Rental Apartments Proposed for Sears Property
By edhat staff
The owners of the former Sears property have proposed 550 rental housing units to be built on their 9 plus acre land off La Cumbre.
At a Santa Barbara City Council meeting on Tuesday, a lawyer representing the Sears property owner's and local officials discussed whether to review changes to the entire La Cumbre Plaza shopping mall or the Sears property itself, reports The Independent
Macerich, the company that owns the La Cumbre Plaza minus Sears and Macy's, stated it will not cooperate in creating a new development plan and has a "lock on the property for the next 78 years," reports The Independent. Macy's has a lease for the next 9 years.
The Sears owners proposed to build 550 rental apartments stating if the council didn't approve their offer, the owners would need to lease the space to commercial tenants.
The city council voted 6-1 for the Sears owners and development director to come back with a proposal for the entire area and including an agreement for the Sears property.
- March 7, 2019: Will Sears Turn into Condos?