Pacific Retail Capital, J.P. Morgan Plan $20M Renovation to Paseo Nuevo in Santa Barbara
SANTA BARBARA, CALIF. — Pacific Retail Capital Partners and J.P. Morgan Asset Management have announced a $20 million renovation program for Paseo Nuevo, a 458,000-square-foot outdoor shopping destination in Santa Barbara.
Slated to begin in early 2019, the first phase of redevelopment will include revamping existing portions of the center, creating districts within the property’s footprint and working closing with the Santa Barbara County Office of Arts & Culture to implement an art program. Upon completion, the community will include upgraded shopping and entertainment areas, as well as interactive community spaces featuring group games, charging stations and gathering spots.
The second phase involves the repurposing of the newly appointed Ortega Building — previously home to Macy’s. The adaptive reuse project will convert the former department store into a vibrant complex supporting community and commerce.