Rick Caruso may just be what Pacific Palisades has been waiting for. For all intensive purposes the Palisades, located southwest of downtown Los Angeles, has been an L.A. success story: beloved by it’s famous and not so famous residents alike.

What Caruso, the legendary real estate mogul who transformed The Grove at Farmer’s Market, and Americana at Brand in Glendale, wants to bring to the tucked away paradise of high median incomes and top-performing schools, is a revitalized downtown retail hub. Despite wealth, the business district and center of Palisades life has been seemingly stuck in the Eisenhower era.

According to Caruso Affiliated, the real estate development firm of Rick Caruso, the goal is to create a new community gathering place that reflects “the character of Pacific Palisades”, that is to preserve its small-town feel while bringing about a much needed change.

The new development, for now named Palisades Village, will straddle both sides of Swarthmore Ave as well as select properties along Sunset Blvd. Wholly committed to his new vision of downtown, Caruso’s firm announced in August that the first hurdle towards development has been cleared: plans have been approved for Caruso Affiliated to start the pre-construction process.

According to the Los Angeles Times, Caruso’s desire is to turn the village into a pedestrian-friendly commercial district not unlike the Fillmore in San Francisco. The valuation of the commercial property he bought up is between $40 and $50 million, “the largest portfolio of commercial properties in this coastal pocket of Los Angeles.”

Some residents fear that although new development is needed, it might take away some of the character the community is known for. While indeed a revamped downtown, Caruso style , will attract outside attention and visitors, it seems, at least for now, Caruso and his team are dedicated to preserving the small-town feel; as they have brought residents into the conversation, accepting input and suggestions.

If Rick Caruso and his team are able to pull off his downtown dream, longtime homeowners might warm up to changes as they see their property values increase. Currently, Zillow estimates of median home values in the Palisades hover around $2,243,700 with a 4.7% rise in value predicted over the next year. However, many of the premium properties have value estimates much higher. So, if you’ve always wanted to live in the Palisades, now may be your time to invest before Caruso’s new downtown makes its first waves.