Quick Take
In this week’s local business roundup, Jessica M. Pasko reports on $800,000 from the Monterey Bay Housing Trust for the downtown Santa Cruz library/affordable housing project, plus the sad state of the local cannabis industry, comings and goings and numbers to know.
Each week, we’re taking a closer look at the movers and shakers, the growth of industries, and what’s really driving the Santa Cruz County economy. I’ll be spotlighting some of the biggest areas for opportunity, updates on local development and all things underpinning the regional business scene, each Wednesday.
Got ideas? Send them my way to [email protected] with “Business News” in the subject line.
Affordable housing project in Santa Cruz gets $800,000 boost from tech sector
The planned downtown library and affordable housing project on Cedar Street in Santa Cruz is getting a $817,000 predevelopment loan to help create 124 units of affordable housing at the site.
The money comes from the Monterey Bay Housing Trust, a revolving loan fund sponsored by the Monterey Bay Economic Partnership and Housing Trust Silicon Valley in conjunction with the latter’s TECH Fund. Established in 2017, the HTSV TECH Fund works with the high-tech sector, large employers and philanthropists to spur investment in affordable housing. It’s raised over $118 million to finance more than 5,600 homes throughout the greater Silicon Valley area.
This latest funding will go to For the Future Housing, a San Jose-based company focused on building affordable housing, for the downtown library and housing project, which is currently slated to begin construction early next year. The project will include a 41,000-square-foot library and 235-space parking garage in addition to the 124 housing units.
In other affordable housing news, last week Apple announced it would fund a housing project in Santa Cruz later this year, but as Max Chun reported, details are slim and local officials said they hadn’t been contacted by Apple.
ICYMI: Cannabis industry’s sad state prompts changes across Santa Cruz County
Legal recreational cannabis promised new economic opportunity, but so far, it has failed to yield the expected returns. While the pandemic saw peak prices for the plan, cannabis revenue fell in the first three months of 2024, to $1.2 billion. As Christopher Neely reports, local dispensaries and grow operations say high taxes and black market competition are cutting into their revenues and making it harder to operate. Check out his full story here.
Ch-ch-changes: Openings, closings and other developments
- Library nonprofit names new executive director: The Friends of the Santa Cruz Public Libraries has appointed Sarah Beck as the organization’s new executive director. Beck most recently served as executive director of Pacific Horticulture, a Berkeley-based nonprofit focused on gardening education, with a focus on biodiversity, climate resilience and connecting people with nature. Friends of the Santa Cruz Public Libraries is the nonprofit that supports the Santa Cruz Public Libraries system through fundraising and advocacy.
- Hidden Fortress Coffee Roasting opens new spot in Cruzio building: Hidden Fortress Coffee has opened a new cafe inside the Cruzioworks coworking space at 877 Cedar St., Santa Cruz, which previously housed the Sentinel Cafe. Owner Amelia Loftus started Hidden Fortress in 2012, and is a vendor at several local farmers markets in addition to running a coffeehouse on Hangar Way in Watsonville. A grand opening will be held Thursday, with a ribbon-cutting ceremony at 4 p.m. Cruzio is offering free coworking for the day as well.
Got hires, promotions, or departures to report? Send them to [email protected] with the subject line “Career changes.”
Looking at the numbers
- 5.6%: That’s the unemployment rate for Santa Cruz County in June, a slight increase from 5.1% in May. It’s a little higher than the statewide rate of 5.3%, and up from a national rate of 4.3%. According to the state’s Employment Development Department, the county gained over 2,000 jobs in the farm and agriculture sector between May and June, but lost jobs in the non-farm sectors. Compared to June 2023, however, there was a gain of 700 jobs. Statewide, job expansion continued for a 50th month in a row, Gov. Gavin Newsom announced last week. A total of 22,500 non-farm jobs were created in June 2024, with the largest gains made in the trade, transportation and utilities sector.
Save the date
- Saturday, July 27: The Pajaro Valley Chamber of Commerce hosts its 2024 awards dinner and auction at the Santa Cruz County Fairgrounds in Watsonville. Details and registration here.
- Wednesday, July 31: Join Woodstock’s Pizza and the Santa Cruz County Chamber of Commerce for a ribbon-cutting and grand reopening of the Santa Cruz pizzeria following its recent renovation. There will be food, drinks and a raffle, from 5 to 7 p.m. Attendees are asked to RSVP by Saturday, July 27.
- Wednesday, Aug. 7: The Santa Cruz County Chamber of Commerce will host a women’s networking mixer from 5 to 7 p.m. outside the Dientes and Santa Cruz Community Health clinics on Capitola Road. Details here.
- Wednesday, Aug. 28: The Santa Cruz County Chamber of Commerce hosts a luncheon with Rep. Jimmy Panetta at Roaring Camp Railroads in Felton from 11 a.m. to 1 p.m. Register here to attend.
- Saturday, Sept. 28: The El Pajaro Community Development Corporation and the Regional Women’s Business Center will hold its Latina Entrepreneurship Leadership Conference from 9 a.m. to 2:30 p.m. at the Watsonville Civic Plaza. Tickets and registration here.
- Saturday, Oct. 5: Santa Cruz Community Health will mark its 50th anniversary with a fundraising gala at the Hotel Paradox in Santa Cruz, from 6 to 10 p.m. The event will feature speakers, a sit-down dinner and a no-host bar. Early bird tickets are now available for $150 and prices will increase Aug. 1. For details and to purchase tickets, go here.
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Business news worth reading
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