Noozhawk: Citibank Building Being Transformed on Outer State Street
Santa Barbara, Calfornia – Published 7/2/2012
Citibank Building Being Transformed on Outer State Street
Owners remodel the top two floors and add new offices, restrooms, stairs and an elevator upgrade
By Alex Kacik, Noozhawk Business Write
The major remodel of a commercial building on the corner of State Street and Hitchcock Way in Santa Barbara will be finished in November, according to the owners, State and Hitchcock LLC.
The mixed-use building at 3757 State St. features a Citibank branch on the first floor, and two floors of office space above, totaling 12,902 square feet, according to city records.
State and Hitchcock representative Robin Storey said the firm saw an opportunity to transform a neglected property into an attractive Spanish- and Mediterranean-style building.
“They were really excited to see the transformation of this building that sat for so many years, and didn’t have a lot of on-site management,” she said. “When State and Hitchcock purchased it, there were two month-to-month tenants and another yearly tenant, and it was 40-percent occupied. It hadn’t been upgraded since it was built in the ‘70s, and it seemed that it was the right time and right place.”
State and Hitchcock purchased the building in October from the Regency Centers for $4.8 million, according to Radius Group co-founder Bob Tuler.
Regency Centers also redeveloped the neighboring Whole Foods Market, and initially planned to knock down the corner building to accommodate a larger market, which the city turned down. State and Hitchcock bought the corner building with existing redevelopment plans and renewed the permits just before they expired, Storey said.
It is an attractive location that features ample parking and ready-to-use office space, said Tuler, adding that Radius will put the listing up as soon as the scaffolding comes down.
“This is renovated, first-class space where someone can plug in and go,” he said. “There will be a new elevator, lighting, bathrooms — the works. He’s gutting it to all four walls. The new outside and the new interior shell are going to transform that building.”
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