Joyce Rey: Canon Drive Is More Than Just Power Lunches

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Over the last two decades a half-mile strip of Canon Drive between Wilshire and Santa Monica Boulevards has established itself as the premier dining destination in Beverly Hills’ central district. Adjacent to the city’s business district and world-renowned Rodeo Drive, and just a few miles from the gleaming office and hotel towers of Century City, Canon Drive is in the center of it all.

Canon offers a blend of neighborhood-like comfort and upscale metropolitan amenities. Italian restaurant Porta Via opened shop on the street in 1994 as Canon Drive began to shift from a sleepy, unremarkable corner of the Golden Triangle to a destination for food connoisseurs from Los Angeles and beyond.

When the world-renowned chef and restaurateur, Wolfgang Puck opened the now-iconic Spago at 176 North Canon, it was evidence that the street was gaining momentum and prestige towards its status as a dining destination. While the shift was gradual, North Canon is now similar to a food-court for entertainment industry power players with nearly 20 dining establishments concentrated along its four-block stretch. E Baldi is one of my personal favorites to enjoy dinner!

In fact, North Canon Drive makes up 20 percent of the eateries listed on The Hollywood Reporter’s annual list of the top 25 power lunch locations. Included on the 2017 list are restaurants like Sugarfish, La Scala, Spago, Bouchon, and The Palm. Adding to the allure of the street is the diversity of the culinary offerings along the street, from the steaks of The Palm to the classic Californian of Spago, to the top-notch sushi artistry of Sugarfish, to high-end vegan with the recently-opened Gratitude. While Canon has deservedly cultivated a reputation of dining excellence, it’s much more than a power lunch destination.

Canon is not as well known in the fashion world as the adjacent Rodeo Drive, but its more affordable commercial rents make it a popular choice for smaller, locally-owned fashion boutiques. The typical rent per square foot just one block to the west on Beverly Drive ranged from $15-$20 per square foot in 2016. Compare that with Canon Drive, which saw rents in 2016 in the range of $7-$12 per square foot.

Despite the greater Los Angeles region’s reputation, Beverly Hills’ Golden Triangle is a pedestrian paradise. The reasonable commercial rental costs and a heavy level of foot traffic has created an extremely healthy environment for small, local businesses to thrive.

This combination of small businesses and upscale restaurants gives North Canon Drive an old-school neighborhood feel that just can’t be found along Rodeo Drive and other major shopping streets in Beverly Hills. There’s more than just shopping and dining to draw visitors to the northeastern edge of the Golden Triangle. While its address is one Beverly Drive, the Montage Beverly Hills backs up to Canon Drive. This hotel is considered one of the finest in the Los Angeles area, providing upscale amenities and comfort for its guests.

Towards the southern end of Canon Drive near its intersection with Wilshire Boulevard is the stunning Beverly Canon Garden. This park runs the width of the block, providing a passageway for pedestrians between Beverly Drive and Canon Drive. The newest green space in the city of Beverly Hills, the park includes soothing fountains, long grassy lawns, plus seating and performance space. At one end of the gardens is the entrance to the Montage Beverly Hills; at the opposite end is Thomas Keller’s Bouchon.

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Despite the dense nature of Canon Drive and the Golden Triangle, there are incredible investment opportunities in this upscale district. With 200 feet of contiguous street-facing retail and over 28,000 square feet of space, the 400 block of North Canon Drive offers an incredible chance to enter this prestigious real estate market. Located north of Brighton Way and just two blocks east of Rodeo Drive, the property is currently developed with a series of low-slung commercial buildings. Zoned for C-3 development in the city of Beverly Hills, this property can be improved to accommodate nearly any retail or restaurant establishment, whether shopping, dining, or hospitality.

The opportunity on Canon Drive consists of three properties – 402 N. Canon Drive, 410 N. Canon Drive and 420 N. Canon Drive – making it a prime space for a larger development project. Despite the lower commercial rental prices along North Canon, there is considerable competition right now for space due to the local market’s supply constraints. While the street is a local and regional destination, it’s also host to over six million annual visitors from around the world who spend billions in this compact area. These factors, along with the located along a prestigious, amenity-rich corridor creates the perfect investment opportunity. With the help of a trusted real estate partner, you can enter this exciting and exclusive commercial real estate market.

Joyce Rey is the exclusive agent representing the Beverly Hills real estate market as a member of the Haute Residence Real Estate Network. View her profile or contact her here.

Images courtesy of Joyce Rey

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