You think 6% is "hefty profit", even 8-10%, for the amount of work and capital put at risk to develop an apartment building? You should start here: https://catalog.sbcc.edu/course-descriptions/fin/
From the Paseo Nuevo article:
The city is "offering many concessions to the developer, including giving the land away to them, valued somewhere between $32 million and $39 million; offering a portion of its annual property tax at the site; and not fighting the 60-foot height limit in the city charter."
Surely, some of this can be leveraged for better design that makes people want to live in and enjoy being near this project. As is, I agree with Sheila Lodge - It's too big... and too boxy. Revitalization isn't just build it and they will come. There are specific design parameters that create community spaces where people want to create, spend, and flourish. Use them!
Also, "Even with all of the concessions by the city, the developers said they only plan to see a 6% return. McAdoo said most developers won’t do a project unless there is a return of at least 8-10%. "
This is absurd. They want/get all kinds of concessions and they want a hefty profit to boot. Please find a developer who actually cares about the community.
Same zip code. Montecito borders are on either side of the street. Who cares.
I agree with you. Downtown is the place to grow.
Pretty soon, East Beach may be ‘Montecito’.
I remember Jurgensen’s well, Jack! :-)
Oh no, Tondi Gelato will be missed!!
The CVS location on Coast Village was once a Jurgensen’s. A very upscale market.
Oh Donald. . . really? State street is in fact, a street. And it's our downtown commercial district. Please show me any town of our size that has closed their downtown commercial area to vehicles. And things have improved. Don't say Pearl street in Boulder. Boulder, CO, is about 25 miles from the edge of metro Denver, while SB is a good 100 miles from metro LA. You think auto emissions are a reason to keep the street closed to autos?? We have the strictest SMOG tests in the nation. So you are saying it's only smelly cars and trucks that will return to State? Huh. I work primarily in the Funk Zone and Waterfront. Both have a mix of cars, bikes, e-bikes, pedestrians, pedestrians with children, runners, trucks (me) and many outdoor dining next to streets, with a few IN the streets. Guess what? It works. In fact, look at the parking lot between Shoreline Cafe and the harbor. There are no bike lanes or sidewalks. People like me drive slow, like I used to do on State street. Oh, what about parades? I like all of the parades on State street rather than the alternatives. And the Christmas Parade is gone, anyone that like the street closed must hate Christmas. . .
We had a Jurgensen's in Solvang
If I recall correctly, Jurgensen’s, a fabulous gourmet market used to be located at the CVS location on Coast Village Rd in the 80’s. I think our area could welcome an Erewhon. Is CVS’s lease up?
Hey, hey, My, my! Siteline's Editor really tries!
This thread kept you busy!
Yes! My family and I visit the Erewhon in Calabasas approx. once a month. We return their mason jars, previously filled with excellent soup or nuts, for credit and pick up fresh cheeses, relishes, salads and gluten free treats. We appreciate the quality, fresh ingredients and customer service. I would definitely continue my membership at a store here in Santa Barbara!
Again we see the woke mind virus push the notion that “everyone deserves to live in Santa Barbara” with these massive complexes that are changing what people love about the town in the first place. The entire town will become affordable as we sit by and watch them destroy it. They can’t even figure State Street out.
Some of the comments made me laugh because there were elements of truth sprinkled throughout. My husband and I are on the road often with a retirement job and I want to say that while we have incredible local ingredients available most of our restaurant food is truly average and unimaginative no matter how much is costs. We have had better food in both SLO and Paso. We get most of our food from the farmer's market. That said, we had a creative meal at a new spot called Aegean, and we still appreciate the care at Apertivo. The food we make at home is so superior but I would love to eat out more but the quality and imagination are mostly lacking for the price.
Cafe Ortega does a phenomenal banana latte, though you have to catch her at her pop ups for now
Unfortunately, no one listed any benefit of opening State St. to traffic other than it is fun to drive their truck up and down State.
As a proponent of that, it would be helpful if Eric would respond.
Coast village Rd is actually Santa Barbara not montecito.
You all spend too much time eating out and buying “prepared” meals at grocery stores. SB has the most incredible food in the US grown by local farmers. If you aren’t growing your own food then buy it from the Farmers Market on Saturday or Tuesday. Sunday in Goleta. Then go home and prepare your own delicious, healthy meals! Save a ton of money, too.
Those first two posts seem pretty indicative of the choice Santa Barbara has to make to accommodate growth: either significantly increase housing and density in downtown and state street that can support many community businesses (yes, that project could use some step backs), or distribute that housing as sprawl across the city through moves like “expanding the definition of open space,” causing more environmental harm and missing the opportunity to evolve and improve what makes this city an amazing place to live.
Not even close
Karpeles Manuscript Library
I think you have it reversed. The city administrator, Kelly McAdoo runs the city. The mayor and council members report to her. And I agree we need better council members.
But cruising State street is FUN. In a car or like I have, a truck. . .
This isn’t just a Santa Barbara thing, it’s pretty widespread. Department stores are closing everywhere and retail has changed dramatically because of the ease of ordering online. Don’t think that’s going to change-my kids buy everything online and that’s just today’s reality. State street (at least lower part) is for visitors and 20 somethings. I’m fine with keeping it closed. Parking has always been in the garages off of state so cruising up and down state street doesn’t seem important or necessary.
