The Bijan store on Rodeo Drive made history this summer as the most expensive retail property ever sold in the state, but it may soon come tumbling down.
Louis Vuitton’s parent company LVMH Moet Hennessy Louis Vuitton is likely planning to tear down the yellow storefront to make way for a bigger building in order the maximize the 7,629-square-foot lot, the Los Angeles Business Journal reported.
Under city density regulations, the luxury brand can build a structure as big as 15,258 square feet and as tall as three stories.
LVMH purchased the property at 420 North Rodeo Drive for $122 million, or $19,405 per square foot, from the Barton C. Brooks Trust.
“They don’t want someone else’s cute little building, they want their own look,” Stephen Algermissen of Cushman & Wakefield told the publication. Algermissen was not involved in the deal, for which Holliday Fenoglio Fowler’s Bryan Ley, Marc Schillinger and Bill Fishel were the listing agents.
Chanel, which held the previous record with a $152 million acquisition on Rodeo Drive in December, has its own plans to tear down the existing structure to make room for a larger, more stylized building. [LABJ] — Cathaleen Chen