The Housing Authority of the City of Santa Barbara has sold the largest unimproved parcel in downtown Santa Barbara. The Housing Authority bought the 1.79 acre parcel in 2003 with the intention of developing affordable housing there.
The property, located at 535 E. Montecito Street, was listed for $5,500,000. The buyer, Los Portales 48 Lots LLC, is backed by a development firm based in the Los Angeles area. The developer has not released specific plans for the property, but they have obtained permits for a significant residential development which will include affordable housing units.
Steve Hayes and Francois DeJohn of Hayes Commercial Group represented all parties in the transaction.
Although unimproved now, 535 E. Montecito Street previously had industrial buildings on the property and was once occupied by Sloan Technology, among others. It is the third largest unimproved parcel sold in Santa Barbara in the past 10 years, and the largest since the Housing Authority bought it in 2003.