Palisades Village Redevelopment by Rick Caruso Receives Final Approval

The redevelopment of the run-down shopping core of the
Pacific Palisades received final approval Tuesday from the Los Angeles City
Council.

The approval paves the way for shopping center magnate Rick
Caruso to start work on his Palisades Village project, which the Grove owner
envisions as more of a walkable Main Street than ritzy shopping center.

The 116,000-square-foot complex on Swarthmore Avenue
bordering Sunset Boulevard will include a movie theater, community space,
grocer and retail shops. There will also be eight apartment units.

Councilman Mike Bonin, who represents the Pacific
Palisades, said in a statement that the project “will revitalize downtown
Palisades and give the neighborhood the thriving community center it deserves.”

Caruso Affiliated is expected to start demolitions on
Swarthmore Avenue in August, with Palisades Village scheduled to open in summer
2018.