Mixed-use US$ 1 billion project gets go-ahead

Developer Limoneira's US$ 1 billion, mixed-use Santa Paula East Area I project in Santa Barbara, US has been given the go-ahead following a public vote to incorporate land into the city, according to Commercial Property News.

Limoneira has been planning to develop the site for almost five years. The masterplan includes 1500 apartments, 19500 m2 of office and retail space, 14000 m2 of residential space and an amphitheatre.

The project is being designed as a city-within-a-city, with its own police and fire stations, schools, sports facilities and a civic centre.

About 36 ha will be preserved as parkland. An additional 89 ha will be set aside as open space, including avocado groves. (Leading avocado marketer Calavo Grower is Limoneira's single largest shareholder, having acquired a 16% stake three years ago.)

Work is now scheduled to begin in 2010, with an estimated completion date by 2012.