State Street property leased for downtown housing
The old Staples and Reid’s Appliance buildings in downtown Santa Barbara have been leased with plans to add 84 units of housing to the property.
The new tenant has a 99-year ground lease for the property on lower State Street, Radius Commercial Real Estate announced Oct. 8. The city has given preliminary approvals to build 84 apartments on the parking lot between the two commercial buildings.
Steve Brown, principal and co-founder of Radius, and Bill Hagelis, a senior vice president with the firm, represented both parties in the transaction. The deal has been in the works for more than two years.
“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 in Radius’ news release.