Rolling Hills resident Richard Lundquist credited much of his success to the City of El Segundo last week, during the city’s Champions of Business dinner at Vistamar School. In particular, he cited the city’s helpful staff and favorable tax policies.
In turn, El Segundo Mayor Pro Tem Drew Boyles credited Lundquist for much of El Segundo’s success. Last year, El Segundo received the Most Business Friendly City award from the Los Angeles County Economic Development Corporation. Businesses are taxed on total square footage and number of employees rather than by a gross receipts tax more commonly used by other cities. The city has nearly $1 billion and over one million square feet of development in progress.
Over the past four decades, Lundquist’s Continental Development has built over five million square feet of office and retail space, much of it within El Segundo’s 5.4 square miles.
Lundquist’s developments include the newly opened 210,000 square-foot office, retail and hospitality elevon on Douglas Street; the 378,000 Plaza El Segundo, opened in 2007; and the three million square foot commercial and retail Continental Park.
For his contributions, Lundquist was presented with the City of El Segundo Champion of Business award at the Champions of Business dinner. The award was first presented in 2014 to the El Segundo-based Los Angeles Kings, the year they won the Stanley Cup. Last year it was presented to Jan Sweetman of Federal Realty Investment Trust, builders of The Point shopping center.
Lundquist’s contributions have been philanthropic as well as economic. For the past 12 years he has chaired the El Segundo Education Foundation. During that period its endowments have increased 10-fold.
In September, Lundquist hosted a South Bay Sports, Health & Recreation foundation fundraiser. Lundquist contributed $1 million to the foundation, whose purpose is to raise $5 toward the construction of a $14 million aquatic center on Douglass Street.The aquatic center will include the South Bay’s only Olympic size pool.
Also honored for philanthropy at the Champions of Business dinner was Chevron El Segundo, which has contributed over $1.5 million to local school’s STEM (science, technology, engineering and mathematics) programs. The El Segundo refinery recently received the Safest Refinery in the America award from the American Fuels and Petrochemical Manufacturers Association.
The Champions of Business Big Idea Award was presented to Kite Pharma. The company is attempting to develop cancer immunotherapy products that use the cancer patient’s own immune system to kill cancer cells.
Los Angeles County Supervisor Don Knabe, who emceed the dinner, was presented with the city’s Lifetime Achievement Award and a Key to the City by El Segundo Mayor Suzanne Fuentes. Knabe jokingly noted that a highlight of his 34 year career with the County was the cutting ribbon on a new restroom on the beach in El Segundo. He was joking. ER
