REAL DEALS: by Maria Zate

September 5, 2007

Construction on the long-troubled Entrada de Santa Barbara timeshare project finally appears to be getting off the ground -- by first going underground.

The project's initial foundation supports, comprising 50-foot-long piles, were driven into the ground within the past two weeks, meeting a Sept. 4 deadline as promised by the developer, MF Santa Barbara LLC .

About six piles were put into place on the vacant parcel of land at the corner of Mason and State streets at the time the city's community development director, Paul Casey , inspected the property last week. This site on the east side of State Street next to the railroad tracks will become a parking garage.

Mr. Casey sent a letter to the developer on Aug. 28, confirming that the pile installation qualified as meeting the "substantive amount of construction" that would allow the building permits to remain active. Prior to the recent pile driving, construction had been dormant for almost six months.

City building officials said that the foundation installation, which will total hundreds of piles, should continue for at least several months or longer.

Entrada de Santa Barbara was first approved by the city in 2001. Local developer Bill Levy dreamed up the idea to revitalize that "underutilized" area of State Street, and it took him more than 10 years to get the project approved.

After failing to find permanent financing to build the project, Mr. Levy's partnership, called Santa Barbara Beach Holdings , filed for bankruptcy last January, and the project was purchased by its creditor, Mountain Funding, for $42 million. Principals of Mountain Funding formed MF Santa Barbara LLC.

The approved development plans are for 62 one-, two- and three-bedroom timeshare units, and about 18,000 square feet of commercial and retail space. Wider sidewalks, landscaping, public restrooms and a 98-space public parking garage were also requirements the city imposed on the project.

Since filing bankruptcy, Mr. Levy has kept a very low profile. The rumor was that he had left town for good and closed his office in El Paseo in downtown.

But a call placed to his old number Tuesday was answered by a chipper receptionist. She claimed that he was "unavailable" and agreed to take a message. She also confirmed that the office was still open and that Mr. Levy was indeed "alive and kicking" in Santa Barbara.

Other news:

• CKE Restaurants Inc. recently purchased a former Coco's restaurant building and property at 4610 Carpinteria Ave. in Carpinteria. The purchase included 1.14 acres of land with the existing 4,500-square-foot restaurant building. Michael Martz and Steve Leider of Leider Hayes Commercial in Santa Barbara represented CKE. The seller was Carp's Paradise Gardens LLC , represented by George Logan of Prudential .