SANTA BARBARA, Calif. - The site of the former Staples store on State Street is headed for a major transformation into downtown housing.
Steve Brown, principal and co-founder of Radius Commercial Real Estate, confirmed that his company was instrumental in locating the tenant and negotiating a 99-year ground lease for the entire property.
“This is a boon for the community as we continue to find ways to stimulate the rental housing supply in the downtown market and bring more economic vitality to support the merchants who have buckled up to weather these past few years,” Brown said.
The project encompasses the entire property at 410 State Street, from Gutierrez Street between State and Anacapa Streets, as well as the Reid’s Appliance building at 409 Anacapa Street and the parking lot in between.
The City of Santa Barbara gave tentative approval to the new tenant to build 84 apartment units over the property’s existing lot.
Back in November of 2019 during the company's annual economic forecast review, Gene Deering with Radius explained how sections of the State Street corridor were rebounding more quickly than others and some proposals would take longer, including the former Staples site. And, that was before the COVID pandemic.
Brown said this current deal has been in the works for more than two years and includes more than one and a half acres of commercial land.
For more information about Radius Commercial Real Estate, click the following link: https://www.radiusgroup.com