Latest news with #RickCaruso
Yahoo
2 days ago
- Business
- Yahoo
Rick Caruso Vows to Breathe Life Back into Fire Ravaged Pacific Palisades
Rick Caruso Vows to Breathe Life Back into Fire Ravaged Pacific Palisades originally appeared on L.A. Mag. Developer Rick Caruso - a longtime Pacific Palisades resident whose own home was damaged while his daughter's home was reduced to ash in the deadly and devastating wildfire that tore through his community - is vowing to breathe new life back into the beloved neighborhood perched above the ocean by reopening his shopping center. During a press conference in an active construction zone Wednesday, Caruso was flanked by fashion powerhouse Elyse Walker who lost her longtime flagship store to the wind-fueled flames as she announced she will rebuild at Palisades Village, the lifeblood of the neighborhood that was left largely unscathed by the January fires. Walker's announcement that her boutique empire - which began in the Pacific Palisades and now can be found on the trendiest streets of New York City and Newport Beach - will be a sprawling centerpiece in the revitalization and rebuilding of the area was a much-needed sign that the beloved community will make a strong comeback. One that Caruso believes could come as early as the start of 2026."I knew that I wanted a store to feel like a home base within the community," she said. "More than a store, it was where friends & family got together to connect, celebrate and of course, shop," she said. "We fully intend to recreate the elysewalker experience at the Village and cannot wait to be back in our beloved Palisades community.' Caruso also announced that his company has already committed roughly $50 million to upgrade Palisades Village and improve the surrounding streets and sidewalks as residents who want to rebuild begin a return to their lives. He applauded Walker for her "shared determination to bring back the Palisades better and stronger." "When a retailer chooses to invest here, it is a powerful voice of confidence in a bright future," Caruso said. Reopening Palisades Village, a vibrant mecca of clothing, dining, and the arts, will be part of a dedicated effort to ensure that their "community remains a place where families flourish, businesses succeed, and neighborhoods thrive.' The Palisades Fire devoured nearly 37 miles of the Pacific Palisades and Malibu, destroying thousands of homes and businesses and claiming a dozen lives. Corrine Verdery, the CEO of Caruso, said that the company has made a long-term commitment to making Palisades Village a symbol of "resilience and optimism for the future" of the neighborhood. This story was originally reported by L.A. Mag on May 29, 2025, where it first appeared.
Yahoo
2 days ago
- Business
- Yahoo
Palisades Village slated to reopen in 2026
The Palisades Village, a luxury open-air shopping center in Pacific Palisades, is slated to reopen in mid-2026, marking another step forward in the community's recovery from the Palisades Fire. The announcement was made on Wednesday by billionaire developer Rick Caruso, owner of the shopping center. The approximately 3-acre, 125,000-square-foot shopping center, which houses 42 businesses and services, has been closed since January's wildfire leveled thousands of homes and businesses. While the Palisades Village itself was largely untouched by the fire, the surrounding devastation prompted its closure. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
2 days ago
- Business
- Yahoo
Rick Caruso and Elyse Walker Announce Plans for Palisades Village Reopening Following SoCal Fires
Five months after a devastating wildfire ripped through the tony beachside enclave, Los Angeles' Palisades neighborhood is on the road to revival. With construction on fire-damaged homes and now-empty lots springing up all around, the Palisades Village shopping center, owned by billionaire real estate mogul Rick Caruso, is laying the groundwork for a grand reopening targeted for mid-2026. More from Sourcing Journal Kearney: Shoppers Place Higher Premium on Value Than Values April Retail Sales Were Rocky, in Line With Tariff Turmoil Google Enriches Shopping Features With AI Upgrades The reimagined outdoor mall will welcome back many of its current and former tenants, and it will also feature new, yet-to-be-announced arrivals in the form of retail shops and dining, Caruso told reporters at a press conference Wednesday. While the Village itself skirted much physical damage, its storefronts have stood empty for weeks upon weeks, their windows darkened. Across the street, the burned-out remnants of a large building that once housed a bustling Starbucks casts a grim shadow. Driving into the area—which is heavily patrolled by police and blanketed by contractors on their way to building projects—still requires a city-issued pass. But Caruso is confident that the area will return to its former glory in due time. He plans to announce a new dining concept in the coming months, and bring back the Village's annual Christmas tree lighting and Menorah celebration over the holiday season. He's also committed to funding the revitalization of neighboring retail-filled streets, including sidewalks and landscaping. Shoppers—as well as tenants—will again flock to what has become the neighborhood's central commerce hub, Caruso believes. 