Could the commercial district known as Pacific Palisades Village be restyled under Los Angeles developer Rick Caruso? According to the Los Angeles Times, he's looking at buying 10 parcels east Swarthmore Avenue and Sunset Boulevard.
The property went on the market earlier this year with broker CBRE Group. According to the company's property description of the village, the parcels are available for sale for the first time in more 50 years, and presents "an exciting opportunity to own a collection of Palisades real estate, adding that the new owner could "repositioning the existing real estate, or potentially redevelop the site."
Arnie Wishnick, executive director of the Pacific Palisades Chamber of Commerce, said Thursday he wasn't sure if the Caruso claim was a done deal with the property's current owner of seven years, Palisades Partners, which is owned by the Wilson Family Trust. Many of the buildings on the parcel sit unoccupied.
"I personally would be delighted," Wishnick said if Caruso came to town. "He's a class act with a great track record. I’ve been to all his major productions."
Caruso is owner of the upscale Grove shopping center in L.A. and the Calabasas Commons.
Calls made to Caruso Affiliates were not returned.
