The volume of commercial activity seems to be on the rise on Coast Village Road in Montecito. According to local real estate experts, a surge in recent sales and lease transactions are expected to bring new energy to the area .
Many say Caltrans’ widening of the 101 freeway through Montecito has had an impact on traffic.
There’s been considerable change already taking place in the area, that has gotten many businesses and residents energized.
Mike Chenoweth of Radius Commercial Real Estate and Investments says the flurry of activity in the area may seem a little out of the ordinary for the relatively quiet Montecito community, but he adds “during the past 12 months we’re looking at roughly 60,000 sq. ft. of transaction volume totaling upwards of 20,000,000 in transaction dollars between the upper and lower villages, with more to come in the next 12-24 months.”
The lower village’s Montecito Country Mart, next to the Vons Market, is progressing in its development plans. It recently announced the Vons Pharmacy will relocate next to Starbucks in the area immediately south of the Country Mart, moving into the space that was occupied by Read ‘N Post which, in turn, will relocate its store and post office to the new space in the country mart.
We put together a list of transactions, lease highlights, and development projects around California's commercial real estate market. The list also …