Developer Rick Caruso is overseeing every detail on his latest project, right down to the choice of music wafting through the common areas.
The project, called Palisades Village and designed to resemble a small town, is scheduled for a Saturday grand opening in Los Angeles, reports The Wall Street Journal. Palisades Village offers retail, entertainment, residential, office and green space.
The green space is a crucial aspect of Palisades, as is the case at all Caruso centers, the developer tells the newspaper, serving as a public gathering place. Many of those who are drawn to the center tend to linger and make unplanned purchases, says Caruso. “We get a 95 percent conversion rate," he said. The project's Bay Theatre cinema is named after a local movie theater that closed 40 years ago.
Rick Caruso
There is no department store, but there is a grocery store. Among the tenants are a variety of newer concepts, including the very first brick-and-mortar stores for fashion designer Rachel Zoe and jewelry designer Jennifer Meyer, as well as some pop-up stores. Some international chains have been invited, but their store formats are small; Sephora Studio, for example, will be there offering one-on-one services.
“There is a desire to remain local,” Caruso told the newspaper. “The arc of retail was really coming full circle to people wanting something of their own.”
By Edmund Mander
Director, Editor-In-Chief/SCT
