Housing Authority Sells Huge Plot

Downtown Santa Barbara’s largest unimproved parcel—located at 535 E. Montecito Street—changed hands this week as the city’s Housing Authority sold the 1.79 acre property to Orange County-based developer City Ventures which plans to construct housing, including affordable units. Project approval was obtained back in 2003 by Bermant Development Company for 40 two-and three-bedroom condos that will be sold at below-market rates (around $400,000), and eight at market rate ($550,000). Bermant, though, was forced to back out and sell its option due to financial issues with its other housing projects.