The sale of the Plaza Inn and Office Building (AKA "Mirasol Building") closed in February, 2014.
The transaction was/is a huge success! All the proceeds of the sale were donated by the late Cleo Purdy (she passed in 2013) to a non-profit charitable organization that supports community and educational programs for children and adults. Needless to say, they were delighted to receive such a generous offering!
The City of Santa Barbara has already approved the new owners' plans to build a beautiful Leed Certified, 91 unit "green" apartment building, under the city's new AUD program, ordinance, that is meant to provide more affordable, "market rate" housing to Santa Barbara residents. The architects who helped design the building is the local firm DesignArc. This will consist of 2 bedroom/2 bath units, a swimming pool, a commercial space with roof top garden, large courtyards and landscaping for open space, privacy and quality of life.
The visionary for the sustainable and community driven project, who purchased the property in partnership with The Kor Group and certain affiliates of Westport Capital Partners, LLC, is green specialist Greg Reitz of ReThinkDev. http://www.rethinkdev.com/.
Marian Fuentes and I, Amy Katz, of Sterling Properties, represented both the Seller and Buyer.
We'd like to thank the following people for such a successful and PLEASANT transaction: these people could not have responded faster and more pleasantly to requests for information/assistance:
Michael Schmidtchen, Trustee of the Cleo Purdy Trust.
Property Managers Joe Kennedy and his entire staff at Kennedy Accounting
SB City Project Planners Kathleen Kennedy and Irma Unzueta
SB City Planing and Architectural Review Board
Attorney Joshua Rabinowitz
Staci Caplan and Michael Humphreys, Brokers at Sterling Properties
Also, special to these other agents who provided us with valuable information and helped spread the word:
Monique Mansfield, Feasibility & Development Specialist
Ms. Niken Servey, Investor Agent Specialist
Jan Finley, Commercial and Residential Realtor
Francois DeJohn and Steven Hayes at Hayes Commercial
Adam Pirozzi of Harbor View Realty
Mark Mattingly, Pacifica Commercial Realty