs and aspirations. A movie buff might want an over-the-top home theater, a foodie needs commercial-

up in quality of life. “Sometimes, making highly

customized improvements won’t give you back a dollar- for-dollar return on investment in

the event of a sale. But you may decide to do it anyway if it’s a dream project or if it improves your lifestyle,” says Cedeño. “As long as you go into it with that mindset, it’s really just a personal decision.” If you are planning to sell in the near or mid-future, it will affect your strategy on whatever remodeling changes you want to make. “You’re probably going to want to stay more in the range of neutral changes as far as colors, materials, and design,” Cedeño says. “Success in selling a home is about presenting a clean canvas, where a buyer can imagine introducing their own furnishings into a wide-open space, personalizing it, and giving it their own style.”

The most common projects she sees are windows, breezeways or doorways that lead to the outside, along with improvements to the landscape and hardscape of the adjacent back yards or side yards. “Remember how happy we were to go to a restaurant and get takeout early in the pandemic?” Cedeño continues. “Retreating into a backyard oasis helped us get the feeling of being away when we couldn’t be away, and people enjoyed that enough that it’s still happening.” Similarly, upgrades to indoor workspaces are a center of attention — and anyone who’s had to spend hours hunched over a laptop at the kitchen table can understand why. “With a lot of us working from home either full-time or part-time, there’s a need for better functionality in home offices,” Cedeño says. “In some cases, it’s also a matter of the amount of space overall. We’re seeing

on investment. Those types of changes not only offer curb appeal, but they also convey the impression that a home has been well maintained. Because interior projects tend to be more personalized — and not everyone’s tastes are the same — the payback tends to not be as strong, so a homeowner needs to take more factors into consideration. First and foremost, that includes considering how you use your house and how long you plan to live in it. “Real estate is a major investment, but it’s also your personal residence,” says Cedeño. “Because of that, your individual comfort, style and financial resources are pretty much competing with any implications as far as the return on investment you hope to get.” For example, a family that needs another bedroom for a child who moves home or a separate living space for an aging relative may not have an alternative. Likewise, working from home a few days a week removes that hassle of commuting, but it also means you need a comfortable office space where you can be productive. No matter what improvements you make, the process of remodeling is a matter of striking a balance between enjoying the new space and features vs. the financial aspects. As part of the latter, one of the first steps is to assess what’s happening in your neighborhood — because any trends in size or amenities are what your home is eventually going to be compared to. Keeping renovations to a similar style, scope and price range can help avoid regrets down the line.

grade kitchen appliances, and, after all, it’s only prudent for a car collector to have a six-bay garage to protect their investments. An upscale master-suite addition ranks at the top in job cost ($320,976) and at the bottom in cost- recovery percentage (48%) in Zonda’s annual Cost vs. Value report, but it might represent a huge step

many people expanding their homes and adding technology, whether it’s for themselves or for their children needing to do schoolwork.” Lifestyle vs. ROI Rising material costs, partly due to a perfect storm of supply-chain issues and heightened demand, have made budgeting an even more vital factor in the renovation equation. Industry studies have found that exterior projects such as new siding, garage doors and windows offer the strongest return

Is a one-time close loan right for your renovation? 8 T raditionally, home improvements have been funded by saving up for the project or putting them on high-interest credit cards, but there’s a better way. CB&T’s one-time close loan uses the construction budget and projected future value of your home to determine the loan amount and financing strategy. These types of loans are best suited to larger projects ($100,000 and up) rather than smaller ones, all the way up to tearing down and rebuilding an entire home. “It’s a really flexible product,” says Cedeño. “You can use it to add to an existing footprint, such as building a second story or guest quarters. A one-time close loan can also be ideal for accessory dwelling units (ADUs) for expanded family needs, such as an older parent

“Success in selling a home is about presenting a clean canvas, where a buyer can imagine introducing their own furnishings.” María Cedeño Vice President/Area Production Manager, California Bank & Trust

who comes to live with you. And they’re not just limited to interior spaces — they can be used to create a backyard oasis or making improvements to the outside of a home.” A one-time close loan combines an upfront construction period with the permanent financing of a mortgage loan — an all-in-one solution that provides security and flexibility for projects that benefit from incorporating the construction costs and future value of the home. The construction term can be up to two years for a major project, which then transitions to a 30-year amortization principal and interest payment, just like any other traditional mortgage.