'I'm very confident we're going to open up fully leased. There's a lot of interest, and most of the tenants that are here want to come back,' he told WWD. The village houses storefronts for brands like Reformation, A.L.C., Aesop, Sephora, Vince, Veronica Beard, Anine Bing, Alo Yoga and Paige, among others. Asked whether the Village would be offering special terms for prospective new businesses looking for a place to land, The Grove owner said, 'Just like we did in Covid, especially for smaller, independent businesses, it's all about supporting them to get reopened, being able to operate very properly. Absolutely, we're structuring deals.' The Caruso real estate group's CEO, Corinne Verdery, said some brands are still working with their insurance providers to chart a course forward. 'We're certainly going to work hard to bring them back,' she said, echoing Caruso's sentiments about working with tenants during the pandemic and its aftermath. 'We're very used to and accustomed to leaning in with each individual tenant to figure out how can we best support them.' With January's trauma still fresh in the minds of many, Verdery said the group is focused on rebuilding with an eye toward safety and resilience. 'We will continue to use our non-combustible, commercial-grade fire-retardant materials. We'll continue to underground all of our utilities,' she said, noting that those decisions likely saved the Village from incurring more damage, though some torched wooden decks will be replaced with different materials. 'We're using some of our learnings,' she said. Fashion industry stalwart Elyse Walker, who founded footwear brand Capretto and owns of a fleet of nationwide stores, joined Caruso on Wednesday to tout the commencement of rebuilding efforts within the neighborhood. Walker—whose 26-year-old eponymous Elysewalker flagship store was housed across the street and was damaged in the fires—plans to reopen within the Village, claiming its most visible corner lot on Sunset Boulevard. 'Today is the beginning of our rebuilding efforts, and I am proud to be here with Rick and his family and his team to renew our commitment to this wonderful community,' she told reporters. 'Our goal is to create jobs and enthusiasm. Reopening in the Palisades and moving our flagship across the street to the Palisades Village is incredibly exciting and important as we focus our efforts on supporting this strong and resilient town,' she added. Walker told WWD that when she opened her store in the Palisades a quarter century ago, the area was not known for retail. It was a choice she made with a practical objective: she wanted to be close to her kids' school. Over time, the location became a community gathering place, spurring other businesses to take root nearby. 'I truly believe what's good for one is good for all. If you look at car dealerships, they're all next to each other,' she said. 'Sometimes retailers are a little protective, but competition's good.' When Caruso revealed his plans to open the Palisades Village in 2018, Walker was all in. The stated objective—to support the town—resonated with her, and Towne by Elysewalker was born in the Village, across the street from her flagship. It featured a more laid-back selection of men's and women's merchandise, from clothing and shoes to accessories. 'We put couches in the middle. And the idea is, we just want people to come and hang out. We had a vintage car book, we had backgammon sets, and sometimes you would shop, but it was a more casual vibe.' The store was a hit, becoming one of the shopping center's signature staples. Before the fires, the 1,500-square-foot location was raking in $4,500 per square foot, she said. 'I used to keep those things quiet, and now I want to brag and blurt it out because I want people to understand how much business there is in the Palisades.' Following the fires and the closure of both stores, Walker scrambled to reroute many of her associates and stylists. 'We gathered them. I said, 'There's no four walls that will ever define me, and there's no four walls that will ever define the hard work you do, the relationships you build, the businesses you helped build—that did not go away. We will find you another four walls as soon as we can.'' The retailer set up a mini pop-up shop at its warehouse in Culver City. Some stylists now commute to other Elysewalker locations in Calabasas and Newport Beach. Some even fly up to the Napa Valley in Northern California, where Walker now resides and operates a storefront, to work for up to a month at a time. The boutique's brand partners also stepped up, offering flexible payment terms and offering to take back unsold merchandise, or shipping goods purchased for the Palisades stores to different locations—even the Elysewalker on Madison Avenue. Asked about her mindset throughout the past five months, Walker said, 'It's just basically rolling up your sleeves and dealing with the punches or the blows or the losses and being resourceful—maybe feeling badly for yourself for a little bit, but then rising to the occasion. And for me, this rise was very, very easy.' She credited her team for springing into action to help develop the contingency plans that will allow the Palisades businesses to live on, even during the coming months of reconstruction. 'This is our home. We helped build it, and I hope that today really serves as a day to give people the extra push and a vote of confidence,' she added. 'Everyone's going to come back. I just want them to come back sooner, quicker and faster, because the sooner we do that, the faster everyone can heal.'
