Eighty-nine new rental units will be added to the Santa Barbara housing market later this year with the opening of The Marc, a $40 million development under construction at 3885 State St. near La Cumbre Plaza.
Work on the project adjacent to Grace Lutheran Church at 3869 State St. began late last year, when Los Angeles-based developer The Kor Group partnered with Santa Barbara’s REthink Development and affiliates of Westport Capital Partners LLC.
Pre-leasing for the modern, luxury apartments will begin in May, when rates will be available, with move-in expected in September.
The Marc will feature one-, two- and three-bedroom residences ranging in size from 613 to 990 square feet with open floor plans, oversized windows and designer finishes.
Resort-style amenities are expected to set the development apart, including a pool, spa, fitness center, sundeck, community garden, fire pit and outdoor bocce ball and horseshoe courts, according to Tripp DuBois, The Kor Group’s managing partner and vice president of real estate sales and marketing.
A to-be-determined retailer will open on the ground floor of the four-story development, which will include 127 parking spaces for residents, 18 for commercial use and 90 for bikes.
“First and foremost, modern design,” DuBois said of what makes The Marc special. It’s “centrally located, walking and biking distance to pretty much everything in town.”
The Marc has been in the works for nearly three years since the 1.4-acre property — formerly housing a 12-room hotel — was purchased by The Kor Group.
The developer is well known for creating the Viceroy Hotel brand and the new Proper Hotel brand, while REthink Development brings an expertise in sustainable infill projects.
The Marc brands itself as the first multifamily residential building to be built locally in 30 years, but a more accurate description would be the first large, or high-density, rental housing community Santa Barbara has seen in a long time, city planner Renee Brooke said.
Other larger, multifamily buildings built (or being built now) within the last 30 years have primarily been condominiums or income-restricted affordable housing developments, she said.
Brooke cited at least five other examples of larger multifamily residential developments, including the Chapala One now called Sevilla.
“Many community members are particular about how these newer housing developments are referenced, especially in light of the popularity of the city’s Average Unit-size Density Incentive Program to encourage smaller units and higher density, rental housing developments,” Brooke said in an email.
DuBois hopes The Marc’s technology and security features — keyless entry, pre-wiring for high-speed hookups and free Wi-Fi in common areas — will attract those in their 20s and 30s.
He expects to be fully leased by the time doors open.
— Noozhawk staff writer Gina Potthoff can be reached at firstname.lastname@example.org. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.