Owner of the iconic Santa Barbara Granada Tower is looking for new local investors to take four floors of the eight-story building for at least $11,575,000.
Floors three to six of the tallest building in Santa Barbara have been listed in the market through the Hayes Commercial Group. According to Noozhawk, Greg Bartholomew of the Hayes Commercial Group said that the owner wants to sell the property to another local investor or owner-user who might have the desire to convert the space into residential units.
The unnamed owner is a local investor who bought the property in 2000 and separated the Granada Tower and the Granada Theatre as two different properties. The building has been standing tall for 92 long years. It was built in 1924 in a lot which was bought by Edward A. Johnson, president of the California Theater Company, for $800.
The Granada Tower is located at 1212-1216 State St, Santa Barbara, California. As per Hayes Commercial Group listing, the total space for sale is 17,876 square feet. The four floors (third, fourth, fifth and sixth) offering comes with the ground floor retail space, plus basement, tower lobby and rooftop storage/cell tower. Each floor has 3,528 square feet of space, the ground floor and basement has 2,460 square feet, and the rooftop storage/cell tower has eight spaces measuring a total of 1,012 square feet.
Being the tallest building in the city, the property features the panoramic views of the ocean, as well as the State Street, the Santa Ynez Mountains and the Riviera, said Hayes. The Granada Tower was completely renovated back in 2010 with new building systems, interiors, common areas and seismic retrofit.
When the Granada Tower was proposed in the 1920s, it was met by strong opposition from the community, deeming that the 119-foot-tall structure as a skyscraper. It eventually went into fruition when officials approved the building, believing that it will attract more businesses in the area. It remains as the tallest building in the city because a year after it was announced, an ordinance was released prohibiting any new building taller than 60 feet from being constructed.