The Benefits of Investing in Commercial Property on Canon Drive Now

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Canyon Drive

Beverly Hills is most commonly associated with palatial mansions and sprawling hillside estates. But this city, nestled in the heart of Los Angeles’ west side, offers far more than just opulent residential properties. Near the center of the city is its densely developed and highly walkable commercial core, well known as a world-renowned shopping destination and the home of Rodeo Drive. This district is wedged between two iconic thoroughfares, Wilshire Boulevard and Santa Monica Boulevard and is colloquially known as the “Golden Triangle.”

One advantage to owning a commercial property in this esteemed commercial district is its distinct sense of place. The eye-catching, eclectic buildings along its busy palm-tree-lined streets and wide, bustling sidewalks create iconic streetscapes like few other locations. A rarified shopping destination, the core of Beverly Hills draws tourists and locals alike. The result is a daytime population that boasts a demographic mix only a handful of spots in Southern California can compete with.

Canyon Drive

Rodeo Drive may be the most well known street in the Golden Triangle, but it is hardly alone in its desirability. Adjacent streets like Canon Drive pack quite the high-end commercial punch. In between boutique clothing stores and high-end professional offices, Canon Drive offers some of Los Angeles’ most prized culinary jewels, including chef Kazunori Nozawa’s SUGARFISH and Wolfgang Puck’s classic California cuisine restaurant, Spago. Just one block to the east of Canon Drive is a Whole Foods grocery store, providing daily amenities for residents and visitors to the district. In a region that is criticized for its lack of green space, Beverly Canon Gardens offers a reprieve from the hustle and bustle of the streets spanning the block between Canon Drive and Beverly Drive.

As impressive as the history of the Golden Triangle has been, its future looks to be even brighter. Los Angeles is a region in the midst of rapid change, especially in regards to its transportation infrastructure. Beverly Hills’ commercial district is one of the biggest beneficiaries of this change. Beverly Hills has always been relatively isolated from the sprawling Southern California freeway system; drivers must traverse nearly three miles to reach the 405 Freeway to the west or the 10 Freeway to the south and five miles across Central Los Angeles to reach the 101 Freeway.

Canyon Drive

The passage of two tax measures, Measure R in 2008 and Measure M in 2016, make possible a plan to bring the Purple Line subway to the heart of the Golden Triangle by 2026. Metro is set to build a station at the corner of Reeves Drive and Wilshire Boulevard, just feet from Canon Drive and a five-minute walk from Rodeo Drive. This subway will link the shopping destination with the rest of the Metro Rail system, including destinations like Hollywood, Pasadena, Santa Monica, and the San Fernando Valley.

Though the Golden Triangle offers nearly unparalleled cultural and historic value, there are still opportunities to enter this prestigious market. Located on Canon Drive towards the northeastern edge of the Golden Triangle is the 400 block of Canon Drive, which features 200 feet of uninterrupted street-fronting commercial property. The property runs from the corner of Canon and Brighton Way, stretching almost an entire half of a block to the North.

If you are looking to invest in commercial property on Los Angeles’ west side, there are few locations as desirable as the historic commercial core of Beverly Hills. While Rodeo Drive may have the most name recognition, nearby streets such as Canon Drive present some of the best real estate investment opportunities in the city.

 

Images courtesy of Joyce Rey

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