Palisades Village, the popular open-air shopping and dining destination in the heart of the Pacific Palisades, is set to reopen mid-2026.

Billionaire developer Rick Caruso unveiled that timeline Wednesday, May 28, while announcing a slate of broader revitalization efforts aimed to restore both the Village and the surrounding community.

The nearly 125,000-square-foot complex, home to more than 40 businesses and services, has been closed since the fire. While the Village itself was largely spared–thanks to the efforts of the Los Angeles Fire Department and private firefighters, it sits in the center of an area still under active reconstruction.

Among the highlights of the rebuild are the relocation of fashion designer Elyse Walker’s West Coast flagship store to the property, the return of the annual Christmas tree lighting and Menorah celebration, a new dining concept and the reconstruction of the public park inside the Village.

Caruso also announced plans to rebuild the surrounding streetscape — from sidewalk, lighting to landscapes. Company officials said the total investment in the reconstruction of both the shopping center and its surrounding area amounts to “tens of millions of dollars.”

“We do have a very important section of downtown that we can bring back,” Caruso said during the announcement, standing outside the still closed shopping center. “And what we do want to do is to extend the streetscape, the new sidewalks, new trees and new lighting on both sides of the streets, at our expense.”

Caruso, who ran for mayor of Los Angeles in 2022, has remained a vocal critic of Mayor Karen Bass and city policy. In February, he launched a foundation called Steadfast LA, which 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.

When asked during the event whether he plans to run again, he deflected, saying, “I don’t know if I’m going to run for anything…I don’ t know what I’m running for or from yet.”

Despite the recent setbacks, Caruso said he remains confident in the Village’s long-term business outlook.

“Last year, we had about 2 million visitors to Palisades Village. I’m expecting we’re going to have the same amount once we reopen,” he said in a separate interview.

That confidence is already being reflected in returning businesses, perhaps none more significant than longtime Palisades retailer Elyse Walker.

Walker, who lost her West Coast flagship store to the January fires, has been part of the neighborhood for 25 years. She opened her first shop on Antioch Street in 1999, just a block from her children’s school. Since then, her namesake brand, known for its high-end designer labels and emerging brands, has expanded across California and New York.

Her new store — Elysewalker Palisades — will reopen next spring or summer in a prominent 5,000-square-foot space at the main entrance of Palisades Village, on the corner of Sunset Boulevard and Swarthmore Avenue.

“Our goal is to create jobs and enthusiasm,” Walker said during the announcement. “Reopening in the Palisades and moving our flagship across the street to the Palisades Village is incredibly exciting and important as we focus our efforts on supporting the strong and resilient town.”

In an interview, Walker said the decision to rebuild was never in question, even as her team faced immediate challenges. The company’s first priority, she said, was supporting employees both emotionally and logistically.

“The night that we saw our store burn down, there wasn’t any doubt, ever, of a rebuild,” she said, “but the first efforts were on making our team, finding them a new home, because that was their home too.”

She praised both Caruso and the city for moving quickly but noted that rebuilding across the region, from Altadena to Malibu, will require continued coordination, smart planning and resilience.

“This was a catastrophic event, and this cleanup is going very, very well,” Walker said. “It’s going to take some very smart people, it’s going to take a lot of effort, but it’s going to be done. So let’s do it wisely, let’s do it efficiently, and let’s build it to last.”

Corinne Verdery, CEO of Caruso, said the company is still in the early phases of reconstruction and working with the city to secure the necessary permits.

“Right now, all we’re doing is moving a lot of the damaged materials,” she said. “So we haven’t started the actual reconstruction work yet that will be requiring permitting.”

While the Village won’t fully reopen until mid-2026, Verdery said Caruso will begin bringing activities back to the property over the next year with announcement of new tenants and community events, including the return of the Christmas tree lighting this holiday season.

“We’ve come a long way since Jan.7,” Verdery said. “And to be able to stand here at Palisades Village and make this big announcement and welcome somebody that’s been part of the community over the last 25 years, to be able to welcome Elyse Walker’s flagship onto this property is a huge, huge day for the company, and we couldn’t be more excited about it.”