It’s been two years since famed LA developer Rick Caruso, the visionary behind beloved shopping centers The Grove and Americana at Brand, first announced his plans to revitalize Downtown Palisades. Countless have waited in eager anticipation of the project’s approval by the city and what this center will mean not just for the community, but also its real estate market.
The Downtown area of Pacific Palisades has been notably lacking for years, which some find baffling for a high-end residential community where the average sold price this past quarter sat at $3.3 million. Partners Trust Associate David Kelmenson, who has built his career in Palisades, recognizes the potential and need for such a development.
“Unlike Brentwood or Montana Ave., the Pacific Palisades Village is less congested and has more of an east coast ‘bedroom’ Bridge Hampton beach sort of a feel,” he said. “It’s very special. The Caruso Development is going to take that same feel to the next level which is somewhat needed at this point.”
With a movie theater, community space, grocer, retail shops and apartment units, Palisades Village promises to bring tremendous energy (and business) back to the Downtown area, which will undoubtedly have positive impacts on the market.
Kelmenson adds, “Surrounding real estate values adjacent to the Village appreciated at the first word of the Caruso development 2 years back. I expect that to continue as the project moves along into completion and beyond.”
Demolitions for Palisades Village are expected to begin later this summer with the project’s completion slated for 2018.
Images courtesy of Palisades Village CA