Peets Bank Circles and the Buck Institute

There are many things that separate Marin from other places. Some may point to the wide expanses of open space and parks. The cynical among you might name the astronomical cost of housing. And those with the souls of poets may identify the bucolic beauty of West Marin, or the sultry shape of the Sleeping Lady, Mount Tam.
But lately, when I consider the place where I hang my Giants cap, I’m focused on Marin’s almost comic lack of common sense. I say “almost comic,” because I can’t quite laugh about it—but I’m working on it.
For exhibit A, let’s cruise on down Sausalito way. This burg by the bay is known for drawing tourists from all over the globe who need a break from the beauty and fine restaurants that call San Francisco home. Residents often avoid the crush of visitors downtown, preferring instead to shop Caledonia Street, a place the Chamber of Commerce once left off a visitors map intentionally, so the locals would have someplace to call their own.
With this little bit of history in mind, the City Council’s decision to tell Peet’s Coffee it couldn’t open in a vacant building on Bridgeway is more than a little ironic.
The Emeryville-based coffee chain/formula/evil retailer wanted to open a store at 1250 Bridgeway, Sausalito’s main drag. Northpoint Coffee had formerly dispatched its brew at that address, but it shut its doors a little more than a year ago, and the building has sat as empty as California’s coffers since then.
Peet’s had wanted to open at the location last year, but since Sausalito has a policy of not allowing formula/chain stores in waterfront locations, the City Council would have to OK a zoning change. The decision was carried over to this year so a full council could vote on the java judgment. And by a vote of 3-2, Peet’s was sent packing.
Mayor Jonathon Leone defended the vote, saying, “This is about the uniqueness of Sausalito.”
I couldn’t agree more.
Sausalito isn’t alone in its desire to keep out the McDonald’s and Wal-Marts of the world. Other Marin cities and towns like Mill Valley, Fairfax and San Anselmo have expressed a desire to keep the chains of the world at bay, so Sausalito isn’t unique in voting to stop Peet’s from setting up shop.
And while downtown does have its share of boutiques and art galleries, it also has a bounty of t-shirt shops and stores catering to visitors. So, in that way, Sausalito isn’t much different than a city right across the bay, if one were to stroll, say, Fisherman’s Wharf.
Perhaps what Mayor Leone was driving at was the wisdom of turning away a successful company that has popular outlets in Mill Valley, Greenbrae, San Anselmo, San Rafael and two stores in both Novato and Corte Madera. Not that a coffee shop is going to generate a ton of jobs, but the jobs it would generate would dwarf the number of employees making a living at 1250 Bridgeway now, since that number is 0 as of mid-January.
And since jobs aren’t high on the list of what Sausalito city leaders want to add, I’m guessing the sales tax that Peet’s would throw off isn’t too important either.
Mayor Leone is right. During the worst economic slump since Wall Street traders were doing swan dives out of office windows—a slump featuring a largely jobless recovery—Sausalito is indeed displaying its uniqueness.

Bank as builder

When Sacramento developer Benjamin Catlin declared bankruptcy, he left Central Pacific Bank, Guaranty Bank, Principal Commercial Funding and Mechanics Bank holding a $27 million bag. But Novato’s Circle Bank is hoping to benefit from Catlin’s insolvency by purchasing a building at 999 Grant Avenue that’s part of the bankruptcy, demolishing it and building a new one in its place.
The details are far from complete, but the new development would be owned by the bank and include the bank’s headquarters on the second floor, while the first floor would house a Circle Bank branch and possibly retail space and a restaurant. The details, including a possible zoning change, still need to be ironed out with city officials. The existing building has been vacant for a decade, and the bank is counting on city leaders warming quickly to the idea of having a new building fully occupied. The bank could also benefit from the fact that the city of Novato, like many other cities and towns in the North Bay, is hurting for revenue as both sales and property taxes are down.
 

The Buck stops here

The Buck Institute for Age Research will begin construction on a $39 million addition that will be used to research and store stem cells. The new building will be the third for the campus that overlooks Novato and Highway 101. Buck officials say the new project will garner at least silver LEED certification and will be large enough for a dozen scientists to carry on research.
The California Institute for Regenerative Medicine has pledged a grant of $20.5 million if the Buck Institute can match it. Thus far, the institute has grant requests out for $15 million and will begin construction on the new project in the spring. The new building will have two floors, with the top floor used for research and the ground floor used for meeting and conference rooms.
But the basement is of primary interest to the Buck Institute, as it will serve as a stem cell storage facility. The storage will be a money maker for the center, as it’s likely that stem cells will be custom designed for shipment all over the United States as well as the world. And that adds up to a new revenue stream for the Novato lab.

Author

  • Bill Meagher

    Bill Meagher is a contributing editor at NorthBay biz magazine. He is also a senior editor for The Deal, a Manhattan-based digital financial news outlet where he covers alternative investment, micro and smallcap equity finance, and the intersection of cannabis and institutional investment. He also does investigative reporting. He can be reached with news tips and legal threats at bmeagher@northbaybiz.com.

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