Santa Barbara Corporate Retreat Market Feasibility and Financial Feasibility Study Historic Santa Barbara Structure Feasibility Study Provides New Opportunities

The Challenge

The client wanted to reposition a 5-acre site nestled in a residential neighborhood in Montecito, California. The site had an existing 10,000 square foot structure with historic designation and was located adjacent to a luxury hotel. The client sought guidance on the viability of a corporate retreat center, as well as other potential uses or programming for the site.

The Design Solution

The Advisory Services practice at HKS completed a study to review the current zoning laws, the size and quality of the resident and tourist markets, the local comparable events venue market, and comparable facilities in California. Additionally, interviews with key stakeholders, including meeting and event planners, were conducted to further inform the analysis and assess potential gaps in the market.

The Design Impact

Based on the findings of market research along with a professional opinion, the advisory team worked with the HKS design team to create schematic site programming diagrams and associated imagery to highlight the various programmatic elements supportable on the site. In addition, they identified the intended target market and supportable event days for each. A financial model was also created to forecast demand for the respective project elements and demonstrated both break-even and ROI projections. The client used the work done by our advisory team to reach a “go” or “no-go” decision on the site, as well as adjust programmatic elements for their other hospitality projects in the area.