Rick Caruso, a prominent real estate developer and billionaire, is well-known for his role as a member of the University of Southern California board and as a civic leader.
Having made his mark through the development of iconic, high-end retail properties like The Grove, Palisades Village, and The Americana at Brand, Caruso has also ventured into various other types of development, including the Miramar Resort in Montecito.
Lewis Horne, president of advisory services for greater Los Angeles and a longtime acquaintance of Caruso from their time at USC, commended him for his inspiring leadership qualities.
“Even back then, he had a sense of purpose and was capable of clarity, inspiring those around him,” Horne stated.
Caruso’s work has earned him recognition as a “visionary” from industry peers.
Andy Cohen, the global co-chair of the architecture firm Gensler, has collaborated with Caruso on numerous projects, highlighting his deep care for community and a hands-on leadership approach.
“Rick is such a smart leader,” Cohen said. “He takes a big picture approach to his projects, ensuring they align with community needs.”
Horne noted that Caruso’s properties are regarded as some of the most valuable real estate worldwide, emphasizing that his work does not merely emulate others.
“He executes on incredibly unique properties for the right reasons, reflecting a sense of urgency and relentless follow-through,” Horne shared.
In addition to his real estate endeavors, Caruso has been active in various civic functions, including serving as police commissioner and on the Los Angeles Board of Water and Power Commissioners, along with numerous philanthropic efforts.
“He’s always been philanthropic and civic-minded,” Horne remarked.
Most recently, Caruso has shifted his focus toward rebuilding Los Angeles following the devastating wildfires that impacted the region earlier in the year.
In February, he launched Steadfast LA, a nonprofit initiative aimed at leveraging private-sector leadership to expedite the rebuilding process.
“Given the scope and impact of these fires, we believe that neither the city nor the county nor the state alone can effectively handle the recovery,” Caruso stated, highlighting the need for urgent solutions.
“The impact of the devastation requires a coordinated effort.”
Caruso argued that government agencies can sometimes lack the urgency typical of the private sector, making Steadfast LA’s mission crucial in pushing local governments to act quickly.
“I’m not impressed with what’s been done so far,” he expressed, three months after the fires. “We need to expedite getting people back in their homes, reopening small businesses, and cleaning up the affected areas.”
With enthusiasm for the initiative, Cohen remarked that having Caruso at the helm of Steadfast LA could bring about significant changes.
“The private sector can drive faster results and collaborate with city and county leadership to implement smart solutions,” he said.
The firm Gensler is currently collaborating with Steadfast LA on designing and rebuilding crucial community facilities like the Palisades Park and Recreation Center, with an emphasis on lessons learned from the wildfires.
“We are committed to rebuilding smarter and better, focusing on materials that can decrease fire risks moving forward,” Cohen noted.
Compounding the urgency of the situation, two of Caruso’s children lost their homes to the fires.
“In the aftermath, his inclination was to dive right into the rebuilding efforts,” Horne added.
Steadfast LA has already initiated several key projects, one of which involves advocating for the undergrounding of power lines to mitigate fire risk.
Caruso mentioned that Steadfast is also developing an AI model aimed at streamlining the often arduous building permit process, which has faced criticism for its lengthy and complicated nature.
“Whether you are a developer looking for a permit or a resident trying to build, the process in Los Angeles is incredibly challenging,” Caruso explained.
“To innovate, we need to embrace technology.”
Highlighting an important shift in perspective, he emphasized the need for government agencies to view residents as customers, seeking to provide excellent service in response to their needs.
Steadfast LA is also in partnership with Samara manufactured homes to donate units to low- to moderate-income families to re-establish themselves in the community.
“I’m proud of what we’re doing with Steadfast LA,” Caruso expressed, emphasizing the collective efforts involved.
Interestingly, his Palisades Village, a shopping center in the fire-affected region, survived the blazes largely intact due to Caruso’s proactive preparations.
“Prior to the fires, we stationed private firefighters and water trucks to protect the area, employing non-combustible materials in the construction,” Caruso reported.
He recounted even providing fire equipment to the local fire department, underscoring the unpreparedness that he felt characterized the city’s approach.
“There were warnings available, and it’s a real failure of leadership that we weren’t better prepared,” Caruso commented.
With plans for reopening the center after the new year, his focus remains firmly on the future.
Caruso, who originally pursued a career in law after graduating from Pepperdine University’s School of Law, began developing smaller shopping centers before ultimately creating the landmark project, The Grove.
Horne noted, “The Grove was groundbreaking in its concept. Caruso had a clear vision of what the community would find appealing.”
This defining project drew on Caruso’s passion and expertise in the realm of real estate.
“There was nothing like it at the time,” Horne remarked. “It became a flagship outdoor retail lifestyle center.”
Years later, Caruso reflected that he would have built a larger park at The Grove if given the chance, a lesson he applied in his subsequent development, The Americana.
Caruso articulated, “Every project we undertake, whether retail or resort, is fundamentally about hospitality—enriching lives at its core.”
Looking ahead, Caruso has expressed interest in expanding his reach beyond Los Angeles to create additional hospitality-focused developments in other cities.
He envisions more resorts akin to the Rosewood Miramar and intends to pursue workforce housing and new retail projects, particularly in regions like Florida.
“Rick is synonymous with visionary retail experiences,” Cohen summed up, recognizing the developer’s unique ability to blend design and community engagement.
“His talent for melding design with community needs is something he can replicate anywhere he goes,” he added.
However, for the moment, Caruso’s primary focus is firmly directed toward the initiatives of Steadfast LA.
“Rick prioritizes effectively,” Horne concluded. “Currently, that priority is ensuring there’s a swift and effective rebuilding plan in place.”
As to whether Caruso has future political aspirations, especially following his run for mayor against Karen Bass in 2022, he has been tight-lipped.
“My immediate focus is on Steadfast and the rebuilding efforts, assisting communities through this summer, and then we can consider future direction,” Caruso stated, indicating a commitment to community recovery first.
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