PACIFIC PALISADES—The creator of The Grove and Americana at Brand has turned his sites on an iconic Pacific Palisades landmark.
Closed since 1978, developer Rick Caruso plans to resurrect the Bay Theater and the once-prominent Palisades Village.
The founder and chief executive of Caruso Affiliated, Caruso purchased the 2.77 acre Palisades Village property in November, waiting until he December 4 community meeting at Palisades Charter High School to officially announce his plans for the development.
During the meeting, which lasted over two hours, the development tycoon announced that the resurrected Palisades Village will feature a five-screen theater and numerous fashionable shops and restaurants, hoping to provide an exclusive atmosphere with an aesthetic similar to that of the Hamptons.
Though the exact businesses have yet to be named, Caruso did speak to a general public sentiment to avoid big-name chain retailers, vowing to satisfy a popular request from younger members of the community to replace the closed Baskin Robins with a new ice cream parlor.
Caruso expressed willingness to work with the community, pointing out that a unified effort would facilitate the timely opening of the development.
The refurbished Palisades Village is expected to be open for business late in 2017.