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.