Rob AriasA few local business stories aggregated across the interwebz in this months’ E’ville Biz digest.
The long-anticipated “Nady” site housing project on Shellmound may soon be breaking ground after securing a new construction loan. A 186 unit multifamily project was approved in 2016 but has lain fallow since. The building was demolished in 2019 after being the target of squatters.
Clif Bar’s recently hired CEO Sally Grimes announced some internal restructuring that will eliminate 125 jobs and open hiring for 50 others. Grimes noted that the internal changes were needed to speed product innovation as she targets “doubling” revenue.
MobiTV, a once promising streaming TV company headquartered in Emeryville, has declared bankruptcy and may be looking to sell off its assets. CFO Terri Stevens noted that the pandemic has “materially impaired the company’s growth opportunities” in a letter to partners.
CIM Group Closes $89.0 Million Construction Loan to AMCAL for Northern California Apartment Building
CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that it has closed an $89.0 million construction loan to AMCAL, a leading developer of market rate, affordable and workforce housing in California, Texas and Washington. The loan will finance the development of Bayview, a seven-story, 186-unit apartment building with 257 parking spaces located on a 2.3-acre site in Emeryville, CA.
The property’s 186 units are designed with floor plans ranging from studio to three-bedroom units and townhome-style residences, and offer unobstructed, panoramic views of the San Francisco Bay and Golden Gate and Bay Bridges. Amenities at the property include a fitness center, co-working spaces, a clubhouse, and an indoor/outdoor roof deck. Construction is anticipated to begin this month.
Read More on BusinessWire.com
Streaming TV company MobiTV reports net loss of $34M, files for Chapter 11 bankruptcy
Television streaming company MobiTV, based in Emeryville, filed for Chapter 11 bankruptcy reorganization Monday on the heels of huge financial loss for 2020.
In a note to partners, the company said the bankruptcy action “does not mean the company is going out of business,” adding that it has secured $15.5 million in financing from T-Mobile to fund operations until it can figure out a way to remain in business and meet its debt obligation, likely by selling off assets.
Read More on SF Business Times (paywall may apply)
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Clif Bar CEO kickstarts growth ambitions with layoffs, investments in innovation and tech
By Alex Barreira
Clif Bar & Co. CEO Sally Grimes planted the first piton Monday in a steep — and, she hopes, fast — climb to double revenue and speed product development for the 30-year-old Emeryville snack company.
The company is investing in new talent and technology to help it quickly adapt to consumer demands changing “faster than ever before,” the CEO told me in a phone interview this week.
Grimes, who was appointed last June by Clif Bar co-owners Gary Erickson and Kit Crawford, declined to offer a timeline for doubling revenue. The company had $900 million in sales in 2019.
Read More on SF Business Times (paywall may apply)
East Bay Report: Inside Emeryville’s life science Renaissance
By Neil Gonzales
An ambitious vision by pioneering biotechnology company Chiron Corp. for a grand complex could have turned Emeryville – not South San Francisco – into the life sciences epicenter of the world.
That plan to develop laboratory buildings and office towers in the 1990s never panned out, however, and Emeryville instead continued its transformation from a historically industrial town to an upscale mixed-use urban center.
Read More on SF Business Times (paywall may apply)
[…] 6701 Shellmound Street was approved by the City in 2016 but just recently began construction after securing a new loan. Demolition of the previous building occurred in 2019 and grading of the site is already underway. […]