Radius Commercial Real Estate announced plans for a new 3-story, mixed-use development in downtown Santa Barbara near De La Guerra and Santa Barbara Streets, in partnership with renowned Southern California developer KIBO Group. The project includes 26 apartment units, a 5,500 SF first floor office space and underground parking.
“A few years ago we were simply looking to find new office space downtown to suit the growth of our company, but this solution just felt like the right fit, location and timing for us and for the community,” said Radius general manager Brian Johnson.
Radius and KIBO joined forces to put together a plan for development and renovation of existing structures on the site. In addition to construction of the new main office and apartment building located at 214-226 E. De La Guerra St. just east of Santa Barbara Street, the project will include upgrading two historically significant homes on the property which will also serve as residential rental units. “This property was underutilized with immense potential for development in a core downtown location,” said Radius principal Brad Frohling.
The city’s AUD program was a key impetus in spurring Radius principals to move in the direction of new development, according to Johnson. “Moving through this process has been a unique experience for us having represented many local clients in brokering property for this kind of use,” he said. “It’s rewarding to be a part of the solution to help keep Santa Barbara and downtown vital. Now that we have permits pulled we’re ready to see this thing through.”
Construction is expected to begin within the next few weeks and projected to take about 18 months with completion in early 2021.
The project partnership includes a combination of Radius, KIBO and a small group of local investors. Radius will occupy the entire 5,500 sq. ft. first floor commercial space on a 10-year lease. The remainder of the property will include a 2,400 SF storage space; 25 one-bedroom and one two-bedroom market-rate apartments; and a below-ground parking garage with ample parking for all tenants.
“We’re honored to be working alongside the team at KIBO who have a reputation for creating high quality, innovative developments in the region,” said Johnson. Among KIBO’s award winning projects is the Montecito Plaza, more commonly referred to by its prominent restaurant, The Honor Bar, in addition to residential developments in both Montecito and Santa Barbara.
Upon completion, Radius will move its full Santa Barbara operations from its current two-story space at 205 E. Carrillo St., located just a few blocks north of the new property. Radius also maintains an office in Ventura.
“We love our space but our team is excited to finally be able to spread out on the same floor,” said Johnson.
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Summary of market insights and analysis from Q2 2019 South Coast commercial sales and leasing activity: Download the complete report here …