Rick Caruso is at it again. But his latest project won’t resemble any of his others and the developer tells Bisnow that’s exactly the way it should be.
Rick (pictured at a community meeting) unveiled plans for his Palisades Village, a 100k SF project more than two years in the making. Rick tells us the project will differ from his other famous work (The Americana at Brand and The Grove, to name a couple) in that he won’t be creating streets and a pedestrian feel, but instead rejuvenating existing streets that have lost their luster. Rick says his Caruso Affiliated began installing construction barriers this week, and will begin demolishing some buildings next month. The project should be complete in 2017.
The focal point of Palisades Village is the Bay Theatre. (Getting a new theater was one of several sticking points the community had on the development.) Rick, one of LA's wealthiest real estate moguls, will build a new, five-screen theater on top of where the old one stood in the '50s.
Rick tells us the project will completely change the face of the Pacific Palisades, one of the wealthiest communities in Southern California. Rick even goes as far as to say the project will increase the value of existing single-family homes (is that even possible?). In addition to the theater, Rick says he’s looking for a different feel of retailer for Palisades Village. There will likely be no chains (other than a grocer), but instead smaller retailers that focus on community engagement and experience.
The project along Swarthmore Avenue is not intended to be a regional draw, like Rick's other projects, but instead a local community hub, he tells us. Construction will also include a large underground parking garage capable of housing 384 cars–another item on the locals’ wish list.
Caruso Affiliated just closed on the property, after sitting in escrow for two years figuring out a cleanup plan. The site has some contaminants from an old dry cleaner that will be cleaned up. Rick calls the 2.8-acre project a transformation for both Pacific Palisades and his company. He tells us the community will join other elite neighborhoods in the US with this project, such as The Hamptons and even Larchmont in LA.
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