Net Worth: $3.8 billion, up 15 percent
LAST YEAR: $3.3 billion
RESIDENCE: West Los Angeles
SOURCE OF WEALTH: Retail development
THE MONEY: Developer of Grove and Americana at Brand saw robust growth of ultra-Class A retail portfolio. Maintains high occupancy across retail and residential properties. Portfolio carries little debt.
THE BUZZ: Joined former GOP presidential candidate John Kasich’s campaign as co-chair for national finance and California, pinning hopes on brokered Republican convention. Developer previously considered mayoral runs in Los Angeles and recently said he is unconcerned his political positions would affect turnout at his shopping centers. In March, Grove said it would ban boxer Manny Pacquiao for making anti-gay comments. Luxury offices at Masonic Temple in Glendale opened in January with CBRE as main tenant. Work continues on street-front retail across from Americana at Brand. Five other Caruso Affiliated projects are in varying stages of development. Three-acre Palisades Village set to open in late 2017 with shops, restaurants, movie theater, and park. Plans in progress near Beverly Center for $155 million, 20-story luxury apartment complex with swanky amenities such as valet, room service, and dog-walking. Rosewood Miramar Beach Hotel in Montecito to open in 2018 after $185 million of construction of historic seaside resort. Plan for a retail promenade on 200 acres in Carlsbad fell through in March after four years of planning and $10 million spent to gather public support. Still holding on to three parcels of land along San Vicente Boulevard in Brentwood bought in 2013. Caruso gave $25 million in June to alma mater USC to endow Tina and Rick Caruso Department of Otolaryngology – Head and Neck Surgery as well as Caruso Family Center for Childhood Communication. Said university has provided “miracle” treatment to his hearing-impaired teenage daughter.
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