Solar3D recently uprooted its corporate headquarters from Santa Barbara to Roseville, the home of its Sunworks subsidiary.
While the move only relocates a handful of employees, the symbolism is significant.
Solar3D is a publicly held solar-cell technology developer that had three to four employees at its 26 W. Mission St. office. It made sense from an efficiency and cost standpoint to consolidate all of its operations to Roseville, Solar3D President and CEO Jim Nelson said.
“Having our corporate records in one place and centralizing administration makes our year-end audit easier,” said Nelson, who will still live in his Santa Barbara home.
When Solar3D hired Chief Financial Officer Tracy Welch in February 2015, it had to choose between establishing an office in Santa Barbara or Roseville. The company chose Roseville because it would’ve been more difficult to attract and retain the six to eight employees working under Welch due to the high cost of living, Nelson said.
“Frankly, it’s the sunshine fact,” he said. “Everything associated with sunshine, including housing, costs money.”
Solar3D entered Roseville when it acquired Sunworks, one of the leading solar installers in California and Nevada, in 2014. Going forward, Solar3D will re-brand as Sunworks.
Nelson said the company will still look to grow in the Central Coast organically and through acquisitions. The company expects to generate revenues exceeding $100 million in 2016. That’s more than a 100 percent increase, Nelson said.
Ventura homes completed
A housing development in Ventura is projected to generate $26.1 million in local income, $3.3 million in tax revenue and create 359 local jobs.
Presidio Residential Capital and homebuilder Watt Communities has nearly finished the first phase of construction at Enclave, a 91-home community on 12 infill acres at 10630 N. Bank Drive in Ventura. Nine single-family homes are almost finished; construction on the entire project is estimated to be completed by the end of 2017.
Of the 91 homes, 77 are single-family homes on 3,500-square-foot lots, starting in the mid-$400,000s price range. Fourteen are duplexes, 12 of which will be affordable housing. They were designed by Los Angeles-based architecture firm KTGY.
California Bank & Trust, which has a branch in Oxnard, helped secure the construction loan. Watt Communities has developed more than 10 neighborhoods in Ventura County.
SLO reviewing projects
The city of San Luis Obispo Architectural Review Commission will take a look at hotel and affordable housing projects on March 21.
A proposed hotel at 2223 Monterey St. consists of 55 rooms and a recreational vehicle park with 23 RV/Airstream spaces. The project includes parking and site improvements at the historic former home of Milestone Mo-Tel, which was erected in 1925.
The San Luis Obispo Housing Authority is also proposing a 36-unit affordable housing development at 408 Prado Road.
Apartment complexes sold
Two apartment complexes in Port Hueneme recently sold for a combined $2.5 million.
An 11-studio apartment and bar development at 100 W. Pleasant Valley Road sold for $1.4 million at a 5.65 percent capitalization rate. The Scott Bernstein Trust sold the property to an out-of-area investor in a 1031 exchange.
An eight-unit apartment complex at 445 E. Scott St. sold for close to $1.1 million at a 4.65 percent cap rate.
Mark Hafeman and Robert Siew purchased the property from a longtime owner of 23 years, who was represented by Nick Henry of The Channel Group.
The properties sold within one month of being listed, Henry said.
• Contact Alex Kacik at [email protected]