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Residential Real Estate Long Beach Feels Impacts of Housing Supply Crisis; Home Prices Continue to Increase

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Residential Real Estate Long Beach Feels Impacts of Housing Supply Crisis; Home Prices Continue to Increase 1_LBBJ_AUGUST1_2017_LBBJ 7/29/17 9:29 PM Page 1 August 1-14, 2017 Long Beach’s Newsmagazine www.lbbizjournal.com Inside This Issue P-T Public Editor Rich Archbold On U.S.-China His Career Living The ‘Daily Miracle’ Trade Relations I By SAMANTHA MEHLINGER an hours-long interview at the Business Journal’s Assistant Editor offices. “What could be better than that? I mean, Panel Weighs In On people ask me that all the time, and I think it’s Challenges Facing The Two f you don’t want to tick off Rich Archbold, maybe a form of age discrimination.” I Nations, Including Market Retail Industry Shifting public editor of the Press-Telegram, don’t ask As for the decline of journalism? “The main him when he is retiring. And definitely don’t go thing is, I think it’s a damn exciting time to be in. Access And North Korea To Experiential Shopping on about “the decline of journalism.” That’s what I tell young people. And we are cer- Page 16 “Why retire? I love what I’m doing. I feel like tainly not dying,” Archbold said. “If I get annoyed I BY SAMANTHA MEHLINGER I’m making a difference,” the 79-year-old said in (Please Continue To Page 36) Assistant Editor panel of experts in United A States-China trade rela- tions broke down the challenges facing the future of trade between the regions during a discussion hosted by the Long Beach-Qing- dao Association, an International Groundbreaking Ceremonies Sister City affiliate, on July 21. Held For Alamitos Energy Center The experts pointed to China’s role Page 24 in relations with North Korea, progress on opening up the coun- try to American businesses, and a major trade-driven, cross-conti- nental infrastructure project as (Please Continue To Page 30) IndyCar Gets The Nod Over East Coast Magazines Praise New Event Space – The Cove Rich Archbold, public editor of the Press-Telegram, started at the Long Beach newspaper in 1978. The Chicago-area Formula One Page 34 native began his career in the news industry as a paper boy at the ripe old age of six, and hasn’t looked back since. (Photograph by the Business Journal’s Larry Duncan) City Staff Recommendation Goes To Council August 8 REAL ESTATE QUARTERLY I BY GEORGE ECONOMIDES Long Beach Residential, Commercial Publisher Market Trends In Line With Prior Months City of Long Beach selec- A tion committee is recom- Low Supply Of Housing/Industrial Properties Persists; Office, Retail Mirror Lifestyle Shifts mending to the city council that Small Business Showcase: the Grand Prix Association of Long Beach (GPALB) is the “most Lakewood Blvd. & Stearns St. I By SAMANTHA MEHLINGER Much like the state, Long able in comparison to other Assistant Editor Beach continues to contend with coastal cities in the region. qualified firm to promote and op- Pages 38-39 a shortage in its housing supply, “I think it’s still a place where erate the Long Beach Grand Prix race” in 2019 and beyond. The 2 In The News urrent trends in Long lacking the inventory to meet the you have this urban core with a C Beach’s residential and needs of buyers, renters and in- reasonably open housing market,” current contract with GPALB ends 6 Real Estate Quarterly commercial real estate markets vestors. As a result, home prices Christopher Thornberg, founding with the 2018 race. 8 Perspective: Realty Views are remaining consistent with continue to push upward. Still, partner of Beacon Economics, Last November, the city received those of prior months, according those interviewed by the Business told the Business Journal. “I am two responses to its request for pro- 22 Going Green posals (RFP) for a “promoter” of 29 Newswatch to regional economists and local Journal view overall housing being cautious there because, yes, real estate professionals. prices in Long Beach as afford- (Please Continue To Page 6) (Please Continue To Page 29) Long Beach Business Journal PRSRT STD 2599 E. 28th Street, Suite 212 U.S. POSTAGE Signal Hill, CA 90755-2139 562/988-1222 • www.lbbizjournal.com PAID Los Angeles, CA PERMIT NO. 447 By Assistant Editor Samantha Mehlinger The Waiting Generation How many times have you heard criticisms about First of all, I ask you: how many people in Cali- adult Millennials living in their parents’ basements, fornia do you know with a basement? or unable to find a “real” job, or not settling down, Second, do you remember that little blip called the or just in general “delaying adulthood?” Great Recession? (Please Continue To Page 5) 1_LBBJ_AUGUST1_2017_LBBJ 7/29/17 9:17 PM Page 2 Page 2 • August 1-14, 2017 • Long Beach Business Journal In The News Lou Anne Bynum , an ex- month, the Long Beach Area Chamber of Long Beach Assistant Kent Peterson ecutive vice president at Commerce installed , vice