Upscale Glendale mall defies economic mood

Cash registers are ringing less often as Americans worry about recession. But the developer of an extravagant Glendale shopping center is betting big that luxury stays in fashion.
It's a gamble that has paid off before for builder Rick Caruso. This time, he set out to top his popular Grove mall in Los Angeles' Fairfax district with an even more elaborate re-creation of a small town center in downtown Glendale, set to open May 2.
The $400-million Americana at Brand covers four blocks and includes pricey apartments and condominiums above dozens of tony shops, restaurants and an 18-screen movie complex.
With open streets, trees and statuary, the center has the feel of a resort village.
"It's much more of a town in the scale of buildings and size of open space," Caruso said.
Like the Grove, it is organized around pedestrian thoroughfares and a town square. But unlike traditional malls, it has no department stores. It will have a Tiffany & Co., a Lacoste store and a Cheesecake Factory.

Still, there are plenty of questions. The new stores are hitting the market at a difficult time for the retail industry. March sales were down slightly from a year ago, the International Council of Shopping Centers said. And record gasoline prices and consumer worries about the economy are expected to curb spending in the near future.

Despite worries about an economic downturn, Americana will open with optimistic expectations. Condos are priced from about $700,000 to more than $2 million. Rents run from $2,000 to $5,500 a month.

Caruso certainly spared no expense to lay on the glitz.

In the mall's main square, a computer-controlled fountain will operate around a tall bronze gilded in 23-karat gold. The statue, a recasting of a sculpture honoring American youth at a World War II cemetery in France, will have a smaller counterpart looking down from a gilded dome.

Metal kiosks imported from Luxembourg will dot the center of the mall, and an 18th century-style chandelier with 1,200 sparkling crystals made in the Czech Republic will hang over one of the center's streets. A two-car trolley will take riders through the mall, and Victorian-looking streetlights will shine through stained glass.

Even the garage is upscale. It features carpeting, furniture and a concierge, complete with a musician playing a grand piano.

"The scope and level of detail is well above the Grove," Caruso said.