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Glendale Owner David Sells to Caruso, Keeps Mum on Details

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Interior shot of brick building owned by David
Reached by phone this afternoon, Henry David, the building owner who reached an agreement to sell his property near Americana at Brand to developer Rick Caruso today, was quiet as a clam about the sale. "I can't say anything," said David. Do you think you got a good deal from Caruso? Again: "I really can't say anything." While David wouldn't talk to us, he did issue a statement, an expressive statement that appeared in a press release put out by Caruso Inc.

Here it is: "I appreciate the courtesy shown by the Caruso team throughout this process. They delivered on their promise to negotiate a fair and equitable agreement," said Mr. David. "Their proposed project will be a great benefit to Glendale and I wish them success with their plans for the redevelopment of this property, and I believe their plan would be great for downtown Glendale."

And as you can see in the above photo, David's brick building--the images is picked up from an Loopnet listing--is very close to Americana at Brand. He's owned the building for more than 40 years.

Meanwhile, Glendale is one of those cities that's possibly preparing for a shut-down of its Community Redevelopment Agency (the city is holding a special meeting tomorrow). Since Ray Patel's Golden Key Hotel, which Caruso is also trying to buy, falls within a redevelopment zone, and no deal has been reached yet to expand the Americana, some might wonder if Glendale officials will scramble to get the redevelopment deal done.

Additionally, asked how a possible shut-down of the redevelopment agency may affect the deal to expand the Americana, a representative for Caruso Inc sent the following statement. "We...do not believe that the Redevelopment Agency will be eliminated on July 1. There has been such opposition to this plan from local jurisdictions that we believe that changes will be made and it will not affect the process. But we hope not to reach that point, we hope we can reach a mutually beneficial agreement with Mr. Patel [to buy his hotel]."

· Rick Caruso Archives [Curbed LA]