April 22, 2019
Pacific Retail Capital Partners and J.P. Morgan Asset Management broke ground on a multi-million-dollar redevelopment of Paseo Nuevo, a 458,000-square-foot landmark retail destination in Santa Barbara, CA. The improvements to the historic center along the State Street corridor will encompass upgrades to exterior facades, walkways, and landscapes – all reimagined to enhance the Santa Barbara experience while maintaining the unique authenticity of the city’s culture, lifestyle, and Spanish heritage.
Renovations will provide a vibrant arts, local commerce, community and retail experience. The first phase includes revamping specific areas of the center, creating districts within the Paseo Nuevo footprint at 651 Paseo Nuevo.
J.P. Morgan Asset Management’s Brian Okrent says, “Representing 1/3 of the retail and restaurant gross leasable area of downtown, Paseo Nuevo is the city’s top destination for commerce, community and culture. The acquisition of the former Macy’s building last year and the announcement of this renovation further solidifies our commitment to this community.”
For comments, questions or concerns, please contact Dennis Kaiser