The first 11 units at the new Hancock Terrace Apartments in downtown Santa Maria have been rented, proving the market for the unique development, according to Craig Zimmerman, president of The Towbes Group.
Leasing began about two weeks ago and is “well ahead of projections,” Zimmerman said Monday.
“We’re excited because we’re just opening the model units today, so generally you don’t start leasing until you have the models,” Zimmerman said. “We’ve done all that leasing without the model units.”
Developers, city officials and others gathered Monday for a ribbon-cutting ceremony for the 272-unit apartment project in the 500 block of East Boone Street.
“There are a lot of special things about Hancock Terrace, and I’ll tell you about a few of them,” said Michael Towbes, chairman of the board for The Towbes Group. “First, it’s a major project in the downtown area.”
Hancock Terrace, in four three-story-tall buildings, sits blocks from the Santa Maria Town Center.
The apartment complex touts the fact that Allan Hancock College, the Santa Maria Public Library and the Santa Maria Public Transit Center are within walking distance.
Mayor Alice Patino called Hancock Terrace “not just a good project, but a beautiful project in the middle of the city of Santa Maria.
“I know it wasn’t what we had designed for this area, but it’s even better,” Patino said. “We knew it would be good, and we knew it would be special as all of your projects are. This really fills a demand. Not just here in Santa Maria, but throughout the nation we know we need apartments.”
Apartment units range from studios to 3-bedrooms, with 16 floor plans offered. Rental rates reportedly run from approximately $1,200 to $1,800 a month.
“With 272 units, I think it’s the largest project built in a single-phase in Santa Barbara County that I’m aware of,” Towbes said. “We have confidence in the Santa Maria market.”
Towbes said he is “particularly excited” about the art deco design for Hancock Terrace, making it different from their other projects in Santa Maria.
“The design reflects the long history of the property and the ownership of Allan Hancock and the Hancock estate, so we wanted to go back little bit in time and recreate something that was so popular in those days,” Towbes said.
“We’re continuing to invest in Santa Maria. We think it’s a great community, and we think it has a brilliant future,” Towbes said. “We have more projects on the drawing board, and I look forward to working with the city to see those projects to reality.”
Towbes also continued its “Give Where You Live” fundraising program centered on environmental sustainability and community support.
The program donates $25 for every resident’s move-in to a local organizations, continuing the partnership with The Good Samaritan Shelter of Santa Maria. The organization works to get homeless residents into permanent housing.
“Instead of just coming in as a developer and developing our community, they’re actually giving back to our community to those that need it the most to help them …,” said Sylvia Barnard, executive director of Good Samaritan. “We are incredibly grateful to be a partner at the Towbes Group.”
Monday’s ceremony occurred as construction workers put finishing touches on some parts of the complex. Building No. 1 is nearly completed, with work to be done on three remaining buildings.
The first occupants should move in by June, with the remaining work expected to be done by August.
On-site amenities include pool, tot lot and Santa Maria-style barbecues, in addition to a coffee bar and fitness center.
Hancock Terrace is the second of three apartment complexes by The Towbes Group in recent years in Santa Maria.
Siena Apartments, with 211 units off South Blosser Road, opened in February 2015. As of this week, Siena’s occupancy has hit 98 percent, Zimmerman said.
The firm also is proposing to develop Westgate Senior Apartments, which will go to the Santa Maria City Council for consideration Tuesday night.
“We feel like we’re covering the housing diversity that Santa Maria residents are looking for,” Zimmerman said.
— Noozhawk North County editor Janene Scully can be reached at jscully@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.
