Cubic Corp., a San Diego company best known for its transit fare systems installed worldwide, broke ground Tuesday on a $100 million headquarters in Kearny Mesa.
“This is a big deal for our company,” said Bradley Feldman, chairman and CEO. He reflected that Cubic had grown in six decades from “a small electronics company operating from a modest storefront” to a $1.2 billion publicly-traded corporation with 6,000 employees worldwide.
The project by Cisterra Development includes two 125,000-square-foot, three-story buildings at Balboa and Ponderosa avenues near Montgomery Field. Construction will take about 18 months.
“It brings our San Diego employees together in one state-of-the art campus,” said Anshooman Aga, executive vice president and CFO.
California Senate President Toni Atkins, who called the company a “California success story,” helped secure $8.5 million in tax credits through the California Competes Tax Credit to support 300 more jobs.
“This is your state actually bringing dollars home for our community,” she said.
Cubic’s fare collection systems are used by over 450 transit systems around the world, including those in London, New York and, of course, San Diego.
The company also has two divisions focused on the military. One offers sophisticated training, and the produces computer systems for command, control and intelligence purposes.
“This is one of the most innovative companies in the city,” said Mayor Kevin Faulconer. “This is going to be a significant headquarters for a significant company.”
City Councilmember Chris Cate, who represents the Kearny Mesa area, said he expected the new headquarters to spur further development nearby.
“Kearny Mesa is going to be the hottest neighborhood in San Diego in the future,” he said.