Orange County Business Journal

Stories in this week’s Orange County Business Journal

TOP STORIES

Crystal Cathedral Ministries in Garden Grove will sell its 40-acre campus, including the landmark glass church and tower, as part of a plan to emerge from bankruptcy. The sale to undisclosed real estate investors includes a 15-year lease for the ministry, which is expected to continue operations. A price wasn’t disclosed. The ministry owes about $50 million counting debts to vendors and a $36 million mortgage. The sale is expected to bring enough money to pay off the mortgage and some other debt, with the rest settled in three and half years. The deal includes an option for Crystal Cathedral Ministries to buy back the church, tower and rest of the campus—with the exception of a four-story Family Life Center that’s already for sale—within four years. Falling revenue and controversies about pay for church officials have dogged Crystal Cathedral in recent years. Senior Pastor Sheila Schuller Coleman, daughter of founder Robert Schuller, now leads the ministry.

A homebuilding offshoot of Newport Beach-based RSI Holding Corp. is moving ahead on a nine-home project in Buena Park. RSI Land LLC had been working since last year on getting approval to build the homes on scattered lots throughout the city, according to Buena Park city records. The single-family homes—marketed under the New House by RSI name—will be slightly smaller than 2,000 square feet each. They are expected to be priced below going rates. The venture was started a few years ago by RSI Holding founder Ronald Simon, one of the county’s most prominent businessmen. He reportedly has invested more than $100 million in the homebuilding venture, which is based on manufacturing techniques he’s honed at cabinet maker RSI Home Products.

ECONOMIC INDICATOR

UP: Average daily rates at hotels in Orange County in March, which saw a 4.8% gain from a year earlier to $144.56 per night, according to Colliers PKF. Hotel occupancy rose to 78.6% from 73.6%.

MANUFACTURING

Quantum Fuel Systems Technologies Worldwide Inc. in Irvine will convert more than 100 Ford F-150 pickup trucks to plug-in hybrids for Midland, Mich.-based Dow Chemical Co. The deal calls for Quantum to use lithium ion batteries made by the Dow, which plans to convert 5% of its truck fleet to plug-in hybrid technology. Quantum works on a number of alternative energy technologies and developed the system that powers Anaheim-based Fisker Automotive Inc.’s Karma luxury hybrid, which is due in showrooms later this year.

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