Investors plan 12.5 acre development

 

A group of Santa Barbara investors recently purchased 12.5 acres of land in the city’s urban growth area for just under $2.8 million and plan to develop the property into a multi-family housing development.

The acreage is located in the East Bakerview/James Street urban growth area (UGA) between Primrose Lane and Telegraph Road.

Jon Gura, the member manager of Telegraph Partners LLC, which purchased the land, said the partners will wait for the property to be annexed into the city before deciding on specific plans for the site.

“Right now we’re excited about the prospect of annexation,” he said.

Much of the land is currently zoned for 24 units per acre and the rest is zoned for six to 10 units per acre. Gura said he is hopeful the annexation process will allow the entire site to be zoned for 24 units per acre.

The partners have not decided yet whether they will request a rezone for an even higher density or for mixed-use zoning if the area is annexed.

“The housing market is dynamic and changing, and we’re going to look at what the market and the community would want,” he said.

Gura has developed properties in California and has been looking for more development opportunities in the Northwest, he said. The other partners are based in Santa Barbara and Seattle.

The partners are in the process of creating plans for the site and have been in discussions with local architect Dave Christensen.

City of Bellingham Planner Pat Carman said the entire 635-acre East Bakerview/James Street UGA area is currently being considered for annexation. A hearing on the annexation is scheduled for Jan. 10 in front of the Boundary Review Board. At that time, the board can either approve or decide against the annexation.

After that, Bellingham’s City Council would hold a hearing to determine when to bring the area into the city, if it is approved.

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