A much improved economy and low vacancies are driving LA´s
current building boom. And according to the city´s top developers, who´ll speak at Bisnow´s Construction & Development and the Battle of Prop 13 event
tomorrow, there´s no end in sight.
Caruso Affiliated EVP Matt Middlebrook, a panelist at our event which starts 8 am at the Millennium Biltmore Hotel, told us yesterday that it´s an opportune time to move forward on projects in the company´s market
sectors-retail, residential and hospitality-where he notes that focus on a high level of amenitiesand service is a growing trend. For example, the company
plans to launch construction before year-end on The Miramar Beach Resort &
Bungalows, its long-awaited project in Montecito. “The
economic downturn made luxury hotel development challenging, but the market´s
finally turned in our favor.”
Next month, Caruso will submit plans to the City of LA for entitlements
for Palisades Village (above), the company´s redo of
Swarthmore Avenue in downtown Pacific Palisades (we caught up with Rick Caruso a few months back to tell us all about the
project).
Citing a goodly amount of community support, Matt says the street-front retail project will bring a long
underutilized boulevard back to life.