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Article: Peace down, property values up for grove neighbors. (Up Front).(The Grove at Farmers Market opens)(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 18, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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While leading a pre-opening tour of The Grove at Farmers Market last week, developer Rick Caruso spoke of the "residual value" of the 575,000-square-foot retail center, which he said would increase property values for nearby homeowners.
"The effect is going to be huge," said Caruso, chief executive of Caruso Affiliated Holdings. "I've seen it happen around our other properties."
But if you were to tell Dave Finn he was sitting on a gold mine, he would have none of it.
As cars backed up in front of his Martel Avenue home six blocks away on that same day, Finn was skeptical about what effect The Grove, which opened last Friday, would have on the ...