Goleta-based Yardi Systems plans to acquire Paseo Nuevo mall in Santa Barbara, bringing 600 workers downtown and adding housing in the former Nordstrom building. The Santa Barbara City Council will discuss the proposal on June 2.
- Yardi will donate $5 million to the Local Housing Trust Fund and $700,000 to the Downtown Plaza and Parking Program. - The former Nordstrom building will be converted into 80 to 112 apartments, including affordable units.
- The deal aims to revitalize State Street by increasing foot traffic and supporting local businesses. The proposal unites corporate offices, housing, and mall preservation, with community feedback expected at the June 2 council meeting.