The Santa Barbara City Council gave unanimous support to Yardi Systems' acquisition of Paseo Nuevo mall, calling it a 'miracle' and 'generational transformation.' The plan will bring 600 workers downtown, revitalizing State Street. - Yardi Systems will acquire the former Macy's building, the in-line shopping center, and Parking Lot 1, investing about $100 million.
- The company will donate $5 million to Santa Barbara's Local Housing Trust Fund and $700,000 to the Downtown Plaza and Parking Program. - Separately, Shopoff Realty Investments and Praelium plan to build 80 to 112 apartments in the former Nordstrom building, with a $1 million contribution to downtown improvements.
- The council will formally approve contracts on June 16.