Santa Barbara City Council Hails Yardi Systems' Acquisition of Paseo Nuevo as 'Miracle' and 'Transformational'

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.