Coast Village Road sees $20M surge in building and remodels |
Santa Barbara, Calfornia – Published 07/09/2012
Pacific Coast Business Times
Coast Village Road sees $20M surge in building and remodels
By Marlize van Romburgh
Sleepy little Montecito is stirring. That’s the news from brokers at Radius Commercial Real Estate & Investments in Santa Barbara, who note that the recent widening of Highway 101 through the wealthy enclave isn’t the only reason for the influx in commercial activity.
Rather, a number of projects are spurring a domino effect of development and new foot traffic along Montecito’s famous retail corridor, Coast Village Road. “Coast Village Road merchants in particular bank on foot traffic and the street’s appeal for both locals and tourists, and a fresh infusion of new commercial offerings can certainly translate to more customers frequenting the area,” Radius Vice President Mike Chenoweth said in an email statement. Here’s a closer look at what’s moving and shaking in Montecito:
Running the numbers, Chenoweth noted that about 60,000 square feet of space has changed hands in Montecito’s upper and lower villages during the last year, totaling about $20 million in transaction value. “This kind of commercial activity is just not seen in Montecito given the small size of the market and how coveted space is in the area,” he said via email. “It’s very exciting and encouraging from an economic standpoint and from a neighborhood community standpoint.” See also: |
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