Caruso Wants To Lead Wildfire Rebuilding Efforts With New Foundation: 'It's Our Job"

LOS ANGELES, CA — Billionaire developer Rick Caruso has launched a foundation dedicated to accelerating the rebuilding and recovery of communities devastated by January's wildfires, he announced this week.

Steadfast LA aims to bridge the gap between public and private sectors to fast-track recovery efforts in Pacific Palisades, Malibu, Altadena and other fire-impacted communities. It will focus its work in five categories: infrastructure, rebuilding, community, communication and resilience, he said.

"Rebuilding these communities and getting people back in their homes isn't just our responsibility — it's our job, and we're rolling up our sleeves to make it happen, full stop," Caruso said in a statement.

Caruso, who made a high-profile bid for Los Angeles mayor in 2022, has been outspoken about what he sees as failures in the city's wildfire preparedness. Among his criticisms have been changes in the Los Angeles Fire Department's budget, the fact that a reservoir near the Palisades Fire was dry when the blaze broke out and that hydrants ran dry during the firefight.

Caruso and his family lost three homes — two in the Palisades and one in Malibu — due to the Palisades Fire, he said. His Palisades Village shopping center was left largely unscathed thanks to in part to the help of private firefighters, ABC 7 reported.

Here are the key players of Steadfast LA:

Caruso will serve as the chairman.

Najla Kayyem, a commercial real estate marketing executive, and who previously worked for Caruso, will serve as its executive director.

Others involved include Kobie Fuller, general partner for Upfront Ventures; Mike Hopkins, head of Prime Video and Amazon MGM Studios; Netflix CEO Ted Sarandos and his wife, former ambassador Nicole Avant; Andy Cohen, co-chair of Gensler; as well as executives from banking, insurance, real estate and private equity companies.

Caruso told the Los Angeles Times he would commit to solely funding the foundation. None of the companies or executives will be compensated.

Potential outside donors would be paired with schools, churches or others in need, according to the Times.

Kayyem will initially work out of Caruso's offices at the Grove shopping complex and will later operate in the Palisades. Another office serving Altadena may open at the Americana, the Glendale shopping and apartment complex that Caruso also owns, according to the Times.

"This isn't about meetings and paperwork. It's about getting our hands dirty, breaking through obstacles and physically rebuilding — brick-by- brick, street-by-street," Caruso said.

City News Service contributed to this report.