Billionaire developer Rick Caruso has launched a nonprofit group to help rebuild Los Angeles after last month’s historic wildfires.
The former mayoral candidate, whose criticism of the region’s wildfire response catapulted him to the national stage, founded Steadfast LA, a private-sector brain trust to speed up the widespread reconstruction, Politico reported.
The nonprofit group, to include Netflix CEO Ted Sarandos, would propose how to clear hurdles to rebuilding — and rebuke local governments if they don’t move fast enough.
“I do have a bit of a bully pulpit that I can use,” Caruso told Politico. “So we want to work alongside them, support them. But if the agencies aren’t doing the right things or getting the job done, we’re going to hold them accountable publicly.”
He added, “That’s not a threat. It’s just that there’s so much pain and devastation going on here, urgency is really critically important.”
Caruso said Steadfast LA comes in response to the “little” movement he’s seen since the firestorms that began Jan. 7 and burned thousands of homes in L.A.’s Pacific Palisades and Altadena.
He said private-sector engagement was key in establishing Steadfast LA — and the roll-out includes the backing of some of the city’s business heavy-hitters.
They include Sarandos’ wife, Nicole Avant, former U.S. Ambassador to the Bahamas, as well as Carey Smith, president of Parsons, a multinational engineering firm based in Virginia.
Caruso, whose Fairfax-based eponymous firm owns shopping centers across the region, will serve as chairman. Day-to-day operations will be led by Najla Kayyem, a commercial real estate marketing executive.
Caruso said he’ll fund Steadfast LA operations, which will cost “in the millions.”
The developer, who hired private firefighters to save his retail center in Pacific Palisades, has accused his former rival, Mayor Karen Bass, of mishandling the wildfires and their aftermath.
The former Republican-turned-Democrat said the public should view Steadfast LA as a reflection of someone personally affected by the destruction.
“This isn’t about politics at all. It’s not even on my radar at this point,” Caruso said.
The new group enters a crowded field dedicated to fire response, according to Politico.
They include local governments and independent agencies. And philanthropies such as LA Rises, a venture announced by Gov. Gavin Newsom led by Magic Johnson, Dodgers chairman Mark Walter and Casey Wasserman, president of the LA28 Olympic organizing committee.
“Mayor Bass is bringing the public, private, philanthropic and non-profit sectors together to execute a monumental recovery for the Palisades. We welcome everyone’s help in this effort.” Zach Seidl, spokesman for the mayor, told Politico.
Steven Soboroff, a developer tapped by Bass to lead L.A.’s recovery, appeared unenthused about a parallel rebuilding effort led by Caruso.
“I’ve talked to Rick, and all I want from Rick is, if I need him, to make a call for me, or do something like that,” Soboroff told the Wall Street Journal. “Or, if he thinks I’m screwing up, to let me know, period. That’s it.”
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Development
Los Angeles
Bass appoints developer Steve Soboroff to rebuild LA from the ashes