Kor Group Revives Multifamily Development in Santa Barbara
Santa Barbara is getting its first new multifamily residential community in close to 30 years thanks to a new luxury development by The Kor Group.
Santa Barbara, Calif.—The multifamily development dry spell in Santa Barbara is coming to an end thanks to a new luxury community opening in the area from the Los-Angeles-based Kor Group. The Marc, an 89-unit luxury apartment development, is the first new multifamily residential community to be built in Santa Barbara in almost 30 years.
The lack of new multifamily development is largely due to the zoning code there encouraging “larger, higher-priced condos and the economics for multifamily could not compete,” Tripp DuBois, The Kor Group’s managing partner & vice president of real estate sales and marketing, told MHN.
Currently under construction at 3885 State St., the $40 million development is the product of a partnership between The Kor Group, local developer REthink Development and Westport Capital Partners LLC affiliates. Pre-leasing for the property begins in May, construction is scheduled for completion in August and residents are expected to be able to move in by September.
The partnership brings its varied experience to the project, with The Kor Group’s reputation for building the Viceroy Hotel and the new Proper Hotel brands as well as the Eastern Columbia, Barker Block and Pegasus residential developments in Los Angeles, while REthink is known for its expertise with infill projects.
“Santa Barbara has an incredibly low vacancy rate as a result of no new product being delivered in decades,” DuBois explained. “When the City created a new program to encourage higher-density, small rental units, our partner, REthink Development, alerted us to the opportunity and we knew immediately that our unique approach to multifamily would be a great fit…”
The Marc will offer residents one-, two- and three-bedroom units ranging in size from 613 to 990 square feet. Residences will feature oversized windows, stainless steel and energy-efficient appliances, in-home washers and dryers and private patios and balconies. Residents will also have access to high-tech features like keyless entry doors and video monitored security.
“The Marc offers Santa Barbara residents the opportunity, for the first time in several decades, to lease in a luxury community that combines a coveted State Street Santa Barbara address with all the benefits of new construction, including designer finishes, modern indoor-outdoor amenities and the latest in technology advances. These unique features, coupled with stunning Santa Ynez Mountain views and convenient boutique ground-floor retail, make The Marc the premiere opportunity for residents looking to live a truly active, connected and cultured lifestyle,” said Brian De Lowe, president & principal of The Kor Group.
The 1.4-acre development will offer amenities like a pool, sundeck, green rooftop with seating areas, community garden, resident lounge, three outdoor themed courtyards, bocce ball and a fitness center. Onsite retail will also occupy the ground floor.
Sustainable features are also incorporated into the property, including energy-saving insulated glass, LED lighting, bike storage and electric vehicle charging stations.
“The Marc is unique in that there are no other multifamily properties in Santa Barbara with a full complement of amenities that today’s renter is seeking,” DuBois told MHN. “The Marc creates a mixed-use neighborhood by bringing residents into the center of an already vital retail and restaurant district.”
Renderings courtesy of The Kor Group