Pasadena’s Economic Development Director to Report on Local Business Conditions

David A. Klug, the City of Pasadena’s Economic Development Director, is scheduled to deliver a report to the City Council’s Economic Development and Technology Committee on Thursday, providing an update on local business conditions and his division’s activities. 

The report will cover notable business openings, retention efforts, real estate transactions, conferences, special events, and updates on the technology and startup sector in Pasadena.

According to a preview of Klug’s report, several new businesses have recently opened their doors in Pasadena, including LavShash Kebab Restaurant, Renew Performance Center, Nosy Neighbors coffee shop, Bricks & Minifigs toy store, and Mely’s Restaurant. 

Klug is expected to say the Economic Development Division has been actively engaging with the local business community, utilizing the online platform Bludot to track retention and expansion efforts, recording 550 total activities in the first quarter of 2024.

The report also highlights the current real estate trends in Pasadena, with the San Gabriel Valley experiencing an increase in migration from Downtown Los Angeles due to employers relocating closer to where their employees live. 

Notable transactions in the first quarter include leases signed by Wedbush Securities, Wiss, Janney, Elstner Associates, Shuster Financial, and Roger A Brown & Company.

Klug’s report highlights technology and startup news:

• Helicity Space, a commercial space technology company based in Pasadena, received an investment from Lockheed Martin to advance its fusion-based propulsion and power technology. 
• Binarly, a Pasadena-founded security software developer, secured $10.5 million in seed-round funding to develop an AI tool for detecting security vulnerabilities in software supply chains. 
• CarbonCapture, established through Pasadena-based incubator Idealab, successfully closed an $80 million Series A funding round to support its ambition to decarbonize the atmosphere.

Klug will report that the Economic Development Division has also been actively participating in strategic partnerships and initiatives, such as the Sunstone Economic Development Challenge at USC and a meeting with the City of Glendale’s Economic Development team to explore opportunities for increased collaboration through initiatives like “Upstart Valley.”

The Economic Development and Technology Committee Special Meeting is scheduled for May 9 at 5:00 p.m. in the Pasadena City Hall Council Chamber located at 100 North Garfield Avenue, Room S249.