Rick Caruso announced his purpose in early 2026 to reopen the Village of Pallisade, a luxurious shopping and dining centre that saved him from the path of destruction of the Palisade Fire by hiring private firefighters.
The billionaire property developer shared a predicted timeline in an interview with ABC7 this week.
The 25,000-square-foot shopping centre and its 42 businesses (such as Chanel, St. Laurent, Bottega Beneta) were largely unharmed in the fire, suffering mainly from smoke damage. Meanwhile, much of the structure around it was destroyed.
The timeline for the reopening of the village of Pallisade in early 2026 could be months, if not years, prior to the timeline for the recovery of other Palisade businesses and homes that have been reduced to tile rub. However, he told the station he hopes to reopen the village as soon as it becomes safe and reasonable.
The Pallisard Fire, which includes more than 5,500 homes and 100 commercial businesses, destroyed a total of 6,822 structures, according to the California Department of Forestry and Fire Prevention.
Caruso attributed the village’s survival to private firefighters, bids for water brought in, and water resistant materials used in the construction of the mall. The $200 million shopping and dining centre opened in 2018.
However, he faces criticism for using private firefighters to protect the mall and homes by people worried about the injustice that these crews highlight and the possibility that they could separate water resources from public firefighters.
Caruso defended his actions in an interview with ABC7 News, calling it a “wise decision.”
“We freed up LA fire resources to protect our property and protect other properties, so we were very independent and we were lending equipment to the LA Fire Station, a short device,” he told the station. “We are part of the community.”
Members of the state legislature have introduced new bills to address Caruso and other wealthy individuals, respond to private firefighters, respond to private firefighters, and make public fire hydrants a private firefighter. Caruso says on his side that his crew doesn’t use city water.
Caruso, who ran for the mayor in 2022, quickly appeared as a major celebrity during the LA wildfires. Real Estate Mogul has several shopping centers, including Glove, branded Americana and Calabasas Commons. According to Forbes, his estimated net worth is $5.8 billion.
When the fire broke out on January 7th, he immediately accused Mayor Karen Bass of not being on the ground and the city of mismanaged its water resources.
“The Palisades don’t have water. There’s no water coming out of the hydrant. This is an absolute mismanagement by the city,” he told Fox11 News on the first night of the fire. “We have a mayor abroad. We have a burning city and we don’t have the resources to put out the fire.”
In February he announced the launch of a foundation called Stewfast LA, dedicated to cutting the deficit, leveraging private sector expertise and accelerating recovery from fires in Pallisard and Eaton by promoting the use of fire-resistant building materials.
At the time, he said he was ready to put politics aside and work with Bass to rebuild the city.
“I’m happy to make her a hero because it relates to the thousands of people who are evacuated,” he told The Times in February. “If we do a great job, we think we’ll go – we’re going to work really hard – and it helps her do a good job and she’ll move this and come out as the great mayor of the city, I’m excited.”
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