Montecito families buy food hall for $10 million
The new owners of the Santa Barbara Public Market don’t anticipate making any major changes and plan on supporting the momentum created by original owner Marge Cafarelli.
The Santa Barbara Public Market, the city’s premier food hall, was sold as a package deal to local entrepreneurs and philanthropists for more than $10 million.
Founded in 2014, the Public Market is located at the corner of Victoria and Chapala streets and offers a wide selection of artisanal food and drinks that represents a diverse group of cultures.
Original owner Marge Cafarelli created a space where people of all walks of life could occupy a corner to showcase new talent in culture and cuisine.
Michael Martz, Hayes Commercial Group partner, represented Ms. Cafarelli throughout the sale.
“Mrs. Cafarelli was the head of this passion project from the very beginning,” Mr. Martz told the News-Press about the market. “She was just at a point where she was ready to move on to the next project.”
The Public Market was sold to the Winn and Twining families. Alastair Winn was a biomedical engineer and is the president at Applied Silicone Corp. Travis Twining is the owner of construction equipment company Asset Equipment.
“One of our main objectives was that we find a good, local buyer who understands Santa Barbara,” Mr. Martz told the News-Press. “We were looking for someone who would give it the personal attention that the project needs.”
Both the Winn and Twining families live in Montecito, where they are often involved in philanthropic endeavors.
The purchase of the market involved both families, including Mr. Winn’s wife, Ann, and Mr. Twining’s wife, Amanda.
“They have a lot of good ideas and energy,” Mr. Martz said. “The Public Market’s been a great asset to our community, and this is something they got really excited about.”
According to Mr. Martz, the family partnership plans on supporting Mrs. Cafarelli’s momentum with the Public Market and is not anticipating major changes.
“There are established vendors who are doing really well,” Mr. Martz said. “I believe the new owners are attempting to very carefully fill the vacant spots with exciting tenants to add to the mix.”
email: fmcfarland@newspress.com
