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aruso, the retail developer behind iconic open-air malls like The Grove and The Americana at Brand, is shifting its focus beyond shopping centers. According to CEO Corinne Verdery, the Fairfax-based company plans to significantly expand its residential projects and build outside California. This expansion will include mixed-use developments that combine retail, restaurants, and homes.

    Caruso's current portfolio is 80% shops and restaurants, with 12% residential, but by 2030, this mix is expected to change to 19% residential. The company has already secured approvals for new residential projects at several of its Southern California malls, including The Commons at Calabasas and The Lakes at Thousand Oaks.

    In Calabasas, Caruso will replace a movie theater with a five-story building featuring 101 apartments, ground-floor shops, and restaurants. Additionally, four mixed-use complexes with 18 apartments each will be built across the parking lot, connected by walking paths.

    Looking ahead, Verdery sees opportunities for growth beyond greater Los Angeles, including coastal cities and warm-weather locations outside of California. While specific target markets were not disclosed, Verdery emphasized that expanding into new states is a priority for the company.