Americana Owner Acquires Property for Expansion Project

Real estate development company Caruso Affiliated is purchasing a building adjacent to the Americana at Brand in order to expand the shopping center, the developer announced. The company came to the sale agreement with the property owner, Henry David, for the 7,500-square-foot building. “We are very pleased to have reached a swift resolution,” said Rick Caruso, CEO of Caruso Affiliated. “Our agreement brings us one step closer to achieving our goal which is to redevelop the property in a way that enhances the downtown business district and provides important new revenue to the city.” The building is one of two properties that the company has proposed to acquire and redevelop to use as retail space for the Americana at Brand. The developer expects the project, which would include a total expansion of 140,000 square feet, to generate as much as $800,000 a year in additional revenue for the city. The developer also plans to make numerous public improvements at its own expense, such as widening Colorado Street and adding streetlights and landscaping to the thoroughfare. The company also hopes to enter into “constructive dialogue” with the owner of the other property it is trying to acquire, Caruso added. Jessica Vernabe