The proposed redevelopment of La Cumbre Plaza by father-son developers Jim and Matt Taylor is one of the most ambitious residential ventures in the City of Santa Barbara, promising to bring at least 642 units of housing and commodities that could transform the upper State Street area. But as the project starts to take shape, affordability is a growing concern for city leaders and residents who have watched helplessly as rent prices have continued to skyrocket citywide.
A 2023 survey by the city showed that the median rent for a one-bedroom apartment was $2,598 a month. The 78-unit apartment complex that will be opening at the former downtown Staples next month is currently being advertised with studio prices up to $3,500 a month, one-bedroom apartments going up to $4,100 a month, and two-bedroom units offered at monthly prices ranging from $5,500 to $6,900.
Since the project at La Cumbre (dubbed “The Neighborhood at State and Hope”) was announced, the topic of affordability has dominated public discussion surrounding the originally proposed plan, in which the Taylors intended to provide only about 8 percent total units at below-market rate. When the Taylors held an open house at La Cumbre Plaza earlier this year, hundreds of people crowded to get a peek at the plans and voice their concerns over the prospect of hundreds of new units of housing in the area: Would these be affordable? And affordable to whom? What about traffic, water, wastewater, and public spaces? How would the Hope School district fare with a few hundred more families suddenly in the area?