UPDATED, Monday, October 16, 2017, 4:15 pm: When it comes to land prices, Beverly Hills might as well be paved in diamonds. Case in point: Canon Drive.
Four contiguous properties on N. Canon Drive just hit the market for a whopping $100 million, The Real Deal has learned. As a whole, the property provides 200 feet of frontage, comprised of four individual 50-foot parcels.
Gensler-designed renderings in listing materials suggest a 57,000-square-foot, mixed-use commercial structure could be built on the site, replacing the businesses that now operate there. Zoning allows for a three-story building with underground parking, according to marketing materials.
Upscale Italian restaurant Il Pastaio, Umberto hair salon, Japanese restaurant Shiki and Porto Via currently reside at 400-420 N. Canon. Contemporary eatery Porto Via expanded its restaurant in 1999 into space that includes 424 N. Canon.
Umberto Savone — hair guru and landlord — has been amassing the contiguous properties for decades, along with his wife, Babette, property records show.
Jason Oppenheim of Oppenheim Group and Joyce Rey of Coldwell Banker have the open listing.
Oppenheim said he expects an institutional investor or private investor to build the marketed, commercial site.
“It is one of the most unique trophy properties available in the world, and to my knowledge, the most unique development [opportunity] in the Beverly Hills triangle,” Oppenheim said.
The Savone family formerly owned the space used by the Gagosian Gallery at 456 North Camden Drive in Beverly Hills. They sold that property for $11 million in 2013. Oppenheim brokered the deal.
Correction: An earlier of this version stated that Jason Oppenheim was the sole listing agent.