Rick Caruso, a developer and former mayoral candidate, made headlines on Thursday with a stark assessment of Los Angeles, stating, “LA is not okay.”
In a post on X, Caruso expressed concern over the declining hope residents have in their city, emphasizing, “People are losing hope in their own city and that should concern all of us. It’s time to fix this. It’s time to turn LA around.”
His remarks come just days after a community meeting in Pacific Palisades, where he was a guest speaker. During this meeting, Caruso took aim at the city’s operational efficiencies, particularly regarding the rebuilding efforts in areas ravaged by wildfires in January.
As Caruso continues to vocalize the issues plaguing the city, speculation is growing about whether he plans to launch another campaign for mayor or possibly aim for the governor’s office of California. When attendees of the Pacific Palisades meeting brought up the subject, Caruso chose to defer any political decisions, stating he would make a call on his political future after the summer.
“Do I love public service? Yes. I obviously wanted to be mayor once and I love helping the city. I love the city. Simple as that and I love the state, and I think we should be the best city in the best state,” he said. For now, he remains focused on his non-profit organization, Steadfast LA.
Meanwhile, the leadership of LA County’s Affordable Housing Solutions Agency is facing its own challenges as questions arise over the credibility of its interim CEO, Ryan Johnson.
Johnson, whose contract is set to expire this fall, has announced he will not seek the permanent CEO position amidst concerns regarding inflated claims on his resume, as reported by the Los Angeles Times.
The article states that Johnson is stepping down to better manage his obligations at home due to a sick family member. Despite Johnson’s withdrawal, KEES Alford Executive Search, which was responsible for vetting candidates for the current interim and future roles, reiterated its confidence in the search process.
In the retail sector, Washington Prime is looking to divest its stake in the Westminster Mall, offering the property as part of a broader strategy to unwind from underperforming assets.
The anticipated sale could provide a much-needed boost to the mall’s future, as plans have emerged for its mixed-use redevelopment.
Speculation around this move surfaced last September when Morningstar Credit Analytics indicated a pending sale following an $85 million loan tied to the property being transferred to special servicing earlier that year. Washington Prime was granted an extension to facilitate a sale of the property.
Shopoff Realty Investments has already made significant investments into the mall’s revival, purchasing key properties within the site, including the former Sears and Macy’s locations. The company aims to develop what they term Bolsa Pacific, which will integrate apartments, townhomes, a hotel, parks, restaurants, and retail spaces into the project.
Additionally, the financial situation of the Wedbush Center in downtown Los Angeles is spotlighted as it moves into special servicing after its owner, Cerberus Capital Management, defaulted on a $128 million loan from Goldman Sachs.
This development is indicative of the ongoing struggles faced by the downtown office market, which continues to grapple with high vacancy rates. Currently, the occupancy rate at the Wedbush Center stands at 75 percent, a figure expected to decline further when Wedbush Securities vacates the premises for a new address in Pasadena after their lease expires in December.
On the residential front, several notable moves have taken place this week. Paul Salazar has left Hilton & Hyland after a notable 16-year tenure with the brokerage. He has transitioned his four-member team to Compass’ Beverly Hills office after considering multiple options across different firms.
Joining Salazar is a team that includes agents Kyle Amicucci, Christian Hose, and Kate Caffrey, along with director of operations Isabella Franciscovich.
In tandem with this shift, Carolwood Estates announced that sisters Shana Tavangarian and Emila Tavangarian—daughters of speculative developer Ardie Tavangarian—have joined their Beverly Hills brokerage. They bring along their marketing and operations manager, Harriet Laveau, from Beverly Hills Estates.
Notably, this group offers a co-listing for Villa Siena, a property developed by their father, with an asking price of $177 million. This listing will also continue to be partnered with Branden Williams and Rayni Williams from Beverly Hills Estates.
Overall, Los Angeles is navigating significant transitions across its real estate, public service, and community landscapes as key figures attempt to address and tackle the complexities facing the city.
image source from：https://therealdeal.com/la/2025/04/19/rick-caruso-calls-for-turnaround-of-la/
