Mall magnate Rick Caruso is set to begin construction on a $60 million luxury apartment and retail development on Burton Way at La Cienega. While this project will be smaller than Caruso’s Grove, or Americana in Glendale, this new development will hosts 88 apartments accompanied by retail space.
According to Caruso, “the timing is right to start an apartment and retail complex,” as he expressed confidence that the market will be even stronger by the time the complex is completed in the fall of 2012. Anticipating an appeal to young affluent professionals, rents are anticipated to range between $3,500-$7,000 a month.
The project is called 8500 for its address at 8500 Burton Way, and will be built on a site that was formerly the home to the Smith Bros. Fish Shanty.