Yahoo
3 days ago
- Business
- Yahoo
Rick Caruso Confirms 2026 Reopening of Palisades Village, New Elyse Walker Flagship Boutique
Palisades Village — the luxury shopping and dining destination that ultimately served as a tony town square for residents of Pacific Palisades, California — is eyeing a reopening of 'early to mid' 2026 in the wake of catastrophic fires that ravaged the area. Palisades Village owner Rick Caruso and key members of his Caruso team were on site Wednesday afternoon for an official press conference to announce the news and reveal that Palisades retail guru Elyse Walker will aid revitalization efforts by bringing her namesake shop to the flagship space on the corner of Sunset Boulevard and Swarthmore Avenue. Walker, who opened her Palisades store in 1999 and expanded over the years into something of a retail empire with stores in New York, Newport Beach and Southampton, lost her shop on Antioch Street in the Palisades Fire. More from The Hollywood Reporter How Netflix's Latest 'Fear Street' Slasher Film Created a Terrifying Prom Experience for Fans Inaugural Pride LIVE! Hollywood Event Set for June With Film Screenings, Premieres, Tributes to Norman Lear, 'Golden Girls,' 'Queer as Folk' and More The Upfronts Tease the Most Coveted Luxury Real Estate Projects In the World 'Today marks an important milestone for Palisades Village as it signals not only hope, but our steadfast and unwavering commitment to the Palisades. Our future here at Palisades Village is brighter than ever,' said Caruso CEO Corinne Verdery to kick start the press conference against the backdrop of an 'active' construction zone, hard hats and all. 'Our end goal is simple, it's to bring families back, small businesses, jobs, spark economic revival and make Palisades stronger.' They plan to accomplish that by reconstructing the public park inside Palisades Village, rebuilding streetscapes around the hub to 'beautifully restore the sidewalks, lighting and landscape,' bringing back the annual Christmas tree lighting and Menorah celebration this holiday season and adding 'an exciting new dining concept,' the latter of which will be announced in the coming months, Verdery confirmed. She then welcomed her boss to the podium. Caruso, the billionaire businessman who made a bid to become mayor of Los Angeles, has emerged as a key figure in the city's rebuilding efforts. He founded Steadfast L.A., an organization led by the private sector to 'prioritize action, accountability and results over red tape.' 'When the fire hit, and obviously in the wake of that fire, it touched every corner of our city. I became a student of what it takes to bring back a city or a town or a community from a disaster,' offered Caruso in opening his comments. What he learned was that public and private partnerships become key to rebuilding efforts 'because the problems are too big for a government alone,' and that common spaces that foster community become even more crucial. 'People want to congregate. They want to shop, they want to dine, they want to gather, they want to have a cup of coffee with their friends and their family. So how do we accelerate all of this? It's not only about rebuilding a town, it's about an acceleration of the rebuilding,' he added. 'I believe you have to have an economic engine. If you look at all the examples around the country or around the world, if you have a partner — whether it's a retailer or a restaurateur that believes in the future of a community that's committed not only to great commerce but great community — you create a powerful partnership.' That thinking led Caruso to pick up the phone 'a few weeks ago' to share his big idea that called for her to move into the Palisades Village space formerly occupied by Saint Laurent. 'Elyse said, 'I am in, let's rebuild the Palisades,' recalled Caruso, who saved Palisades Village with the help of a private for-hire firefighting team. 