What's Next for Developer Rick Caruso?

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

March 13 (Bloomberg) -- Rick Caruso, founder and CEO of Caruso Affiliated, discusses his career plans with Alix Steel on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Founder and ceo of caruso affiliated, the largest holder of private real estate in the usa.

You have an amazing by rate -- amazing buy rate.

At the grove, 92% of your customers buy things.

What is next?

We just built a residential tower outside of beverly hills called 8500. it has quickly become the most popular and expensive building in los angeles, the most expensive building outside of new york for luxury rentals.

We are 100% leased and we have a waiting list.

There is a great market on the residential front here in l.a., certainly on the upscale side.

We have bought the downtown of pacific palisades, which is an incredibly wonderful beach town community in west l.a. we bought the whole downtown and we are going to reinvent their downtown street.

We have a large project down in carlsbad in san diego county that will be somewhat similar to the grove and the americana and a bunch of other stuff.

We are very busy.

Speaking of busy, it seems like you are consulting on caesar's. can you tell us a little bit about that partnership?

Caesar's has been great.

The guys at tpg came to me a while back.

Here was the challenge.

They have a servicea alley that served the flamingo and the imperial palace right across the street from caesar's. could we build something like the grove in this alley?

Normally, we would have never taken on the challenge where we don't own something for our own balance sheet, but the challenge was so compelling and the deal was so interesting that we ended up doing it.

We were the lead on the development.

We led up the design part of it and the leasing.

Now we are managing it.

It has opened up and it is doing extremely well.

It is an outdoor center right across from caesar's. it is really intriguing.

It is terrific.

You were once considered candidate for mayor of l.a. any aspirations to fulfill that dream later on?

I love the political field.

Maybe one day.

I wanted to do it this time around him about family is first.

There were some family concerns -- this time around, but family first.

There were some family concerns.

I only get to be a dad with young kids once.

When the time is right and if the opportunity is right, i will take a look at it.

That was a politician response right there.

You are already in the zone.

I'm already in the zone.

I'm always in the zone.

It is absolutely true.

I love being a dad.

You also like sports.

You were thinking about buying the dodgers with joe torre, but magic johnson wound up taking it instead.

How do you think he is running the show?

I think they are doing great.

I think stan is doing great.

Magic is a great partner.

They have spent a fortune.

It is a great blessing for los angeles that we have owners that are investing so much into that team.

Frankly, i don't think i could do what they have been doing.

They have poured in less capital into it.

I think it is paying off -- they have poured endless capital into

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change