Rick J. Caruso

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Rick Joseph Caruso is founder and chief executive officer of Caruso Affiliated, one of the largest privately held real estate companies in the United States,[1] with a portfolio of the retail and mixed-use properties that attract tens of millions of guests each year.[2] He has been an active Los Angeles civic leader, serving as President of the Police Commission and Commissioner of the Los Angeles Department of Water and Power. In 2014, Caruso was listed as one of Los Angeles’ wealthiest residents by the Los Angeles Business Journal, with a net worth of $3 billion.[3]

Early life and education[edit]

Caruso was born in Los Angeles. He earned a Bachelor of Science degree with honors from the University of Southern California in 1980, and graduated from Pepperdine University in 1983 as a Margaret Martin Block Scholar with a Juris Doctor degree.[4][5][6] In 1995, he was recognized as the Alumnus of the Year by Pepperdine School of Law.[7]

He worked briefly as a real-estate lawyer representing developers but was soon attracted to the business itself: He "quit practicing law and spent the next 15 years developing industrial buildings in California and elsewhere."[8] He is married to Tina Caruso; the couple has four children.[9]

Career[edit]

Caruso began his professional career as a real estate lawyer working at Finley Kumble[10] as a member of its corporate finance department. In 1990 he "quit practicing law" and decided to devote his energies to developing retail and residential properties full-time.[7][8]

In 1987, Caruso founded Caruso Affiliated, a real estate development firm which develops, owns and manages properties such as The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, The Commons at Calabasas, The Promenade at Westlake, and the Marina Waterside.[1][10]

Caruso has lectured on real estate issues at the Kennedy School of Public Administration at Harvard University,[11] the University of Southern California School of Policy, Planning, and Development[12] and the Milken Institute Global Conference.[13]

Caruso participates annually as a guest panelist for the International Council of Shopping Centers.[14]

Public service[edit]

In 1985, at the age of 25, Rick Caruso was named by Mayor Tom Bradley to serve as a commissioner for the Los Angeles Department of Water and Power,[15] becoming the youngest commissioner in the history of the city.[16][17]

In August 2001, Caruso was appointed by Mayor James K. Hahn to the Los Angeles Board of Police Commissioners[18] and was elected its president.[16] In this role, he led the selection process that resulted in the hiring of former NY Police Chief William Bratton as the Los Angeles Chief of Police.[18] During Caruso’s tenure as President of the Police Commission, the crime rate in Los Angeles dropped 37.3% from 2002 to 2006.[19]

Caruso was a former member of the Los Angeles Coliseum Commission,[17][20] which oversees the operations of the Los Angeles Memorial Coliseum and nearby Los Angeles Memorial Sports Arena. During his tenure on the Commission, Caruso advocated for its reform, including a ban on raves,[21][22] the resignation of its GM[23][24] and the replacement of the Commission panel with a new governing body.[25]

Community activities and Awards[edit]

Caruso founded the Caruso Family Foundation, dedicated to supporting organizations that improve the lives of children in need of healthcare and education.[26]

In 2013, the Foundation pledged $5 million to Operation Progress, a Watts-based non profit originally founded by LAPD officers, which will guide more than 200 students from elementary school through college graduation. The pledge creates a new "ecosystem of opportunity" led by Operation Progress in collaboration with three area Catholic schools, South Central Scholars, Helping Young People Excel, and STRIVE. [27]

Caruso is involved with and serves on the Board of Para Los Niños, a nonprofit family and child welfare agency in South Los Angeles.[28] The organization dedicated its skid row facility as the Tina and Rick Caruso Child Development Center.[9]

He is also a trustee of the University of Southern California,[29] is on the Pepperdine School of Law Board of Visitors[30] and on the Board of Trustees of the Ronald Reagan Presidential Foundation.[31] The Caruso Catholic Center and Our Savior Parish Church on the USC campus was endowed by and named after Caruso following his contribution of $7.5 million.[32][33] He sits on the board of the National Institute of Transplantation[34] and is on the Board of Saint John’s Hospital,[35] and The California Medical Center Foundation[13]

Caruso was named by the Los Angeles Business Journal as the "Developer of the Year" and its 2012 Ernst & Young LLP Master Entrepreneur of the Year.[36] [37]

References[edit]

