CARLSBAD — Caruso Affiliated, a Los Angeles-based commercial developer known for The Grove in LA and The Americana at Brand in Glendale, is developing plans for a 48-acre project it is buying from SDG&E.
The California Public Utilities Commission notified the public of the sale, which is contingent upon its approval and other regulatory steps.
The land, currently in agricultural use, is east of Interstate 5 and north of Cannon Road. A larger parcel of land adjacent to Agua Hediona Lagoon is also available to Caruso for purchase, but the city general plan calls for it to remain as open space, officials said.
The property is currently zoned for public utility use and would have to be rezoned as tourist-commercial in compliance with the city general plan. SDG&E’s overhead electrical lines and underground natural gas lines would remain in place.
The sales price has not yet been disclosed but would become public when escrow closes, officials said.
One other detail in the project involves the future of the strawberry and other vegetable crops farmed by Carlsbad Strawberry Co. Caruso said last year that it intends to preserve that use along Cannon Road as part of its final plan.
In comments issued in September, Carlsbad Mayor Matt Hall welcomed Caruso and said he will “remain supportive as they prepare their plans for this premiere location.”
Caruso, founded 20 years ago and headed by Rick Caruso, specializes in neighborhood and regional retail centers. But it also included housing at the Americana project and Burton Place next to Beverly Center in LA. Whether the Carlsbad project would include has yet to be decided, Middlebrook said.
The company’s website lists six other projects and two others in the works. Carlsbad’s is not yet listed.