425 1st Street presents a rare ±21,344 SF VMU (Village Mixed Use) development opportunity located in the heart of Solvang’s premier tourism corridor, just one block from Copenhagen Drive. Formerly the Water Wheel property and scheduled for demolition, the site offers a true clean-slate for a variety of uses including boutique hotel, mixed-use, residential, or senior housing. Positioned within the highly desirable Santa Ynez Valley, the property benefits from strong year-round tourism, walkability to restaurants, tasting rooms, and retail, and a notable lack of new boutique hospitality supply. VMU zoning provides flexibility for multiple development strategies, with potential to enhance density through California State Density Bonus Law (buyer to verify).