The subject parcels at 101 Garden St., Santa Barbara combine to create a 4.5+ acre property that is extremely well located near the waterfront adjacent to downtown Santa Barbara’s up-and-coming Funk Zone neighborhood. Flexible zoning for these parcels allows for a variety of uses.
Property Specifics:
• Land Size: 4.53 Acres (6 Separate Lots).
• The Subject Property (Area A of SP-2) is addressed as 101 Garden St. and is composed of six (6) legal lots with Assessor Parcel Numbers (APN’s) as follows:
017-630-008, -009, -018, -021, -024 & -027.
• Property Zoning Designation: HRC-2/S-P-2/S-D-3; Hotel and Related Commerce/Specific Plan No. 2 (Cabrillo Plaza Project)/Coastal Overlay Zone, Appealable Jurisdiction.
• Most Logical Uses: Some combination of Hotel/Apartments and supporting commercial. In order to build Commercial there must be some type of Hotel/Motel application.
• The Specific Plan includes a description of allowed uses, one of which is a hotel or motel, not to exceed 250 rooms.
• Open Space: Per SP-2, a new hotel or motel is required to include 2.0 acres of active and/or passive on-site recreation, dedication and improvement of equivalent park land and/or off-site recreation improvements. This provision is stipulated regardless of the size of the hotel or motel.
• This will be an unsubordinated Ground Lease.
