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GOLETA, CA-The Ventura division of Irvine-based Sares-Regis Group plans a 956,000-sf class A research and development project called Cabrillo Business Park on a 92-acre site that formerly was an aerospace testing range. Sares-Regis bought the project site, which is next to the Santa Barbara Municipal Airport, from the Hughes Corp. for $22 million in 1998.

According to Russ Goodman, the division's president, the new business park will be developed with 12 one- and two-story flex buildings ranging from 55,000 sf to 80,000 sf. The site also will include a restaurant and self-storage buildings.

Construction is planned to get under way next year on the first phase of eight buildings, which Sares-Regis Group plans to offer for lease. The developer's unveiling of the business park plans follows a recent Goleta City Council approval of the project.