City Attorney Michael Long Beach City Col- president of P2S Engineering, as its chair- J. Mais, left, is congrat- lege, has been elected man of the board for the 2017-18 year. ulated by City Attorney president of the Long Serving with Peterson on the chamber’s Charlie Parkin for being Beach Board of Harbor leadership cabinet as officers are: Chair- selected as the 2017 John Howard Commissioners. She man-Elect of Chick-Fil-A; Ronald M. George Pub- Bynum served as vice president Vice Chairman Community Development lic Lawyer of the Year Rhiannon Acree of the five-member group for the past two , Cambrian Homecare; by the California State Tracy Egoscue Mitra years. , a local environmental Vice Chairman of Public Policy Bar’s Public Law Sec- Rogers attorney, was elected vice president, and , The Boeing Company; Vice Chair tion. In announcing the Lori Ann Guzman Jim McCluskie former president is now Economic Development , award, John Appel- board secretary. She serves as the director Moffatt & Nichol; Vice Chairman Member- baum, chair of the Pub- Ron Piazza of financial services for the City of Hunt- ship Services , Piazza Family lic Law Section, stated ington Beach. The positions are tradition- Restaurants; and Chief Financial Officer in a prepared statement, Victor Gonzales ally rotated annually among the five , Holthouse, Carlin & Van “The selection of Kenneth Dami members. The vote took place at the board’s Trigt. At-large members are: , Michael Mais embodies Leslie Wille July 24 meeting, which was also the last for Tesoro; , Kaiser Permanente; the ideal public lawyer Doug Drummond Ivonna Edkins Robert two commissioners – and , Devry University; as one who has dedi- Rich Dines Bonnie Lowenthal Stemler Deborah . , a former , Keesal, Young & Logan; cated a career to provid- Castro Ken state assemblywoman and city council- , Creative Productions; and ing advice to his clients on a broad range of legal issues while maintaining his ethics Frank Colonna Houp woman for the city, and , , UHS Insurance Agency. Also on the and his sense of humor.” said Mais began his career with the city in 1979, working in owner of Colonna and Company Realty and 15-member cabinet are Immediate Past the city prosecutor’s office. He joined the city attorney’s office in 1985, and has served Jon Deusenberry a former councilman, are replacing Drum- Chairman , United Parcel as assistant city attorney since 2003. Mais earned his Juris Doctor from the University mond and Dines. The first meeting of the Service; and Chamber President/CEO of San Diego. (Photograph by the Business Journal’s Larry Duncan) new board is August 14. Sam Joumblat, Randy Gordon. The leadership cabinet plus who served as chief fi- 38 other business executives comprise the nancial officer of the Port chamber’s board of directors. Bob Dow- of Long Beach from ell, director of the Long 2006 to 2014, then left to Beach Gas & Oil Depart- serve in a similar posi- ment, has been appointed tion with Total Trans- to a three-year term on portation Services, has the American Public Gas Joumblat been named the port’s Association Board of Di- managing director of fi- rectors. The Washington, nance and administration. His responsibili- Dowell D.C.-based organization ties include managing an annual budget of represents more than 700 publicly-owned $750 million and a $4 billion, 10-year cap- natural gas distribution systems in 37 states. ital improvement program – the largest of . Keith Somers, CEO of Long Beach- any seaport in the nation, according to port based ACI Last Mile Network, announced officials. Frank Tapia has joined First that the firm has acquired CIPS Marketing Bank as a vice president Group, a print-distribution joint venture of of business banking for the Los Angeles Times and Digital First These bus operator trainees, chosen from an applicant pool of 150 candidates, graduated the South Bay and Media, both newspaper publishers. ACI earlier this month from Long Beach Transit’s eight-week training course and are now greater Los Angeles print-distribution services include daily working as licensed bus operators for the transit company. Pictured from left are: Danielle areas. He has 13 years of and weekly newspaper home delivery and Ferguson; Helen Bushrod; Frank Nieblas; Kaleab Gorfu; Rueben Watson; and Frank commercial banking ex- single-copy sales, small parcel distribu- Luna. LBT serves 26 million boarding customers in Southeast L.A. County. (LBT photo) perience, most recently tion, magazines, niche-publication distri- Tapia serving as chief financial bution and phone-directory delivery. ACI’s officer for a venture cap- major publishing customers include the ital firm. Based in St. Louis, First Bank is Atlanta Journal-Constitution, Los Angeles a family-owned bank founded in 1910. It Times, Miami Herald, Orange County has more than 100 locations in Missouri, Register, Palm Beach Post, San Diego Illinois and California, including two in Union-Tribune, St.
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