  1. ^ a b "Rick J. Caruso, founder and CEO, Caruso Affiliated". Smart Business. 1 July 2012. 
  2. ^ Martin Moodie. "Shilla/ARI bid for LAX duty free gets Rick Caruso endorsement". The Moodie Report. Retrieved 11 May 2013. 
  3. ^ "The 50 Wealthiest Angelenos: 24. Rick Caruso". Los Angeles Business Journal. 19 May 2014. 
  4. ^ "Rick J. Caruso". USC Price. Retrieved 11 May 2013. 
  5. ^ "Distinguished Alumnus Rick J. Caruso Addresses Audience at 33rd Annual Associates Dinner". Pepperdine University. Retrieved 11 May 2013. 
  6. ^ "Admissions". Pepperdine University. Retrieved 11 May 2013. 
  7. ^ a b Annette Moore (March 8, 2007). "Inside the world's biggest airline merger". USC News. 
  8. ^ a b Morris Newman (November 10, 1998). "Commercial Real Estate: Developer Turns Shopping Malls Into Center of Attention". Los Angeles Times. 
  9. ^ a b Adrian G. Uribarri (January 11, 2007). "Developer gets recognition for aid to children". Los Angeles Times. 
  10. ^ a b Meinert, Maya. "Early Developer". LA Business Journal. Retrieved 12 May 2013. 
  11. ^ "Caruso! Not the singing one. The talking one. Rick Caruso talks more LA.". LA Times. Retrieved 12 May 2013. 
  12. ^ "USC 125th Commencement: Speakers at Satellite Ceremonies". University of Southern California. Retrieved 12 May 2013. 
  13. ^ a b "Global Conference 2013 - Rick Caruso". Milken Institute. Retrieved 12 May 2013. 
  14. ^ "Saint John's Health Center". Newstjohns.org. Retrieved 12 May 2013. 
  15. ^ "The Linq: Retail Advisors". Caesars Palace. Retrieved 6 May 2013. 
  16. ^ a b "Attorney Rick Caruso Unanimously Elected to Head Police Commission". Metnews.com. 2001-08-22. Retrieved 2011-09-03. 
  17. ^ a b Matthew Fleischer (December 31, 2008). "The Caruso Factor". Los Angeles Business Journal. 
  18. ^ a b "Hahn Picks Bratton to Lead Police Force - Los Angeles Times". Articles.latimes.com. 2002-10-03. Retrieved 2011-09-03. 
  19. ^ "Federal Bureau of Investigation, Uniform Crime Reports". FBI. Retrieved 25 April 2013. 
  20. ^ "Coliseum Commission". Lacoliseumlive.com. 1945-09-25. Retrieved 2011-09-03. 
  21. ^ Dennis Romero (February 10, 2011). "Raves: Coliseum Commissioner Rick Caruso Says Rave Ban Back on the Table, Electric Daisy Carnival Still up in the Air". LA Weekly. 
  22. ^ Dennis Romero (January 5, 2011). "L.A. Coliseum Commissioner Rick Caruso Likely To Ask For Ban On Raves". LA Weekly. 
  23. ^ Dennis Romero (February 9, 2011). "Raves: Rick Caruso Calls for Resignation of Coliseum G.M. Patrick Lynch". LA Weekly. 
  24. ^ "Caruso Calls for Resignation of Coliseum Executive Director". Business Wire. February 9, 2011. 
  25. ^ Paul Pringle and Andrew Blankstein (September 29, 2011). "Developer Rick Caruso resigns from Coliseum Commission". Los Angeles Times. 
  26. ^ "Rick Caruso to Receive the 2012 Ernst & Young LLP Master Entrepreneur Of The Year® Award for Greater Los Angeles". Business Wire. May 10, 2012. 
  27. ^ James Rainey (November 6, 2013). "Foundation pledges $5 million for Watts social, educational programs". Los Angeles Times. 
  28. ^ "Para Los Niños". Paralosninos.org. Retrieved 2011-09-03. 
  29. ^ Moore, Annette (2011-02-09). "Rick J. Caruso Elected to USC Board". Usc.edu. Retrieved 2011-09-03. 
  30. ^ "Board of Visitors | School of Law | Pepperdine University". Law.pepperdine.edu. Retrieved 2011-09-03. 
  31. ^ "Board of Trustees of The Ronald Reagan Presidential Foundation". ReganFoundation.org. Retrieved 2013-05-03. 
  32. ^ Dakota Smith (December 16, 2008). "Ground Blessing Takes Place for New USC Caruso Catholic Center". Curbed LA. 
  33. ^ Larry Gordon (December 9, 2012). "Lavish new church, meeting center to serve USC Catholics". Los Angeles Times. 
  34. ^ "Board of Directors". Transplantation.com. Retrieved 2011-09-03. 
  35. ^ "Saint John's Health Center". Newstjohns.org. Retrieved 2011-09-03. 
  36. ^ "Executive Profile Rick J. Caruso". Bloomberg Businessweek. Retrieved May 19, 2012. 
  37. ^ Deborah Crowe (May 11, 2012). "Caruso Named Ernst & Young LLP Master Entrepreneur of the Year". Los Angeles Business Journal.