Rick Caruso Reopens Palisades Village After $100 Million Restoration

Real estate developer Rick Caruso reopened the Palisades Village shopping and dining center in Pacific Palisades on August 16, 2026. The upscale outdoor mall had been closed for 19 months following the January 2025 Palisades Fire, which destroyed 6,822 structures across the coastal community and killed 31 people.

While the mall's exterior survived due to fire-resistant materials and Caruso's use of a private firefighting force, the interiors suffered extensive smoke and water damage. Caruso funded a $100 million restoration that involved stripping portions of the property to the framing and replacing insulation and air-conditioning ducts to remove toxins. The center reopened with a 99 percent occupancy rate, featuring returning tenants like Erewhon and new additions such as chef Nancy Silverton's Italian steakhouse, Spacca Tutto. Other local businesses that lost their original locations, including Loomey's Toys and Elyse Walker, relocated to the village.

The reopening followed a period of tension between Caruso and Mayor Karen Bass over the city's disaster response. However, the two eventually formed a public-private partnership to coordinate the repair of surrounding infrastructure, including roads and street lights. While the mall's return is viewed as a milestone for the community, many local residents continue to struggle with insurance disputes and city permits as they attempt to rebuild their homes.