New Owners of Santa Anita Park and Rick Caruso May Revive High-End Retail Development
It's once more into the starting gates for retail development mogul Rick Caruso, who will enter into talks today with the new owners of the Santa Anita Park, reports the Pasadena Star-News. They may opt to revive a plan for an upscale retail project in the racetrack's parking lot which had been voided five years ago when the proposal was found to not be in the best financial interest for the racetrack itself.
The group involved, MI Developments, are behind a successful Florida venture that pairs retail and racetrack. "They both have to be simpatico, in harmony," explains CEO Dennis Mills.
In addition to how to best serve the track on the recently-sold property, concerns remain about parking as well as how to launch and sustain a retail project in the midst of a stagnant economy. The meeting will take place in Las Vegas today.