Riviera park sold

Riviera Park, which housed the original buildings of what would later become UC Santa Barbara, was sold on July 22 for an estimated $27,000,000.

The buyer was the Yardi family, an increasingly active real estate investor in the Santa Barbara area [….] the family expects to maintain the property as a campus that ‘brings value and benefit’ to the broader community. The plan is to take the next six to 12 months to evaluate the property and develop a plan.” That’s the complex across from El Encanto (and home to the Riviera Theatre), and it has been ripe for reinvention for a long time. Imagine if there was a restaurant there…. P.S. The official price was $26.825 million according to the deed report. —Pacific Coast Business Times

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