Rick Caruso, founder and CEO of Caruso Affiliated, will announce his company’s plans and vision for the development of Swarthmore Avenue in a town hall meeting tomorrow, Dec. 4 at 6:30 p.m. in Mercer Hall at Palisades High School. Residents will have the opportunity to ask questions at the meeting.
Caruso Affiliated, a privately-held real estate company, announced on Nov. 25 that it had closed escrow on Swarthmore. It had first entered into a purchase agreement with the sellers in December 2012. During due diligence, it was discovered that a former dry cleaner had released toxic material into the soil that required cleanup.Working closely with the sellers and the State’s Department of Toxic Substances Control (DTSC), the company developed a comprehensive cleanup plan. Now that escrow has closed, Caruso will immediately begin environmental remediation of the site, a process that includes demolishing select buildings and continued monitoring for two years.
“We are excited to move full-speed ahead with our plans for the next chapter of Swarthmore Avenue,” Caruso said. “The community has been generous sharing their views with us about their wishes for Palisades Village. We look forward to sharing our plans with the community, which truly reflect the residents’ wishes.”
Visit palisadesvillageca.com for more information. Questions can be directed to Rick Lemmo, Caruso Affiliated Senior Vice President for Community Relations, at (323) 900-8100, or e-mail rick.lemmo@carusoaffiliated.com.
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