Who’s Who in Real Estate: Alan Casden – Retirement Not in Builder’s Plans

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Business Journal homes in on a dozen residential developers who, surprise, are building in the L.A. market.

Billionaire developer Alan Casden keeps a framed relic in his office that symbolizes the difficulty of developing in Los Angeles, but also his tenacity.

It’s an old sign that reads “Jack Weiss Stop Casden,” a remnant from his battle earlier this decade with “naysayers” over his $300 million Palazzo mixed-use development in Westwood.

Casden, 64, won that fight and opened the 350-unit project in summer 2008. It was the sort of victory that’s typical of Casden, who has faced down foes to become one of the biggest and most-well-known residential developers in Los Angeles.

“I had it framed, to remember this,” said Casden. “All of the naysayers are gone.”

These days, Casden has two other large infill mixed-use projects on his plate, among others. One in West Los Angeles would be adjacent to an Expo Line stop and is going through environmental review. The other, in West Hollywood, is approved. This month, he opened his latest project: Empire Landing in Burbank, 276 apartments near a Metrolink station.

The veteran developer, a Wealthiest Angeleno whose net worth was pegged at $2.5 billion by the Business Journal in May, made his big score eight years ago when he netted nearly $800 million from the sale of his apartment portfolio to Apartment Investment & Management Co. But he has no intention of slowing down or retiring, though he admitted thinking about it.

“All of these projects take three years to put in place and then you have to rent them up,” he said. “These are commitments and I am in good health. I guess if I can buy the sites I like I will keep going.”

He funnels much of his free time into several high-profile hobbies and interests. There is his renowned collection of ancient coins, valued at $40 million. He’s a skier, tennis player and golfer, too. In June, he played at the famed St. Andrews course in Scotland.

He is also a strong supporter of Israel and Jewish causes. He serves on the Holocaust Memorial Council overseeing the Holocaust Memorial Museum in Washington, D.C. In addition, he has plans for a luxury apartment building in Tel Aviv, Israel, though the approved project is on hold because of the economic downturn.

It’s the project that really gets him excited.

“I will have an apartment there, of course,” he said, noting his preference for a 5,000-square-foot, two-story townhouse in the building. “These are going to be magnificent apartments.”

Alan Casden, 64

Chairman and Chief Executive

Casden Properties LLC, Beverly Hills

Casden, a Beverly Hills billionaire, is one of L.A.’s most prominent residential developers. During a 35-year career, Casden has developed or acquired more than 100,000 multifamily residences in the Western United States. He owns about 3,500 apartment units and has a development pipeline of thousands more.

Reason I’m a Residential Developer: I love the creativity you can express in architecture, landscaping and interior layouts of multifamily residential development. It is not a cookie-cutter business.

If I Weren’t a Residential Developer I’d Be: One of my other passions is collecting ancient Jewish coins. I now have about 3,000 in my collection. These can be a wide portal into the ancient world.

Best Career Moment: A volunteer assignment spearheading the development of the Museum of Tolerance in West Los Angeles.

My Colleagues Don’t Know: My wife, Susan, has designed a version of the popular Hermès Birkin bag called the Susan Bag.

Favorite Project I Didn’t Develop: National Gallery in Washington, D.C.

Best Thing About Developing in L.A. County: Fast-tracking for transit-oriented (projects.)

Worst: Some residents oppose greater density and urbanization in new development. But, as our city grows, we need to welcome more density…to reduce sprawl.

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