RETAIL
Caruso Closes Escrow on Palisades Enclave.
Rick Caruso, developer of The Grove and The Americana at Brand retail centers in the Los Angeles area, announced Nov. 25 that his company, Caruso Affiliated, closed escrow on Swarthmore Avenue in the wealthy enclave of Pacific Palisades in Los Angeles.
The announcement is a milestone in a two-year saga to develop the street into a retail district named Palisades Village. It currently is the address of boutiques, restaurants and many empty storefronts. Caruso acquired the land, said to be 2.77 acres, in December 2012.
However, his company found that parts of it had been contaminated by toxic chemicals left over from a dry-cleaning business. Caruso worked with California’s state Department of Toxic Substances Control to develop a plan to clean the space up, the developer said.
“We are excited to move full speed ahead with our plans for the next chapter of Swarthmore Avenue,” he said. The developer is scheduled to discuss his plans for Swarthmore Avenue at a community meeting at 6:30 p.m. on Dec. 4 in Mercer Hall at Palisades Charter High School.
Caruso is also under contract to acquire the Mobil gas station adjacent to Swarthmore Avenue, on the corner of Sunset and Swarthmore. That deal is expected to close in mid-2016, according to a Caruso Affiliated statement.
Earlier this year, Caruso stated his interest in “street-front” retail, or developing shopping outside of malls. Palisades Village could be such a place where unique boutiques do business on pedestrian streets.