'Then she said something that was very powerful. She said, 'We will be unstoppable.'' Caruso then welcomed Walker to the podium with quite a compliment: 'In my 35 years of being in the development business, I've done business with a lot of retailers, the best and the brightest, but let me tell you something, there is nobody better than Elyse Walker.' The Palisades resident and retail vet, who raised her two sons in the city and opened a shop there so she could walk them to school, expressed optimism about the announcement while also nodding to the destruction still visible on all the surrounding streets. 'Today is an exciting day. It's also with mixed emotion as just five months ago, we watched our beloved community of the Pacific Palisades experience incredible loss, and my team and I lost our flagship Elyse Walker Palisades store, our work home, a store that had just celebrated 25 years,' she explained of the elysewalker boutique. 'However, I have always believed that the Palisades community is strong, and that in time we would heal and rise up together. Today is the beginning of our rebuilding efforts.' She called this moment 'the most pivotal time in the Palisades community history,' and said that her new location will mirror the old one and align with what Caruso has created at Palisades Village by becoming a hub for community and something more than a place that sells clothing, handbags and designer items. 'Our goal is to create jobs and enthusiasm. Reopening in the Palisades and moving our flagship across the street to the Palisades Village is incredibly exciting and important as we focus our efforts on supporting the strong and resilient town,' she said. 'We fully intend to recreate the Elyse Walker experience at the Palisades Village and look forward to a time very, very soon when we can open our doors and our community can reunite.' Best of The Hollywood Reporter Most Anticipated Concert Tours of 2025: Beyoncé, Billie Eilish, Kendrick Lamar & SZA, Sabrina Carpenter and More Hollywood's Most Notable Deaths of 2025 Hollywood's Highest-Profile Harris Endorsements: Taylor Swift, George Clooney, Bruce Springsteen and More
Yahoo
24-04-2025
- Yahoo
Suspect Identified in the Attack of Downtown Los Angeles Trees
Over the holiday weekend, dozens of trees were chopped down around the downtown area while photos and videos of the aftermath spread across social media. Fallen trees were found across Olympic Boulevard, Grand Avenue, Hope Street, Figueroa Street and Cesar Chavez Avenue by locals in the area. On Saturday and Sunday, @dtlainsider (Media Moussavy) on Instagram, posted several videos of the hacked trees around downtown, tagging different local news stations, Los Angeles Police Department (LAPD) and businessman Rick Caruso who recently announced he's considering running for mayor or governor of Los Angeles in upcoming one video, a user wrote, "Drones and cameras all over DTLA. How did they not capture this taking place? 🤔" Over the weekend, KTLA obtained a statement from Mayor Karen Bass' Office:"That someone would do this is truly beyond comprehension. City public works crews are assessing the damage and we will be making plans to quickly replace these damaged trees. LAPD has opened an investigation into what happened and those responsible must be held accountable.'In 2009, the Los Angeles City Council voted to instate a law issuing a fine of $1,000 per each street tree and some private property trees that are illegally removed. Through the early investigation, LAPD obtained surveillance footage of an alleged suspect that they released on Tuesday evening. The official alert featured two snapshots of a white male on a BMX-style bike who was wearing all Black. Later in the evening, LAPD announced the arrest of the suspect who was later identified as 44-year-old Samuel Patrick Groft. He was charged with felony vandalism and his bond of $150,000 was isn't the first crime Groft has committed, police say. In 2008, he was arrested for his involvement in a murder where he helped move the body. As the investigation continues, the city is working to replace the damaged trees.
