San Diego Uptown News | September 16–29, 2011
The proposed layout for the new Hillcrest DMV and mixed-use facility in the same lot. Photo courtesy of Lankford & Associates.
FROM PAGE 1 DMV
cost to the state. The developer, Lankford & Associates, would hold a 65-year ground lease on the new Normal Street property, with an option for three 10-year extensions. In return, Lankford & Associates would demolish the existing DMV structure and build a larger facility with underground parking, rental housing, and retail commercial space. During the demolition and con-
struction period, DMV customers will be directed to other field of- fices in the region. Employees from the Hillcrest branch will be reassigned to those offices, allow- ing more service windows to be open. The nearest location to the Normal Heights office is San Di- ego Clairemont, at 4375 Derrick Drive, approximately seven miles form the Hillcrest location. Other offices are located in Chula Vista, El Cajon and San Ysidro. Construction will start after
the environmental review and en- titlement are completed, with the DMV facility construction lasting 14 months and the residential and commercial component taking an additional four months.
A demolition date has not been set.
“I am delighted that work is moving forward on this public [and] private project that will transform an area in need of reno- vation, and bring a modern, full service Department of Motor Ve- hicles office to serve the public at no cost to the state,” Kehoe said. At the Sept. 6 meeting, com-
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Sometimes the market reacts poorly to world events, but just because the market reacts doesn’t mean you should. Still,
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munity and board members’ early questions included issues sur- rounding the sustainability of the project, parking availability and the Hillcrest Farmer’s Market, which currently occurs each Sun- day on Normal St. adjacent to the proposed construction. Though the process is in its earliest stages, Eric Smith of Lankford & Associates was able to answer most of the questions posed, both in the meeting and in a separate interview. Regarding sustainabili-
ty, Smith said, “The DMV build- ing will be designed to achieve certification by the US Green Building Council as LEED [Leadership in Energy and En- vironmental Design] Silver, an internationally recognized sus- tainable building certification system.” The LEED system identifies ways to make new and existing structures more sus- tainable, measuring areas such as water efficiency, innovation in design, and energy use. Regarding the parking situation, Smith explained that the new DMV facility is required to have 170 park- ing spaces. “We anticipate most of these spaces will be located in an underground parking structure.” The second mixed-use building will
most likely include underground parking as well, Smith said, “the ex- act size of which will be determined as we begin designing the mixed- use project.” As far as the Hillcrest Farmer’s Market is concerned, Smith said, “We have had preliminary meet- ings with the Hillcrest Business Association Board as well [as] with David Larson, the Hillcrest Farm- er’s Market Coordinator. It is our intention to collaborate with them and establish a strategy that works for everyone.” Hillcrest Business Associa- tion Executive Director Benjamin Nicholls said he sees the new de- velopment as a good thing, with two main benefits. “There will be new parking for the Farmer’s Market on Sundays when the DMV is closed and the Farmer’s Market will be an asset to the resi- dential component,” he said. He added, “As far as the big
picture goes, I see a good out- come for the Farmer’s Market.” Kehoe said, “The proposed new housing and commercial fa- cilities will offer housing options in the neighborhood. I have been assured that the public will have every opportunity to provide in- put to the project as it moves through the city process.”u
FINANCIAL FOCUS Fear of Losses May Lead to Negative Investment Behavior
Like every other investor,
you prefer not to see the value of your investments drop. But at some point they will fall simply because of the ups and downs of the market. And how you respond to short-term losses can help determine if you enjoy long-term investment success. Investors’ feelings about losses can be complex. In the field of economics, an area of study is devoted to “loss aversion” — the concept that people dislike losing money so much that, given a choice, they’d prefer to avoid losses rather than take gains. For example, if you have a high degree of loss aversion, then you will find greater dissatisfaction by losing $100 than you’d get satisfaction from taking a $100 profit.
Loss aversion can lead to various forms of negative investment behavior. Here are two of the most common results: • Seeking “risk-free” investments — When you think of investment losses, the first thing that probably comes to mind is a drop in stock prices. If you’re really loss-averse, you might seek to avoid this situation by simply avoiding stocks and placing all your money in other investments. While some of these investments may seem “risk free,” you must consider factors such as inflation risk — the possibility that these investments may provide returns that don’t keep up with the rate of inflation. • Holding “losers” too
long — From time to time, you will own investments that, for whatever reason, underperform. If you’re highly loss-averse, though, you may have a tough time acknowledging the losing nature of these investments, so you may be tempted to hold
on to them until they “bounce back.” But if the investment’s fundamentals change, or if the investment no longer aligns with your goals, it may be time to sell it and look for other opportunities. Conversely, you may want to hold on to quality investments whose price has dropped in the short term, because these investments may well recover.
How can you avoid these types of behavior? For starters, you’ll need to recognize the symptoms of loss aversion in yourself — and then resolve to overcome them. Accept the fact that short-term losses are part of investing and that every single investment carries some type of risk.
This doesn’t mean, of course, that you should do nothing to reduce your risk. One effective risk-fighting measure you can take is to diversify your holdings by investing in a variety of stocks, bonds, government securities, CDs and other investment vehicles. If you had all your holdings in only stocks or bonds, a downturn primarily affecting one of those assets could lead to a big hit for your portfolio. But by spreading your dollars among a variety of investments, you’re also spreading the risk. Keep in mind, though, that diversification by itself can’t guarantee a profit or protect against loss.
Investment losses, even short-term ones, aren’t much fun. But by not overreacting to these losses, and by diversifying your portfolio in a way that best meets your individual needs, you can look past today’s losses toward tomorrow’s possibilities. This article was written by
Edward Jones for use by your local Edward Jones Financial Advisor.
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