Ernst & Young LLP said that Los Angeles developer Rick Caruso will receive the 2012 Master Entrepreneur of the Year Award for Greater Los Angeles.

Caruso will receive the award during the award’s annual gala in at the Beverly Hills Hilton on June 19. He is the founder and chief executive of Caruso Affiliated, whose upscale retail destinations include the Grove in Los Angeles and Americana at Brand in Glendale. His 8500 Burton Way residential mixed project is scheduled to open in September. Caruso Affiliated also is working on the Miramar Beach and Bungalows, a luxury hotel project in Montecito.

Caruso, who is viewed as a potential L.A. mayoral candidate, has a public service record that includes serving as president of the Los Angeles Police Commission, president of the Los Angeles Department of Water and Power Board of Commissioners and the governor’s appointee to the Los Angeles Coliseum Commission. He and his wife Tina founded the Caruso Family Foundation, which targets the health care and educational needs of children.

“Rick has made an indelible imprint on the Los Angeles landscape, creating a new breed of shopping and entertainment destinations enjoyed by families from every corner of Los Angeles and throughout the world,” said Patrick Niemann, managing partner for Ernst & Young LLP’s Greater Los Angeles practice, in a statement. “He is an extraordinary businessman and local philanthropist who is deeply passionate about his community.”

Past Master Entrepreneur honorees include Ervin “Magic” Johnson, Alfred Mann and the late John E. Anderson.