Beverly Hills approved it unanimously. Construction starts in the second half of 2026. And by the time Frank Gehry’s 100,000-square-foot Louis Vuitton complex opens in 2029, the retail corridor it anchors will have been transformed beyond recognition.
The project—a pair of white, curvilinear buildings at 468 North Rodeo Drive that Gehry has described as evoking draped fabric caught mid-motion—spans the full block between Rodeo and Beverly Drive. The Rodeo-facing structure covers 45,433 square feet of retail space, with more than 6,000 square feet reserved for VIP clienteling. The Beverly-facing structure, at 54,723 square feet, houses an exhibition space documenting Louis Vuitton’s history as a cultural institution, a gift shop, a café, and a fine dining restaurant. Interior design is attributed to Peter Marino. Gruen Associates serves as architect of record.
It will be the first LVMH exhibition space of its kind in the United States.
What Rodeo Drive Looks Like Now
The Gehry project arrives at a moment when Rodeo Drive’s fundamentals are already at historic extremes. Rents on the corridor have surpassed $1,000 per square foot—with some blocks approaching $1,400—representing a 50 percent increase since 2019. Retail vacancy on the key blocks sits at functionally zero, compared to 7.4 percent citywide in Los Angeles.
More than half the property on Rodeo Drive is now brand-owned rather than leased, a structural shift that reflects luxury houses treating their flagship real estate as a long-term capital asset rather than an operating expense. Hermès spent $400 million acquiring 25,000 square feet at 338 North Rodeo—double the footprint of its prior location. Tiffany & Co., under LVMH ownership, has committed to a three-story flagship on the former hotel site the group purchased for $200 million in 2021.
One Rodeo itself transacted at $211 million. The retail velocity on the street has pushed office rents in adjacent Beverly Hills to levels that dwarf comparable Los Angeles submarkets: FanDuel’s lease priced at $1,410 per square foot; Alo Yoga’s transaction approached $1,085 per square foot. For comparison, Downtown Los Angeles commands $200 to $250 per square foot.
One Beverly Hills: The $10 Billion Pressure Behind the Numbers
The macro force behind these figures is One Beverly Hills—a 17.5-acre, $10 billion mixed-use development that locked its $4.3 billion construction financing in March 2026. JPMorgan Chase led a $2.8 billion senior construction loan; VICI Properties provided a $1.5 billion mezzanine position. The project combines an Aman Hotel, ultra-luxury residential condominiums, 200,000 square feet of curated retail, and a public garden. Foundation pours began in November 2025 with an opening target ahead of the 2028 Los Angeles Olympics.
One Beverly Hills is positioned to compete directly with Rodeo Drive itself for luxury retail tenancy, adding supply pressure to a corridor that has operated at zero vacancy. The conventional real estate read would be rent compression; the Beverly Hills luxury market read is that demand from global brands seeking a permanent West Coast flagship foothold is sufficient to absorb both.
The Timing Logic
Louis Vuitton’s 2029 opening target aligns with what will be the most internationally scrutinized period in Los Angeles retail history: the year after the 2028 Olympics, when the city’s infrastructure investments and global exposure have already been delivered. Gehry’s involvement is not incidental—his Walt Disney Concert Hall transformed perception of downtown Los Angeles; the Louis Vuitton Foundation in Paris is among the most-visited cultural attractions in Europe. A Gehry signature on Rodeo Drive is a long-duration asset positioning play as much as a retail buildout.
Wilshire/Rodeo Metro station, scheduled to open in 2026, adds transit access to a corridor historically dependent on vehicular traffic—another variable that broadens the potential customer base for the flagship environment that Rodeo Drive is becoming.