Real Estate Developer of The Grove in LA Buys 48-Acres in Carlsbad

Editor's Note: The following is taken from a press release by Caruso Affiliated 

Caruso Affiliated announced Thursday that it has signed an agreement with San Diego Gas & Electric purchasing a 48-acre parcel of land to be used for a future development project in Carlsbad. 

The 48-acre parcel sits directly east of the Interstate 5 and abuts the southern edge of the Agua Hedionda Lagoon to the north.

According to a press release from Caruso Affiliated, the company promises to:

"work with the Carlsbad Strawberry Company, Inc. that currently farms on the property, to preserve strawberry and agricultural use along Cannon Road as part of any plan. Caruso Affiliated will also ensure that the neighboring parcel of land that is protected open space will remain as open space. Before building on the land, Caruso Affiliated will consult directly with the Carlsbad community for their input. This community-oriented approach is a vital component of the Company’s long track record of creating and operating highly successful retail, dining and entertainment destinations, and will be central to the development of the Carlsbad project."

“We have a long history of farming in the Carlsbad community and look forward to that continuing for many years to come,” said Jimmy Ukegawa, President, Carlsbad Strawberry Company, Inc. “We have had a great working relationship with SDG&E and are confident in their commitment, as well as that of Caruso Affiliated, to working together to continue strawberry farming along Cannon Road as part of any plan that develops.”

“I am looking forward to working with and getting to know more members of the Carlsbad community,” said Rick Caruso, President and CEO, Caruso Affiliated. “This land is a rare space with overwhelming potential, and we will work to ensure our plans reflect the community’s desires as we create a welcoming gathering place for all of Carlsbad.”

“After carefully considering all potential options for this property, we have decided to move forward with selling it, pending regulatory approval,” said Pam Fair, vice president, environmental and operations support, SDG&E. “As a proud member of the Carlsbad community, SDG&E believes it is important that any use of the Cannon Road property reflects the interests, values and input of the Carlsbad community, and we look forward to participating in the permitting process as the site plan and permit applications are developed.” 

“We are pleased that Caruso Affiliated has chosen Carlsbad for a future development,” said Matt Hall, Mayor, City of Carlsbad. “Caruso Affiliated has a proven track record of building exceptionally high quality destinations, incorporating public input into their designs and enhancing the communities they serve. We are [thrilled] Caruso recognizes Carlsbad’s unique desirability and will remain supportive as they prepare their plans for this premiere location.”

Caruso Affiliated's portfolio of top performing retail and residential properties includes The Grove in Los Angeles, The Americana at Brand in Glendale, the Waterside in Marina del Rey, The Promenade at Westlake, The Lakes at Thousand Oaks, The Commons at Calabasas and 8500 Burton Way in Los Angeles. The company also has several projects in development, including the expansion of The Americana at Brand, and the company's first luxury destination resort – the Miramar in Montecito.

This is the company’s first venture in San Diego.