A large chunk of Funk Zone land is about to hit the market, continuing a renewed trend toward reinvigorating an area that has recently become a hot bed of commercial and residential interest in Santa Barbara.
Radius Commercial Real Estate & Investments announced the availability of 75,000 square feet of land bounded by Yanonali, Gray, Mason and Santa Barbara streets in the heart of the eclectic Santa Barbara district. The land will retail for $8,750,000.
“It’s extremely rare for a parcel this size to come available in the Funk Zone,” said Radius Principal Bob Tuler. “Just one short block from the beach and one-and-a-half blocks from State St., this is coveted land because it’s one of the few remaining undeveloped spaces in the area.”
Over the past two years, the beach-adjacent area has seen a significant transformation with the completion of Hotel Indigo at 117 State Street, the renovations to the former Bee Bop Burgers, the repositioning of the former Bay Café Building, the nearly completed, 6-unit mixed-use building at 116 E. Yanonali Street (located directly across the street from the newly available space), and the recent acquisition of the La Entrada project. These developments, coupled with the Urban Wine Trail and tourism in and around the Funk Zone, have attracted attention from all types of businesses as well as those looking to live near State Street and the beach.
Tuler expects the land to be highly attractive for mixed use development. “With no buildings in between this project and the beach directly adjacent to the pier, any new project is sure to have great ocean, island and Riviera views,” he said. “This has the potential to become an unparalleled Santa Barbara destination.”
For more information, email or call Bob Tuler at Radius Commercial Real Estate & Investments at firstname.lastname@example.org or (805) 879-9605.
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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 …