Caruso Invites Input on Village Properties

Caruso Affiliated confirmed this week that they are still under contract with the Pacific Palisades Village Ownership Group to purchase the Village property.

The Palisadian-Post reported last month that the company owned by developer Rick Caruso still plans to purchase the property but that it would be a surprise if closing occurs before 2015. Caruso had declined to comment until now.

“For decades, these stores and restaurants have played a central role in the day to day life of the surrounding neighborhood and we plan to bring it back so people can once again enjoy dining, shopping and spending time with family,” Caruso Affiliated wrote in an exclusive statement to the Post. “We are committed to the property and look forward to becoming part of the Pacific Palisades community.”

Within the next few weeks, the company plans to meet with local representatives and community organizations to share their vision and get feedback.

“Our goal is to restore the feel and maintain the scale of the street while including some great new shops and restaurants. We hope to make the neighborhood an even more enjoyable place for residents, their families and friends,” Caruso wrote.

The property includes the storefronts on the south side of Swarthmore between Sunset and Monument, the parking lot behind those buildings, most of the storefronts on the north side of Swarthmore and a number of storefronts on Sunset between Swarthmore and Monument.

Businesses at the Palisades Village have struggled in recent years with the recession and rent increases, but many Palisadians are hopeful Caruso will bring some life to the area.

“From day one, we were just excited about Mr. Caruso even thinking about coming to the Palisades,” said Arnie Wishnick, executive director of the Pacific Palisades Chamber of Commerce. “He seems like a good businessman and a good person.”

Wishnick said he is familiar with Caruso’s previous projects and believes that he will listen to the community.

Caruso also addressed the soil contamination caused by a former dry cleaner on Swarthmore. “As part of our agreement to purchase the property, we will proceed immediately with steps to thoroughly address the environmental issues as we revitalize the entire property. We are working closely with the property sellers and environmental regulators at Cal-EPA to develop a comprehensive remedial plan for the property,” the company wrote.

“We’ve already begun work to implement this plan, which also includes further testing. It is our intent to work closely with the sellers and regulatory officials to make sure the remedial plan is thorough and fully protective.”

Residents who have questions about the project can contact Caruso Affiliated Senior Vice President for Community Relations Rick Lemmo at (323) 900-8100 or rick.lemmo@carusoaffiliated.com.