Pacific Retail Capital Partners engages in the assessment, investment, development and management of U.S. retail real estate properties. At the core of its investment strategy is the ideology of reinventing and reinvigorating the local market. Providing upgrades and charitable investments within the structure of its acquisition and management model, the firm works with localities to inspire revitalization while creating lifestyle centers, urban and mixed-use properties, as well as vibrant downtown retail centers.
“Our acquired properties are all prime examples of retail centers that serve a vital need in the community and will benefit from the tailored management approach that is a hallmark of Pacific Retail,” said Steve Plenge, managing principal of Pacific Retail Capital Partners.
Over the last few years, the focus has been on its Pacific Coast jewel, Paseo Nuevo: an open-air, well-loved, outdoor shopping destination in the commercial and retail heart of the Santa Barbara downtown district. The property features Spanish-style architecture with courtyards and beautiful landscaping reminiscent of its European influence and which lends itself to the reason Santa Barbara is touted as the American Riviera.
With an affluent, multicultural consumer base in the Santa Barbara community as well as a strong tourism driver, a planned refresh will respond to all users’ needs and create many needed upgrades that benefit the city of Santa Barbara and its infrastructure for retailers. This beautiful classic is under way with a multimillion-dollar reinvention that kicked off early this year. It is poised to reboot State Street’s retail vibrancy with a complete makeover of the main shopping center and the repurposing of one of its anchor stores, fondly called the Ortega Building.
As many downtown areas around the country experience a downturn and the need for revitalization, Paseo Nuevo represents a forerunner for change in Santa Barbara. In Santa Barbara, families and locals desire a place to gather that offers a mix of retail, unique experiences and culture in an activated environment. Philanthropy, art and community are a significant part of Santa Barbara’s culture. This mirrors Pacific Retail’s values and creates the foundation for success.
As stewards of this community hub that represents one-third of the retail and restaurant square footage in the downtown and which is the city’s top commerce destination, they are committed to providing a quality retail and cultural experience for residents and visitors alike, supporting the vitality, safety and success of the downtown corridor and honoring Santa Barbara’s unique historic character. It is an iconic mainstay that proudly represents the Santa Barbara shopping, dining and experience as seen on their Facebook and Instagram accounts.
Current philanthropic efforts led by Pacific Retail are demonstrated in the recently launched Butterfly Effect, an interactive art installation featured portfolio-wide. Paseo Nuevo delivers and supports a multitude of artistic modalities currently, and as we work with the arts community to reimagine the future, we look forward to continuing Paseo’s proud legacy as a partner in offering performance and visual arts in Santa Barbara. The renovations will include vibrant art installations by local artists, with funding from Paseo Nuevo management to support this permanent feature. Featured artists have recently worked on a project spearheaded by the city of Santa Barbara as a part of the overall downtown revitalization initiatives.
These local artists will be working on Paseo Nuevo’s art program over the next several months their work collectively will represent engaging light-and-video installations throughout the center. Artists Jonathan Smith, Kym Cochran and Ethan Turpin will collaborate on this project.
Pacific Retail Capital Partners has worked with the downtown retail community and the city to reimagine and refresh the 30-year-old Paseo Nuevo property, creating a dynamic downtown State Street experience with a mix of retailers, restaurants, and performance and visual-arts offerings. The reimagined Paseo Nuevo honors downtown Santa Barbara’s historic district paseo system, with the creation of four interconnected districts within the shopping center: State, Ortega, Paseo and Chapala. These offer a dynamic mix of retail, dining, entertainment and arts that connects pedestrians to city sidewalks, paseos, shops, offices and surrounding neighborhoods.
“The most exciting part is actually coming to fruition,” said Najla J. Kayyem, senior vice president of marketing at Pacific Retail Partners. "This has been years in the making, and it is a public and private partnership with the city of Santa Barbara. … We’re looking forward to revitalizing downtown, State Street and the city of Santa Barbara, and [to] bringing it back to its prime. This will be the catalyst to start that transformation."
The Ortega Building reinvention represents roughly 30 percent of Paseo Nuevo’s usable space — and an opportunity to revisit the way Paseo Nuevo’s Ortega Street integrates with the State Street corridor, while providing the retail and experiential amenities that residents and visitors seek. Given the building’s existing constraints, the most effective way to reactivate this key downtown property and to maximize its community offerings is to provide a mix of retail, restaurants, work space, arts and entertainment.
Planning for the integration of the Ortega Building will include community and policymaker input, starting with a survey available online. Pacific Retail Capital Partners will make an additional multimillion-dollar investment in the building’s repurposing.
FOR LEASING INFO CONTACT
https://paseonuevoshopping.com/leasing/
PERMANENT LEASING
Beta Retail
(310) 430-7790 • contact@betaagency.com
SPECIALTY LEASING & BUSINESS DEVELOPMENT
Ryan Grau
(805) 963-7147 • rgrau@paseonuevoshopping.com