Sunstone Management, Inc., has signed a contract with the City of Lakewood to help the municipality create its first economic development strategic plan after approval by the Lakewood City Council on March 26.
This is the second such consulting job for Sunstone; a contract was signed last November with the City of Anaheim and work has begun there on an economic development plan.
Lakewood’s initiative for a formal economic development strategic plan comes out of the City Council’s recent adoption of Vision, Mission and Values Statements. One of the priorities there was promotion of the city’s economic health and prosperity.
“The city of Lakewood is excited to work with Sunstone to help accelerate Lakewood’s journey through the post-COVID economic transition,” Lakewood City Manager Thaddeus McCormack said. “Since its incorporation, Lakewood has been an economic engine for the region. We look forward to merging that history with Sunstone’s expertise to ensure Lakewood’s continued success and prosperity into the future.”
Sunstone was chosen for the job after city staff had reached out to several firms. According to the staff report from McCormack and Director of Community Development Abel Avalos, Sunstone’s “extensive local government experience on its economic development team” was the reason for the selection.
Sunstone CEO John Keisler was the city of Long Beach Economic Development Director for a number of years before moving to Sunstone, and Economic Development Associate Jayro Sandoval is a member of that city’s Economic Development Commission. The third member of the team, Ryan Phong, earned a master’s degree of Public Administration from the University of Southern California.
“We’re excited to step up and help the city of Lakewood,” Keisler said. “Public-private partnerships of this kind are in our DNA. Lakewood is already a vibrant community. We look forward to helping it prepare for a prosperous future.”
The agreement calls for creating a plan that includes clear and measurable objectives and key results. Sunstone will also conduct a community survey to be sure any plan aligns with the residents’ priorities.
The contract is for six months, with milestones every month. It could be amended or extended if the city decided to do so.
For more information about Sunstone and these types of services, email ryan.phong@sunstoneinvestment.com.
About Sunstone Management
Sunstone Management is a diversified private capital management firm with headquarters in Southern California that provides a range of early-stage venture capital, real estate and fixed income funds to qualified and accredited investors. The firm delivers new and exciting options for economic growth through innovative public-private partnerships, making use of its unique experience across government, education and private sectors. Identified by Financial Times as one of America’s Fastest Growing Companies three years in a row. Ranked 18th in the United States on the list of most active venture capital firms by PitchBook.
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