In a move that could breathe new life into downtown Santa Barbara, Yardi Systems, a Goleta-based company, has proposed an Adaptive Reuse Plan for the vacant Macy’s Department store on State Street. This plan aims to revitalize the area by bringing in Yardi’s full team, injecting energy into the downtown corridor.

Community and Housing Contributions

As part of the proposal, Yardi Systems intends to transfer the land and contribute $5 million to the City’s Local Housing Trust Fund. Additionally, they plan to allocate $700,000 to support the City’s Downtown Plaza and Parking Program. These contributions are designed to address the city’s need for more housing and enhance the downtown area.

The city is also considering a separate deal with DSP, a joint venture involving Dune, Shopoff Realty Investments, and Praelium, to develop new homes within the former Nordstrom building, located on the opposite side of the mall from Macy’s. This initiative aligns with the city’s broader strategy to integrate business and housing plans that reduce vehicle use and stimulate activity in the main corridor.

Future Plans and Considerations

Santa Barbara has been exploring various proposals for the downtown area, including the potential demolition of the Macy’s building to make way for a new housing project and a high-end grocery store. Any new plans must consider land ownership, leases, and require agreement from multiple decision-makers, both private and governmental, before finalization.

The City Council is scheduled to meet at 2 p.m. on Tuesday at Santa Barbara City Hall to discuss these proposals further.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.