Santa Barbara, CA, October 9, 2009- Mountain Funding, the entity that took control of the La Entrada de Santa Barbara project on State Street when developer Bill Levy declared bankruptcy in 2006, has presented new plans to the City Council in an attempt to move forward with the project.
It took until 2001 for Bill Levy to secure permits for a 56-unit condo timeshare development. At the time development stopped, La Entrada was slated to be a Ritz-Carlton luxury vacation ownership property, but those plans fell through. Mountain Funding is now asking the City Council for a substantial conformance determination to allow them to build under Levy’s formerly approved permits– with some major changes.
In order to make the project financially feasible, Mountain Funding wants to change it from wholly timeshare to a hotel with 114 rooms and 9 timeshare units. They also want to add hotel amenities including a gym, spa, business center, lounge and conference space.
Other parts in Levy’s original permits would remain in place, such as a proposed visitor’s information center and public parking. However, Mountain Funding wants to put that parking underground, which would reduce some of the height off one section of the proposed development and improve the view corridor for town residents.
The matter is now in the hands of the planning commission and City Administrator Jim Armstrong.