Caruso's Palisades Village to reopen after $100M fire recovery

Rick Caruso’s Palisades Village, the open-air retail center at the heart of Pacific Palisades, will reopen on August 15 after a roughly $100 million recovery from the January 2025 wildfire that leveled much of the surrounding neighborhood.

The 125,000-square-foot center escaped total destruction but required extensive work — removing contaminants and rebuilding walls, systems and interiors — before it could return. Roughly 30% of the center’s customer base was affected by the fires.

Why it matters. The reopening is an early test of commercial recovery in one of the most devastated parts of Los Angeles. The Palisades fire damaged nearly 7,000 structures and the separate Eaton fire more than 9,000, and rebuilding has been slow — only a small share of homes have been approved for occupancy so far. A functioning retail and services hub can anchor a community’s return, giving residents reasons to come back before their homes are finished.

The numbers. Completed in 2025 and valued at about $200 million, the center was 99% occupied before the fire. It has sat closed for more than 18 months. In the surrounding Palisades area, only 28 homes have been approved for occupancy, though permits have been issued for just over 1,400 reconstructions — a pipeline that will take years to deliver.

What’s next. Caruso has signaled a soft reopening rather than a celebration, mindful of a community still early in recovery. Longtime tenants including fashion retailer Elyse Walker and Loomey’s Toys are set to return alongside new restaurants, making Palisades Village one of the first pieces of large-scale development to come back online in the burn zone.