Wells Fargo to Open on Milpas

The Blockbuster building on Milpas Street will be home to Wells Fargo’s fourth Santa Barbara city branch in 2015. The new branch not only adds a bank to the Eastside but promises to bring 6-10 new banker and teller positions. Interior and exterior renovations have already begun on the 2,600 square-foot commercial building.

Pamela Scott, broker to the commercial deal, said of the many parties interested in the location, “The leasing market is very good at this time for free-standing buildings located on a corner with onsite parking.” While a rumor buzzed that Starbucks would take the prime location — which would also have been a Milpas first — Wells Fargo sealed the deal: “They have been looking in the area since 2009, and this building was the ideal fit,” Scott said.

Wells Fargo plans to renovate the branch with Leadership in Energy and Environmental Design (LEED) certification in mind, a goal for 30 percent of the corporation’s real estate. Reconstruction will use sustainable siting and structure design; energy, water, and material efficiency; and reduce waste.