Limoneira Company has invested in four entitled development parcels in Santa Barbara County, a county that tends to entitle very few parcels, thus making these four particularly valuable. Located in the charming city of Santa Maria, these parcels offer unique residential and commercial development opportunities.
As of February 2010, Limoneira entered a joint venture partnership on our Eastridge Property with The Holt Morgan Group for the purpose of building 120 units over the next 36 months. The three remaining parcels, Centennial, Sevilla, and Pacific Crest remain available for sale.
Santa Maria is home to several Championship golf courses, a national theater, Hancock College, world famous BBQ, nearby missions and award-winning wineries located along the Foxen Canyon Wine Trail. Santa Maria is the largest city in Santa Barbara County and home to one of two official Superior Court locations in Santa Barbara County.
The Metro Area GDP has shown consistent growth. A growing medical center is supplying the area with high-wage jobs. The low cost of living in Santa Maria when compared to nearby cities is an important driving factor of housing demand. Finished lot absorption ranges from a conservative 22 months to a more aggressive 14 months.
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