Commercial property is rare and valuable in Santa Barbara due to Section 28.85.010 Nonresidential Development Limitation Ordinance enacted in 1989 which limits the amount of buildable square footage in the city. This is one reason 3885 and 3887 State St in Santa Barbara is an extraordinary opportunity as current regulations stand. Yet two new and exciting revisions to the City Plans, that have been in the works for the past year, just passed the City Council Vote: these will exponentially increase these properties values.
AVERAGE UNIT‐SIZE DENSITY INCENTIVE PROGRAM PASSED TODAY JUNE 30, 2013
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| 3885/3887 State St is in the Red triangle on the left side of the map:"High Density/High Priority" area. Read this document and specifically go to page 5- 7: C: "Average Unit Size Density Incentives & Priority Overlay" |
CLICK HERE! OVERVIEW OF DENSITY OVERLAY PROPOSAL
The Average Unit Size Density Incentive Program, AKA "Density Overlay" gives high potential for building 2 - 3 times the amount of condos/apartments that were previously allowed by the SB City Planning Department. These can be rented at MARKET VALUE: they are NOT rent controlled, unless you specifically desire to participate in a subsidized housing project with the city.
This property is also idea for employers seeking to participate in the new Santa Barbara Employer Housing Program. There is a bus stop right at the property that goes from downtown Santa Barbara to the UCSB/North Goleta. All new building plans must receive building approval.*
Call Listing Agent Marian Fuentes who has been in weekly contact with City Planners and has attended all the Planning Dept and City Council meetings this Spring regarding the AUD:
(805) 452-2137.
Link to City of Santa Barbara Agenda 7/30/2013: Go to Page 3, #6
APRIL 11, 2013: TRANSFER OF DEVELOPMENT RIGHTS (TDR's)
On April 11, 2013 a revised ordinance is going into effect that still restricts the amount of nonresidential square footage, but allows property owners to transfer (SELL) development rights to other commercial property owners on a per square foot or motel room basis. This makes 3885/3887 even more valuable because future owners can sell or trade rights they may not need.
- Here is a simple explanation of TDR's with a bit of national history on the subject: TDR
- Here is a description and history of TDR's in Santa Barbara : TDR SB
- For official and full Santa Barbara Planning Dept Handout Click here:
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