Yardi Systems Moves Forward with 'Miracle' Transformation of Santa Barbara's Downtown Paseo Nuevo Mall

Yardi Systems moves forward with 'miracle' transformation of Santa Barbara's downtown Paseo Nuevo mall

Anyone who thinks malls are dying never met Kevin Yardi. Like a caterpillar emerging from its cocoon as a butterfly, Paseo Nuevo mall in Santa Barbara is headed for a rebirth. Yardi Systems, the company owned by Kevin Yardi and his family, is set to acquire Paseo Nuevo mall and the retail shop leases in downtown Santa Barbara. The company plans to relocate 600 employees from its current downtown Goleta headquarters to the former Macy’s building.…

Siteline | A Step Forward for the Reinvention of Paseo Nuevo

••• “City Council OKs Paseo Nuevo Redevelopment That Will Forever Change Downtown State Street,” reports Noozhawk with more than a little hyperbole. “Yardi Systems will convert the Macy’s into offices and an event space, and take over the rest of the shopping center and parking Lot #1. DSP plans to build 80-112 rental units at the former Nordstrom, and 10% of them will be affordable for moderate-income households for at least 90 years. None of t…