BizHawk: Demolition at Santa Maria Mall Makes Room for Theaters
http://www.noozhawk.com/noozhawk/article/102612_santa_maria_business_mall_demolition_theaters/
By Gina Potthoff, Noozhawk Staff Writer | @ginapotthoff
Santa Barbara hotel has new owners, and Montecito Bank & Trust reports earnings
Crews began demolishing the vacant former Gottchalks Department store at the Santa Maria Town Center this week.
The two-story former store is being leveled to make way for a 14-screen Regal cinema at the mall, which was recently purchased by ERGS XIV REO Owner LLC.
The new mall owners also plan to revitalize common areas to attract more nationally-known tenants, including restaurants and other retailers, according to Cris Zertuche Wong, asset manager with Archon Group.
More family-oriented entertainment — such as the existing gymnastics center — is expected to open on the mall’s second floor, Zertuche Wong said.
Montecito Bank & Trust Post Latest Profit
Montecito Bank & Trust officials were pleased to end the third quarter with a year-to-date net profit of $8.77 million, which is slightly down from $9.25 million for the same period last year.
“Assets grew over $20 million from the same period last year, a reflection of continued strong deposit growth,” said president and chief executive officer Janet Garufis.
End of the quarter assets were $1.047 billion compared to $1.024 billion a year ago. The bank also ended the quarter with a strong total risk-based capital ratio of 13.73 percent.
The bank’s deposits have grown to $905.5 million, up from $860 million a year ago, as the bank welcomes more new customers.
Santa Barbara Hotel Has New Owners
The El Prado/Days Inn Hotel in Santa Barbara has been sold to a group of local investors.
The 68-room hotel, at 1601 State St., was purchased by 1601 State Street Hotel Investors LP, which was looking for a hospitality investment in Santa Barbara to participate in an increasingly attractive market, according to Radius Commercial Real Estate.
Steve Brown, Austin Hetliy and Chris Park of Radius represented both the buyer and seller of the property, which was listed at $15.25 million.
“This was a unique opportunity to purchase a hotel in a desirable section of State Street,” Park said, “just walking distance from the most popular attractions in Santa Barbara.”
Pirkowitsch Marks 20 Years with Ameriprise Financial
Judy Pirkowitsch is celebrating 20 years with Ameriprise Financial.
Pirkowitsch, who specializes as a business financial adviser, has operated a franchise advisory practice of Ameriprise since 1992. Her office is at 1811 State St., Suite C, in Santa Barbara.
Having lived in Santa Barbara for more than 30 years, Pirkowitsch’s community service includes the Santa Barbara Chapter of the National Association of Women Business Owners (president-elect), the Environmental Defense Center (former treasurer) and the Santa Barbara Special Olympics (former president).
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