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Thursday, Apr 25, 2024

Caruso Affiliated To Purchase Hotel Property for Americana Expansion

The owner of the Golden Key Hotel in Glendale has agreed to sell the property to Caruso Affiliated, which will use the site as part of its expansion of The Americana at Brand shopping center. Glendale-based Caruso Affiliated came to the agreement with the Los Angeles-based real estate developer. “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 property was one of two parcels of land the Caruso Affiliated wanted to purchase for its expansion project. The other property, a 7,500-square-foot building adjacent to The Americana at Brand, was purchased by Caruso Affiliated in January from its property owner, Henry David. Together, the properties will provide up to 140,000 square feet of new retail space. The new space is projected to annually generate up to $80 million in sales and as much as $800,000 in additional revenue from sales and property taxes for the city of Glendale. No city funds will be invested in the redevelopment project, which will include public improvements such as the widening of Colorado Street and the addition of streetlights and landscaping. Jessica Vernabe

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