Caruso’s Clean-up Plan Receives Approval

Caruso Affiliated announced today that its comprehensive clean-up plan for Swarthmore Avenue* in Pacific Palisades has received initial approval from the Department of Toxic

Substances Control (“DTSC”), an agency of the State of California. Caruso Affiliated is under contract to purchase property from the Pacific Palisades Village ownership group, and during its due diligence became aware of pre-existing environmental contamination at the property caused by dry cleaning operations that previously operated on Swarthmore Avenue for approximately 30 years. Extensive work to assess environmental conditions at the property showed contamination from a common dry cleaning solvent, Tetracholroethylene, also known as Perchloroethylene (“perc” or “PCE”). A local meeting for the community to review the proposed plan will be held on Sept. 16, 2014, at Palisades Charter High School. Following this public review period, DTSC can issue final approval.

“We are extremely passionate about our endeavors in Pacific Palisades and we want to make a difference in the community. As part of our agreement, we’ve proposed and are committed to performing a comprehensive clean-up of the property. Once we close and take ownership of the property, we will quickly move forward with a clean-up plan that is well beyond what is typical for such a site, which will benefit the surrounding community. This is an important first step toward revitalizing Swarthmore Avenue,” said Rick J. Caruso, founder and chief executive officer of Caruso Affiliated.

Work is expected to commence later this year, mainly consisting of demolishing some vacant units along the northwest corner of Swarthmore and Monument Avenues, excavating soil at and around the location of the former dry cleaner, and installing an enhanced vapor extraction system to further capture any residual PCE. This work is anticipated to take approximately six months, with continued monitoring for two years. Caruso Affiliated has been working closely with the sellers and regulatory officials to make sure the remedial plan is thorough and fully protective. Residents will be kept closely apprised of the remediation effort by Caruso Affiliated as cleanup progresses.