35 State Street Acquires Santa Barbara's Hotel Californian
January 20, 2011 - The three parcel project is fully entitled for a 114-room luxury hotel, nine fractional vacation units, and 21,557 square feet of retail space with open plazas, paseos and gardens, all designed in the Spanish Colonial Revival style of Santa Barbara.
35 State Street Hotel Partners, a Los Angeles-based real estate investment and development company led by Michael Rosenfeld, managing partner of Next Century Associates, owners of the famed Century Plaza Hotel in Los Angeles, has acquired the 1920s era Hotel Californian in the State Street Waterfront district in Santa Barbara along with two neighboring parcels. Known as Entrada de Santa Barbara, the three parcels totaling 2.37 acres were purchased from M.F. Santa Barbara LLC.
The three parcel project is fully entitled for a 114-room luxury hotel, nine fractional vacation units, and 21,557 square feet of retail space with open plazas, paseos and gardens, all designed in the Spanish Colonial Revival style of Santa Barbara. The project designed by DesignARC of Santa Barbara has also received Design Approvals from the Santa Barbara Historical Landmarks Commission.
Rosenfeld stated, “We are excited to move forward to revitalize the State Street Waterfront District. It is a half block from the beach and Santa Barbara's renowned Stearn's Wharf with shopping and restaurants. It is also just a short walk up the State Street Paseo to Santa Barbara's main shopping and dining district.”
35 State Street Hotel Partners plans to immediately start cleaning up the properties and addressing the hotel's seismic issues while advancing the project.
“We are delighted to become a member of the Santa Barbara community,” said Rosenfeld. “Everyone has been most welcoming and inviting.”
The Hotel Californian was built in 1925 as one of the first buildings to be designed in the new Spanish Colonial Revival style envisioned by city leaders in the 1920s that now defines Santa Barbara. The rebuilding of the now shuttered hotel by 35 State Street Hotel Partners will fulfill a vision for the Santa Barbara Waterfront. One of the hotel's original facades will be restored as part of the new structure, which is envisioned as a boutique style hotel. The neighboring parcels will house restaurants, shops, a spa and hotel rooms and vacation units as well as 243 parking spaces, including 120 accessible to the public.
35 State Street Hotel Partners is an affiliate of Woodridge Capital Partners, LLC, a broad-based real estate investment company with hotel, residential and commercial assets throughout the United States. Woodridge and its CEO Michael Rosenfeld have been active in the real estate industry for more than 20 years.
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