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IN YOUR CORNER ISSUE 11 | 2022

8. See page 33 for important details and disclosures.

71Above

Dinner reimagined

71Above LOS ANGELES At 71Above in downtown L.A., dinner and drinks are taken to a whole new level. Specifically, almost 1,000 feet about the sea with 360-degree views of the Inland Empire to the Pacific Ocean. Located in the U.S. Bank Tower, 71Above is the highest restaurant west of the Mississippi. The elevated spot combines a stunning panoramic portal to the city along with seasonal, modern American fare created by executive chef Javier Lopez. Guests can choose from a three-course menu with multiple options that range from light to heavier items, and dine from different vantage points, including sitting at the bar, in the main

dining area, at the interactive chef’s table or the edge table for two, or in the casual Sky Lounge. But remember to leave your baseball hats, shorts, sweatpants, excessively ripped jeans, flip-flops, beach attire and athletic wear at home or in the hotel. This top-shelf establishment requires a smart-casual dress code for dining high up in the sky. Lazy Bear SAN FRANCISCO What started out as an “underground” restaurant in chef David Barzelay’s apartment is now a permanent restaurant in San Francisco’s Mission District. Housed in a two-tier warehouse with

Make a reservation for a unique California dining experience

BY SALLY J. CLASEN

CALIFORNIA IS WELL KNOWN for its cooking chops and innovative contributions to the larger culinary scene. It’s also a place for memorable dining experiences worthy of an Instagram photo often reposted by fellow foodies. But if you really want to blow your epicurean mind, here are six unique dining concepts that reimagine what it means to go out for dinner:

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IN YOUR CORNER ISSUE 11 | 2022

Wolfie’s Carousel Bar

Held at urban public spaces around the world, Dîner en Blanc requires invited guests to wear all white — not ivory or beige, or any other shade for that matter — and bring their own square table, white chairs and a white tablecloth, plus a picnic basket with china, cutlery and a gourmet meal for two to the temporary soirée. Champagne and wine can be pre- ordered, but beer and hard liquor are verboten at the stylish event that sometimes draws thousands to the dining site. Instructions about the secret location for the mass “chic picnic” are given at the last minute and participants, who are either invited by former guests or earn a spot via a lengthy wait list, are transported to and from the event together. Californians can attend Dîner en Blanc in Los Angeles, Orange County, San Diego, Palm Springs, Sacramento and San Francisco.

mid-century modern décor, Lazy Bear is described as a contemporary American dinner party where guests freely roam and interact with the chefs. The distinct dining concept offers a multi-course tasting menu that has earned two Michelin stars. Like a rock concert, guests must purchase a ticket

(availability announced through the restaurant’s Twitter handle) to savor the rotating seasonal line-up, which features ingredients sourced locally from the Bay Area and prepared using contemporary and primal techniques with flavors inspired by the wilderness and nostalgia. Plus, the award- winning wine list contains more than 1,500 selections, including one of the world’s deepest collections of mature California vintages.

Outstanding in the Field ACROSS CALIFORNIA It might seem odd to make a reservation for

dinner in the very spot where your food is harvested — like a fishing dock — but Outstanding in the Field isn’t an ordinary dining adventure.

Napa Valley Wine Train NAPA Park your hybrid and jump onboard for a scenic and relaxing locomotive excursion

Hosted in farm-to-table spots such as vineyards, beaches, meadows and in city streets, as well as at organic and sustainable farms around the world, the company has a really short footprint. Instead of delivering ingredients to a restaurant, the roving culinary caravan brings the dining operations — and its signature long communal table — to the source so diners can reconnect with

train’s onboard kitchens. Plus, riders can tailor their wine trip with different rail experiences, from lunch and dinner to romance, mystery, observation deck viewing and exclusive private tours. Wolfie’s Carousel Bar SAN DIEGO You might want to hold on to your vintage cocktail at Wolfie’s Carousel Bar, a whimsical beverage and bistro destination whose main attraction is a circular, 24-seat carousel-shaped bar illuminated with 400 glowing bulbs that fully rotates every 14 minutes. If you can’t catch a ride

Lounge in New Orleans’ French Quarter, served with a sultry side of Parisian romance for a playful and interactive dinner vibe. The moveable feast includes a classic cocktail list with familiar French-inspired spirits such as Sazerac, Vieux Carré and French 75, and gourmet finger foods including steak frites, caviar and wagyu beef tartare. Dîner en Blanc ACROSS CALIFORNIA Say ooh-la-la to Dîner en Blanc, an international cuisine concept launched in Paris in 1988 to promote decorum and friendship, emblematic of high- French society in the Roaring ’20s.

through Napa Valley, one of the top wine growing regions in the world. The luxury train ride takes place in a restored, early-century Pullman railcar that rolls through a 36-mile stretch of lush vineyard countryside. The three-hour, round-trip journey departs from downtown Napa to St. Helena and back. Passengers stop and sip along the route at some of the most celebrated wineries in Northern California, among them Raymond, Robert Mondavi and

Domaine Chandon. En route, travelers are able to sample the rail’s own private label, select from the wine list and enjoy flights, as well as lounge in the elegant marble and wood dining rooms and enjoy Napa-style, multiple-course gourmet cuisine made from scratch in the

at the bar, you can sit at one of the three circular dining booths topped with carousel horses that slowly bob up and down overhead. Located near the north end

the land and celebrate the chefs, farmers, fishers, cheesemakers, vintners and brewers who supply the food. This summer and fall, the table will be set for several Outstanding in the Field events in California, from San Diego to San Francisco. But make your reservations soon because seats fill up fast.

of Little Italy in San Diego, the merry-go-round themed hotspot is inspired by the legendary Carousel Bar &

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IN YOUR CORNER ISSUE 11 | 2022

NAPA VALLEY WINE TRAIN

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