Yesterday the Los Angeles County Board of Supervisors approved a staff recommendation that will begin the process of transferring control of three properties in Marina del Rey to developer Rick Caruso.
Parcels 133S, 134R and 131S - located at 4499, 4519 and 4451 Admiralty Way respectively - are currently leased by an entity known as Commodore Club, Inc. Commodore Club has requested the County's consent to transfer its leasehold for the properties to an entity owned by Caruso in exchange for a payment of $2.75 million.
The parcels at 4499 and 4519 Admiralty Way are contiguous, while the third parcel at 4451 Admiralty is located a short distance west. They are currently occupied by the namesake Commodore Club, the Warehouse Restaurant and Café Del Rey.
The action by the Board of Supervisors now allows the County's Department of Beaches and Harbors to begin executing agreements to reassign the lease for the three properties. No redevelopment plans have been specified at this point in time.
Caruso, best known as the developer of the Grove and the Americana at Brand, has already built a nearby shopping complex known as Waterside at Marina del Rey. His current development pipeline includes a mid-rise apartment tower near the Beverly Center and Palisades Village.