The Man Who Would Remake the Miramar
Rick Caruso, L.A.’s bling-mall developer, is gambling millions that he can do what Ty Warner and Ian Schrager failed to do: Get the Miramar Hotel up and running. Last January, Caruso reportedly paid Warner $50 million for 14 acres in Montecito, some dusty permits, and broken-down cottages near the water’s edge-even after Warner warned everyone within John Davies’s reach that Montecito’s exacting building policies and process cause exasperation and exhaustion.