The Foundation for Santa Barbara City College lost the bid for the Harbor Heights Manor apartments.
The apartments were priced at $33 million. They are located between East and West campus on the corner of Loma Alta and Cliff Drive.
City College hired Attorney Craig Price to represent the college in the negotiations
In 2012 the foundation raised $3.9 million for funding scholarships, equipment and additional programs.
“Our bid was a reasonable and competitive bid,” said Vanessa Patterson, Executive Director for the foundation. “Ultimately the final offer went above the asking price.”
The administration had not announced any plans for the 97-unit apartment complex.
“We look forward to developing a relationship with the new buyer,” said Patterson.
The highest bidder is not known at this time.
This story will be updated as it develops.
