The Real Deal Los Angeles

County officials grant Rick Caruso control of three Marina del Rey properties

Ground leases on government-owned land can now transfer to his name
August 03, 2017 03:30PM

Caruso is taking control of three parcels at 4499, 4519 and 4451 Admiralty Way in Marina Del Rey (credit: Google Maps)

Developer Rick Caruso has long desired to expand his footprint in Marina del Rey, and the billionaire developer may be inching closer to his dream. 

The Los Angeles County Board of Supervisors approved a staff recommendation to allow Caruso to take over the ground leases at Warehouse Restaurant, Commodore Club and Café Del Rey, located at 4499, 4519 and 4451 Admiralty Way, respectively.

The properties, owned by the County, are currently leased by property development company Commodore Club Inc., founded by the late Lloyd Taber. Commodore’s ground lease expires in July 2022. The company had requested the County’s consent to transfer its leasehold for the properties to Caruso for $2.75 million, Urbanize reported.

The properties are just a three-minute drive from Caruso’s 10-acre Waterside at Marina del Rey shopping center.

Redevelopment plans have not been specified yet, according to Urbanize. 

The County’s Department of Beaches and Harbors is now tasked with reassigning the leases to Caruso.

The developer is currently building a massive shopping complex in Palisades Village, as well as a residential tower near the Beverly Center. [Urbanize]Subrina Hudson