Print friendly
E-mail story
Tip Us Off
iPod friendly
Comments
Bookmark This
del.icio.us.
Digg!
furl
google
newsvine
reddit
technorati
Facebook
Yahoo!Plans for a three-story complex of 45 condos on East Montecito Street selling marginally below market was approved by the Santa Barbara Planning Commission last week by a vote of 6-1 and will be reviewed by the Santa Barbara City Council next week. City planning staff is lukewarm about the project because its “affordability” levels — between $500,000 and $700,000 — are not much lower than what the market currently provides. Developer Jeff Bermant argued that even with such relatively high prices allowed, the project remained a tight fit economically. He stressed that resale controls would keep the condos below market by limiting for how much extra owners could sell their units. Planning commissioners preferred the condos — half of which will be earmarked for employees of South Coast nonprofits — to a new office building, which is what the zoning currently allows. Because the project needs to be rezoned, it will require a five-vote supermajority when it goes to the council next week.
Double-clicking on any word or phrase in this story will open a reference window with definitions and links to other reference material.
Previous Month
Comments
Discussion Guidelines
Post a comment