The billionaire businessman had long been rumored to be a contender to run for L.A. mayor in the March 5 city election. Mayor Antonio Villaraigosa is prevented from running for a third time due to term limits.
Caruso's announcement leaves the field with four major candidates: L.A. City Controller Wendy Greuel; L.A. City Councilman Eric Garcetti; L.A. City Councilwoman Jan Perry; and former Assistant U.S. Attorney and talk radio host Kevin James.
Caruso released a statement Thursday night:
"I will not be candidate for Los Angeles mayor in 2013. I love Los Angeles and believe in this city but it is not the appropriate time for me to step away from Caruso Affiliated. As a lifelong Angeleno, I have dedicated my career to supporting Los Angles through world-class developments, creating jobs and economic benefits and in working with civic and community organizations throughout Los Angeles. I look forward to continuing to contribute to our city by focusing on endeavors that enrich the lives of the people in this city."
Caruso developed The Grove in mid-city and the Americana at Brand in Glendale, among other properties.