Who is Rick Caruso? CEO and founder of Caruso Affiliated, Rick Caruso is one of Los Angeles' most notable real estate developers. His company has a portfolio of retail, residential, and office properties throughout California. However, he has gained particular recognition for his successful properties and innovative approach in the Los Angeles area that have provided people with a sense of place, while yielding business success.
Rick Caruso is a Los Angeles native and son of Henry Caruso, founder of Dollar Rent A Car. After attending business school at USC and subsequently attending law school, Mr. Caruso began a career in law, practicing for several years. However, he found himself drawn to the real estate development business. After deciding law was not for him, he made the change and set his sights on real estate development founding Caruso Affiliated.
Providing California Communities With a Sense of Place
Without a background in real estate, Rick Caruso approached the real estate development business with an open mind. He drew from his own personal experience and sensibilities as part of the Los Angeles community where he has lived, worked, and spent time with friends and family his entire life. This background provided him with the ultimate sense of what drew people to a particular place which in turn makes a retail, hospitality, or commercial property successful.
Without the constraints of the traditional rules and conventions of the commercial real estate business, Rick Caruso and his team studied properties and cities in the United States and abroad to determine what worked and what did not. The end result was an ability to create an experience that built a connection and drew people back to a place where they could get back time for themselves.
After having gained experience in investing and developing several commercial and retail properties in the Los Angeles area, he took an entrepreneurial leap into building larger development projects that embodied the sense of place he wanted to offer the community. Among Rick Caruso's properties are The Grove in Los Angeles, and The Americana at Brand in Glendale which rank among the top 15 producing shopping centers world wide.
Creating a Workplace With a Sense of Wellness
Rick Caruso, developer of The Grove and The Americana, has also applied his approach to other commercial property types. Among Rick Caruso's properties is the historic Masonic Temple in Glendale. Mr. Caruso acquired the vacant property and restored it to serve as CBRE's North Los Angeles flagship office as part of their "Workplace 360" initiative. While preserving part of the Glendale community's history, he re-purposed the building to serve as an example of cutting edge office space design that is centered on wellness in the workplace. Going a step further, the office even offers concierge service to its tenants.
Developing Locations With a Sense of the Future
Continually moving forward, Rick Caruso's future properties include a variety of distinctive real estate developments in Southern California. In Los Angeles, he plans to redevelop the site at 333 La Cienega as a multi-residential building with street level retail stores. At the historic Miramar hotel site just south of Santa Barbara, Mr. Caruso is building a luxury beachfront resort that will be operated under the Rosewood Hotel brand.
Revitalizing Pacific Palisades With a Sense of Home
In the Pacific Palisades, Rick Caruso has embarked on the revitalization of the downtown area. The Pacific Palisades had lost its sense of a downtown despite being beautifully located on California's Pacific Coast between Santa Monica and Malibu.
With the support of the city and local community, Rick Caruso and Caruso Affiliated are underway in applying their experience and knowledge learned from previous projects to rebuilding a center of gravity for Pacific Palisades. Palisades Village will draw local residents together and contribute to the identity of the surrounding Pacific Palisades neighborhoods.
1. How much cash will be required to make your mortgage payments? Debt Service >>
2. Who can you go to to finance your construction or development project? Construction Lender >>
3. What professional can assist you in maximizing the value of your investment property? Asset Manager >>
4. How can we assess future commitment to infrastructure to support our communities and future development? Capital Improvements Projects >>
5. What measurement indicates if a property's financial performance can cover its debt? DSCR >>
6. What part of a city is the center of urban economic development? CBD >>
7. What allows property owners and professionals to estimate the market value of a commercial property? Comparable Property >>
8. What can landords do to entice prospective tenants? Concession >>
9. What critical factor do stores depend on to drive traffic? Anchor Tenant >>