|
- Traveler's Tales: San Francisco Voted Favorite US City - San Francisco's Continual Arts Rejuvenation As the United States economy continues to transition from manufacturing to an increased reliance on services and innovation, San Francisco's economy continues to succeed through this sometimes difficult shift. This issue of the SFCED newsletter highlights many pieces of good news and examples of progress. California Institute for Regenerative Medicine Headquarters Opens Today, on the eve of the anniversary of the passage of Proposition 71, the so-called Stem Cell Initiative, the San Francisco headquarters location for the California Institute for Regenerative Medicine (CIRM) - a.k.a. the Stem Cell Research Institute -- officially opened on King St. Mayor Gavin Newsom and California Institute for Regenerative Medicine (CIRM) Independent Citizens Oversight Committee chair Robert Klein presided over the ribbon- cutting ceremony which included CIRM president Dr. Zach Hall, San Francisco Center for Economic Development (SFCED) executive director Dennis Conaghan, and several others. Several SFCED board members were in attendance as well. Mayor Newsom commented on the new facilities, "We did what we said we were going to do, and the results look great. We are a city of dreamers and of doers." SFCED executive director Dennis Conaghan pointed out, "this is the culmination of many months of hard work on the part of many in the public and private sectors. Other cities competed well for this privilege, but San Francisco and the Bay Area proved that they are second-to-none in terms of biotech strength and ability to execute." It is believed that the presence of CIRM headquarters here in the center of biotech's largest research cluster will enable the greater success of the overall CIRM enterprise for the state as whole. San Francisco Economy Firing On All Cylinders… Among San Francisco's diverse, leading industries are media, information technology, and tourism. And in these industries and others, San Francisco is providing an increasing number of jobs and winning new recruits. Below are examples of some recent successes: The Orphanage Expands San Francisco-based visual effects studio The Orphanage recently announced its plans to add 300 more jobs to its existing 150. Founded by LucasFilms veterans, The Orphanage is seeking to expand after hiring industry legend and television cartoon creator, Genndy Tartakovsky, and winning the approval of private investors. "San Francisco and the Bay Area are the nation's premier digital arts hub, and announcements such as those like The Orphanage's serve to reinforce this fact," said San Francisco Center for Economic Development Executive Director Dennis Conaghan. "Attracting 300 more jobs in the digital arts industry will inject millions into the local economy." The Orphanage is currently working to launch a sister company that, it is hoped, will rival Pixar: Orphanage Animation Studios. With initial funding in place and script development underway, the new animation firm aims to hire 150 graphics artists to create its first film projected to be released in late 2007. The company will hire an additional 150 animators for their next film, projected to be released 18 months later. Now, the task at hand for The Orphanage CEO Carsten Sorensen and his team is to find approximately 30,000 to 40,000 square feet of office space for current employees that can be doubly expanded once the animation firm is launched. Sorensen is reportedly looking for space near the Presidio, in downtown San Francisco, and in the city's SoMa district. GuardianEdge Technologies Moves to San Francisco Software security company GuardianEdge Technologies recently relocated its headquarters from San Rafael, Ca. to San Francisco after receiving $6 million in funding from Silicon Valley venture capitalists. On Sept. 1, the company moved 30 of its 70 employees to its new location in SoMa, and aims to double its employee base by the end of next year. San Francisco Center for Economic Development Executive Director Dennis Conaghan said that he's excited for another information technology firm to join the city. "GuardianEdge's move further enhances San Francisco's information technology industry. The company made it clear that it will benefit from the greater human resources readily available at the transportation hub of the Bay Area economy." GuardianEdge relocated to the city to more easily attract engineering and management talent, according to the San Francisco Business Times recent report. Tourism, Restaurants Booming Tourism is on the rise, according to the San Francisco Convention & Visitors Bureau (CVB). According to the bureau, the number of San Francisco visitors rose 5.9 percent from 2003, reaching 15.12 million visitors in 2004. Compared to 2004 statistics, the January to July 2005 average hotel rates rose 3.5 percent, making the average room price $151.69. Occupancy rates were 74.4 percent, a 2.2 percent increase. Also, the CVB booked a record number of convention meetings, 925, for the fiscal year that ended June 30. The restaurant industry also seems to be flourishing, as many restaurant owners report that locals are eating out more. Oakville Grocery Napa Valley's Oakville Grocery expanded its business to San Francisco in early October, bringing 125 years of history with it. The company now occupies 4,000 square feet of space at its new location in the Cannery at Del Monte Square. Oakville Grocery has three other locations in different parts of the Bay Area. Its main draws are locally produced specialty foods and wine. Bay Bread Expands French native Pascal Rigo, owner of Bay Bread, opened his sixth bakery in San Francisco last week. This is the first of many more French-style boulangeries and bakeries to become a part of every San Francisco neighborhood, according to Rigo. Due to business demands and geographic limitations, Rigo does not fear industry saturation. By the end of 2006, he plans to open at least 12 more bakeries. Ultimately, Bay Bread would like to operate 50 stores in San Francisco, and expand into the East Bay. Real Estate Upturn Indicates Improving Local Economy San Francisco's commercial real estate sector continues to show real signs of strength, reflecting the underlying strength of the local economy. "This is an exciting time for San Francisco," said San Francisco Center for Economic Development Executive Director Dennis Conaghan. "The city has recovered from the the strains of a post-dot com, post-9/11 economy, and San Francisco's key clusters are thriving." Commercial real estate has experienced nine consecutive quarters of positive absorption, according to Cushman & Wakefield, Inc. The city-wide vacancy rate has decreased to 16.3 percent in the third quarter of 2005. Also, San Francisco's real estate investment market has surpassed all previous levels. Traveler's Tales: San Francisco Voted #1 Favorite U.S. City San Francisco once again claimed the title of favorite U.S. City for its 13th consecutive year in a poll taken by Conde Nast Traveler magazine. San Francisco ranked second to Sydney, Australia, among cities globally. "The general attitude and cultural diversity of the people, environmental awareness, and richness of the local restaurant and hotel climate continue to feed tourism," said San Francisco Center for Economic Development Executive Director Dennis Conaghan. "This title puts another feather in San Francisco's cap, and contributes to economic development as more and more travelers continue to come to the City by the Bay." Based on votes of more than 28,000 of the magazine's readers, San Francisco topped Santa Fe (N.M), Charleston (S.C.), New York, Chicago, Honolulu, New Orleans, Savannah (Ga), and Boston, respectively. Determining factors included ambience, friendliness, culture, restaurants, lodging and shopping. The Continual Rejuvenation of the Arts in San Francisco New developments, such as the reopening of the de Young Museum have "launched a wave of other new cultural attractions," according to the San Francisco Chronicle's October 9, 2005, editorial The opening of the magnificent de Young Museum received international acclaim. Other attractions coming soon: a new Conservatory of Music next to Civic Center, expanded performance space for the ODC dance group, a new California Academy of Sciences, the Museum of African Diaspora, the Contemporary Jewish Museum, the Mexican Museum, the Museum of Craft and Folk Art, and (possibly) the International Museum of Women. Both formal and informal arts institutions and groups help make San Francisco the attractive and vital city it is. The vitality and attractiveness, in turn, give our city its great economic and cultural resilience| For more information on these items or other SFCED news, please contact SFCED managing director Todd Ewing at tewing@sfced.org or SFCED communications coordinator Bonni Bohn at bbohn@sfced.org. |
