A corporation owned by the Santa Ynez Band of Mission Indians has bought three acres of commercially zoned property at 1075 Meadowvale Rd. in Santa Ynez.
Sotheby’s International Realty, 2901 Grand, Los Olivos, handled the $1.79 million transaction between Trivisonno Trust, overseen by attorneys in Irvine, Calif., and the Cabrillo Economic Development Corporation, owned by the Santa Ynez Band.
Plans for the property, mentioned in Chumash General Council minutes for Sept. 26, 2007, acquired this week by the Santa Ynez Valley Journal, show a 70,000-square-foot development that includes a mixed use of commercial and residential units. It currently is zoned C-2 General.
The property, adjacent to other holdings by the tribe, is expected to be 80 percent commercial and 20 percent residential, with an estimated cost between $18 and $21 million. The 10 residential units would rent for $1,500 to $2,000 a month for an annual total between $1.4 and $1.6 million, which would increase with inflation.
The commercial portion of the property is expected to be $25 million upon completion, with an annual growth rate of $1 million for inflation.
The minutes included detailed plans for the site, which has the Zanja de Cota Creek running through the northwest corner. The plans call for four buildings and parking, as well as a park area around the creek, with the two-story residential units situated above commercial shops facing Meadowvale Road. The plans were completed in August 2005 by Peikert Group Architects, 10 East Figueroa St., Suite 1, Santa Barbara.
During the long term planning session held at the same September 2007 meeting, the minutes show two discussion groups that explained the Council’s long-term financial commitments. The first discussion listed Council priorities and education goals. The second discussion called for ideas for investments.
The latter discussion centered around large properties with large vendors, including a proposal to purchase such high profile properties as the Marriott in Buellton and La Purisima Golf Course, which could include a boutique hotel on adjacent property, for a total expenditure between $30 to $40 million.
Currently the Council has acquired the old Frederico’s Restaurant, which is situated next to the Marriott on McMurray Road in Buellton. It also operates the Royal Scandinavian Inn at 400 Alisal Road in Solvang.
Other proposals mentioned in the minutes included acquisition of shopping and strip malls; Trader Joe’s and Starbucks outlets; a dry cleaner; expanded enterprise on the reservation; hotels; banks; a youth cultural center; other property investment that would generate non-gaming revenue; parking lots; insurance companies; rental properties; and solar and alternative fuel (such as ethanol) investments.
The minutes reported obstacles to these plans and mentioned two groups specifically, Preservation of Los Olivos, and Preservation of Santa Ynez, also known as POLO and POSY.
“We believe we need a long-term financial commitment by investing in property and business -- not by relying on casino funds to support our future,” the minutes explained under the property proposal list. Questions council members were advised to ask about the proposed investments include, “Does it support our existing core business enterprise? Does it capitalize on our current knowledge base? Does it make economic sense for the tribe?” One note added, “Everything is for sale.”