Last Friday I broke the news that the owners of La Entrada, the large, stalled construction project on State Street near the train station, closed escrow with a Los Angeles developer. Sources tell me that the developer who purchased the La Entrada property from Mountain Funding is Michael Rosenfeld.
Rosenfeld stated: “We are excited to move forward to revitalize the State Street Waterfront District. It is a half block from the beach and Santa Barbara’s renowned Stearn’s Wharf with shopping and restaurants. It is also just a short walk up the State Street Paseo to Santa Barbara’s main shopping and dining district.”
Rosenfeld owns the Hyatt Regency Century Plaza hotel in L.A.’s west side. Rosenfeld recently submitted a $1.5-billion proposal to build two 46-story skyscrapers on the Century Plaza property to house hundreds of condominiums and offices.