Edhat StaffSource: Pacific Retail Capital Partners
Pacific Retail Capital Partners and institutional investors advised by J.P. Morgan Asset Management, the owners of Paseo Nuevo Shops & Restaurants, announced the acquisition of the former Macy’s building that was vacated by the anchor tenant in March of 2017. Paseo Nuevo Shops & Restaurants is now positioned to repurpose the 135,000 square foot building to fit the needs of the community and to better serve today’s retail environment.
Paseo Nuevo has been working with Macy’s in anticipation of this acquisition. As the premier shopping destination in the heart of downtown Santa Barbara, this opportunity will continue to elevate the thriving atmosphere of this charming open-air center.
“Investment in the former Macy’s building demonstrates our commitment to this community, State Street and the next generation planning of Paseo Nuevo. We have been working to form the adaptive reuse of the building that will contribute to the balance and remerchandise of the area,” said Steve Plenge, managing principal, Pacific Retail Capital Partners.
Local architectural firms have been engaged to assist in the overall vision and concept planning of the space. In the meantime, the current building offers a unique opportunity that will allow for community events, pop-up shops and entertainment experiences. Please contact Mary Lynn Harms-Romo at 805-963-7147 to inquire.
Paseo Nuevo invites the community to share their shopping habits, desired retail brands and restaurant suggestions through a survey that is available online at PaseoNuevoShopping.com.
Pacific Retail Capital Partners oversees all operations at Paseo Nuevo as well as its vision for the future. The company has significant experience in the management, marketing, leasing and repositioning of large regional lifestyle centers. BMW Realty Advisors, led by co-founder and president Bob Baker, leads leasing efforts in conjunction with a team from CBRE, a leader in commercial real estate.
It would be a great location for a multi-level homeless shelter- They could probably fit all 2000 of them on cots in there… I hear Lompoc is cleaning out the riverbed of all the bum campers, so maybe they could bring a bus from SB to bring them down …
Downtown became too pretentious and expensive. It caters toward the tourist and forgot about the locals and that proved to be a failure. I remember walking downtown with friends when I was really young and nothing was ever closed/boarded up for more than a few months. Bring back affordable shopping for us “regular” folks, get rid of the pissy smells and beggars and I bet we’d be back shopping downtown and not as much online. Until then I’ll keep purchasing orders on amazon.
I would love to see Piccadilly Square as it was open with windows maybe put some entertainment in there with a recreational area too.
It has nothing to do with the drive I live downtown! It’s just too damn expensive
and not worth being harassed by people my own age for money when they could work. I don’t need fancy paper from papyrus, a 5,000 handbag from coach or $200 dollar scarf from anthropology. If the shopping catered to local needs then most of our dollars would go there. FWIW I am poor too so you can take your comment about me not liking poor people and shove it.
When there was talk of a Nordstroms here a friend said we needed it because busloads from Santa Barbara went to the Nordstroms south of us. I went in only once to get boots on sale. I was the only one in the shoe dept and the service was so horrible I left.
Funny how people shop at WalMart, CostCo and Amazon then complain that the downtown corridors no longer support Mom-n-Pop shops. Yeah, keep blaming others when it’s your own choices that are at the root of the problem.