Caruso Affiliated, one of the region's best-known shopping center developers, is embarking on an expansion program designed to double the size of the firm's real estate portfolio and its revenue over the next five years.
Caruso Affiliated, which is headquartered at the Grove shopping center in Los Angeles, also owns the $400-million Americana at Brand. Other properties include the Waterside in Marina del Rey, the Promenade at Westlake and the Commons at Calabasas.
Work is set to begin shortly on a luxury apartment complex at 8500 Burton Way in Los Angeles at the intersection of La Cienega Boulevard, the company said Wednesday. The complex will include a Trader Joe's grocery and other stores.
Caruso Affiliated also plans to develop the Miramar Beach Resort & Bungalows in Montecito, the company's first luxury resort, and an expansion of the Americana at Brand. The company said it would bid on contracts to operate retail sales in Terminal 2 and the Tom Bradley International Terminal at Los Angeles International Airport.