The reopening of the Palisades Mall is a great achievement for Rick Caruso and his team. But it is also a vote of confidence in Los Angeles, and California.

Caruso had every reason to walk away. Though he saved the mall from the Palisades Fire last January with fire-resistant materials and private firefighters, the damage from smoke and water was staggering.

It took $100 million to restore the mall. That money will not be easy to recoup — not with the town around it still largely uninhabited. Pacific Palisades is not a short drive from the rest of the city; without local customers, the mall will struggle to make money. 

Caruso is taking a big risk.

Rick Caruso speaks onstage at Caruso’s Palisades Village grand reopening on Saturday, Aug. 15, 2026, in Pacific Palisades, Calif. Getty Images for Caruso

Caruso’s risky reinvestment in the Palisades Village recalls the leaders of the industrial age in America, many of whom invested their fortunes in public institutions like schools and libraries. Getty Images for Caruso

He’s doing it, moreover, after losing the election for LA mayor in 2022 after spending over $100 million. 

He led the race against Karen Bass in the early stages, only to be defeated by the party machine.

Many voters had buyer’s remorse after Bass’ failure during the dual Palisades and Eaton fires — and again last month after the homeless count revealed that LA’s homeless population is rising again.

But it was all too late. And there’s no consolation prize for finishing second.

So why not just quit? Why not take the insurance money, sell the property and invest in something else?

After all, he recently visited Nashville, Tenn., and heaped praise on the city for its “high quality of life: safe, clean streets, no encampments blocking sidewalks, and genuine urban energy that attracts both businesses and residents.”

Tens of thousands of Angelenos have left the city, and the state, for places with lower costs and fewer problems. 

But Caruso is planting his LA roots even deeper. 

Does he plan to run for office again?

He might. What seems clear, regardless, is his love for the city.

He reminds us that civic pride doesn’t need to come from government. 

The private sector can lead — and can even do a better job than the public sector does sometimes.

In a way, Caruso is a throwback to the leaders of the industrial age in America, many of whom invested their fortunes in public institutions like schools and libraries.

It is a reminder that we need more Carusos, not fewer of them — which is why driving wealthy people out of the state with punitive measures like the “billionaire tax” is such a bad idea.

Thank you, Rick Caruso — for loving LA, and leading by example.

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