Wendy and Eric Schmidt have acquired a controlling interest in the 2.43-acre Tri-County Produce site on Santa Barbara’s Eastside.
The philanthropist couple plan to move forward with housing at the site, 335 S. Milpas St.
“We’ve seen how the region has embraced the market, and we intend to bring the values of the community and that spirit of sustainability to the residential development,” said Wendy Schmidt. “We’re excited to work together to bring that vision to reality.”
The Schmidts stepped in last April as angel investors to preserve Tri-County Produce and enable two longtime employees, Jaime Desales Sr., and his son, Jaime Desales Jr., to run and ultimately own the business, according to a news release.
The Schmidts recapitalized the property with developers Austin Herlihy and Chris Parker of Hot Springs Capital, who purchased the site four years ago to build housing adjacent to the market.
The Schmidts have asked Herlihy and Parker to continue to oversee the development of the project.
“We’ve made a significant investment of time and capital to develop the project and advance it through the planning process, and we’re excited to see it through,” Herlihy said.
Parker added: “We look forward to working with Wendy to fulfill her vision for the development and the community.”
The news release also states that last year, the Schmidt Family Foundation purchased the 350-acre parcel of land known as Mar y Cel, the largest contiguous undeveloped property in Montecito, to protect the lands as open space.
Eric and Wendy Schmidt started the Schmidt Family Foundation to address challenges facing communities around the world, working for clean renewable energy, healthy food systems, healthy oceans and the protection of human rights, according to a news release.
Wendy Schmidt, a former journalist, also worked in marketing communications in Silicon Valley and since 2006 has led the couple’s philanthropy as president of the Schmidt Family Foundation and Schmidt Ocean Institute. She also sits on the board of Lotusland.
Eric Schmidt is executive chairman and CEO of Relativity Space. He previously led Google as CEO for a decade and as executive chairman for four years before serving as executive chairman of Google parent company, Alphabet Inc., for three years.
