Our Haute 100 list details the accomplishments of the most influential people in each of our markets—Miami, New York, Los Angeles, and San Francisco. These people continue to make moves, so rather than waiting for the next Haute 100 issue to come out, we thought we’d provide you with regular updates on those Haute 100 members who are making headlines. In our Los Angeles Haute 100, Rick Caruso converting apparently unpopular downtown AMC movie theater into a residential place.
Industry: Real Estate Development
Company: Caruso Affiliated
What Made Him Haute: As L.A. Business Journal’s “Developer of the Year” and a past president of the Police Commission, Caruso is one the most influential members of the Los Angeles community. The developer of the Grove, the Americana at Brand, and other retail-entertainment projects has transformed neighborhoods and changed the shopping landscape.
What Makes Him Haute: Though he says he doesn’t know what to do with the aging Glendale Marketplace, developer Rick Caruso knows exactly what to do with the unpopular AMC Pine Square 16 Theatre 16 down in Long Beach: turn it into 68 homes. The theater was built in 1992, and given its location, which is already full of residential buildings, makes it a bad location for a commercial building. But the developer isn’t planning to change that factor, stating “[he] looked at the theater space, trying to maintain that commercial component.” This won’t solve all their problems, though. The parking situation for the new residential area seems to be tricky: because of a previous city deal over the parking, developers would have to pay a bond to attain the site again, something that can cost them up to $10 million.