{"id":2432,"date":"2025-10-13T22:18:06","date_gmt":"2025-10-13T22:18:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/2432\/"},"modified":"2025-10-13T22:18:06","modified_gmt":"2025-10-13T22:18:06","slug":"why-the-citys-mall-king-wont-build-there","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/2432\/","title":{"rendered":"Why the city’s mall king won’t build there"},"content":{"rendered":"

He\u2019s the name behind some of Los Angeles\u2019 biggest tourist attractions that happen to be malls, including Americana at Brand<\/a> and The Grove<\/a>. And yet, LA\u2019s best-known developer hasn\u2019t built a single property in Los Angeles in years \u2014\u00a0on purpose.<\/p>\n

During an onstage appearance as part of\u00a0Bloomberg\u2019s Screentime conference in Hollywood last week, 2022 LA mayoral candidate and billionaire Rick Caruso made it clear that his namesake company, Caruso, has no plans of building in LA anytime soon, as reported by real estate news site the Real Deal<\/a>.\u00a0<\/p>\n

\u201cAs a company that takes great pride in being L.A. based, we no longer build within the city of Los Angeles because of the unpredictability, the cost of doing it [and] the multiple layers of bureaucracy you have to go through for approvals,\u201d Caruso said, according to the Real Deal. \u201cAnd I made that decision long before I ever ran for office.\u201d<\/p>\n

He added, \u201cWhat people need to understand, what leadership needs to understand, is money is going to travel in directions that have the less friction to it, the less risk to it. And L.A. is redlined now, because of the fires, because of the homeless problem, because of the crime problem. Find a crane in L.A. In 10 years, the lowest amount of housing is now.\u201d<\/p>\n

During his remarks last week, Caruso attributed 40% of housing costs to regulations. \u201cThat includes the permitting process, parking requirements for multifamily, energy efficiency and seismic standards and environmental impact reviews,\u201d the Real\u00a0Deal reported. \u201cSince 2023, developers can also tack Measure\u00a0ULA, a city-specific tax on all property transactions starting at $5.3 million, on the other end of the deal, often making an eventual sale more difficult or less profitable.\u201d<\/p>\n

Caruso, who also developed Palisades Village, which was famously spared<\/a> from January\u2019s devastating wildfires, has been vocally critical of the city and Mayor Karen Bass\u2019 handling of the fires since January. During his approximately 20-minute appearance, Caruso addressed\u00a0rumors swirling<\/a> around whether he\u2019ll run for mayor again, or potentially even throw his hat in the ring for governor of California.\u00a0<\/p>\n

\u201cYou know what I\u2019m waiting for? I\u2019m taking this very seriously,\u201d he said at the conference. He then made it clear that his current priority is Steadfast LA, the nonprofit he launched in February that has brokered public-private partnerships aimed at speeding up post-fire rebuilding efforts in\u00a0Altadena, Pacific Palisades and Malibu.<\/p>\n

\u201cI don\u2019t want to be a candidate; I want to get this work done,\u201d he said, according to the report. \u201cI\u2019ve got time to be a candidate.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"He\u2019s the name behind some of Los Angeles\u2019 biggest tourist attractions that happen to be malls, including Americana…\n","protected":false},"author":2,"featured_media":2433,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[48,52,51,47,50,49,2008,2787],"class_list":{"0":"post-2432","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-los-angeles","8":"tag-la","9":"tag-la-headlines","10":"tag-la-news","11":"tag-los-angeles","12":"tag-los-angeles-headlines","13":"tag-los-angeles-news","14":"tag-sfgla","15":"tag-sfgrealestate"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/2432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=2432"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/2432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/2433"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=2432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=2432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=2432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}