THAT is Happening in Downtown Santa Barbara?!
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Earlier this year, Downtown Santa Barbara hired an outside consulting firm to prepare a State Street Retail Study to better understand the challenges facing our beloved main street, and provide recommendations for improvement. The study identified authenticity as downtown Santa Barbara's greatest strength, but the current experience it offers is in conflict with its reputation as a world class destination. Click here to read the full executive summary.
In addition, MIT Enterprise Forum Central Coast hosted an event titled, "Retail Reinvention: Saving Main Street & the Mall." This was an informative panel of speakers who touched on the strategy behind synergistic retail leasing; innovative technology that bridges the gap between brick and mortar experiences and the convenience of online shopping; and what actions the City of Santa Barbara is taking to improve downtown. Here are my takeaways from this conversation.
Leasing and sale activity continues downtown with investment sales going strong. Early California Antiques opened their new showroom at 1331 State St., World of Magic is hosting its annual Halloween pop-up shop through October 31st at 400 State St., and the space currently occupied by Benefit at 925 State St. just came on the market for lease! A new hot pot restaurant called Lao Ma Tou has taken over 511 State St. (previously Barbarians pizza), and should be open next month. See my State Street Snapshot for more info.
Six properties have sold downtown within the last month, including 800 State St. (anchored by Starbucks), 21 E. Canon Perdido St. (El Centro Building), and 428 State St. which was sold off-market.
In Cottage Hospital news, the $53 million, 54,780 square foot Ridley-Tree Cancer Center has finally opened!