Caruso Moves Forward on Glendale Retail Center
Los Angeles–based real estate developer Caruso Affiliated got the go-ahead to proceed with its $264-million retail-residential project in Glendale, Calif., after a rival firm withdrew its lawsuit against the project.
Caruso is proceeding with demolition at a 15.5-acre site in Glendale, where it is building Americana at Brand, an open-air, mixed-used development that will encompass 475,000 square feet of specialty retail space and 338 apartments.
The project was being challenged by the Chicago-based REIT (real estate investment trust) General Growth Properties, which owns Glendale Galleria, across the street. The REIT filed a lawsuit and financed a ballot referendum, both of which were defeated earlier this year. General Growth was contesting various aspects of the project, ranging from environmental issues to financial agreements. Caruso meanwhile has a $40-million antitrust suit pending against General Growth contending that its officials interfered with prospective tenants looking to lease space from Caruso. That case is expected to go to trial next year.
Caruso, developer of the high-profile shopping center The Grove, in Los Angeles, plans to build another lifestyle center with Americana featuring a two-acre park surrounded by a pedestrian promenade, fountains, and outdoor seating and gathering places.
“With the dismissal of the suit, we will move quickly forward with the demolition of the remaining structures and site grading in order to set the stage for full project construction early next year,” said Rick Moses, senior vice president of Caruso, in a statement. —Robert McAllister
