Cartier wants to maintain its old Rodeo Drive digs for now.
The luxury jewelry and watch retailer has asked for another year to start construction on a new three-story store at 370 North Rodeo Drive, according to documents filed with the Beverly Hills Planning Commission.
Cartier, which is owned by Swiss luxury goods firm Richemont, bought the 7,600-square-foot rectangular block for $20 million in 2000, property records show. In 2018, the retailer received city approval to build a 15,100-square-foot store to double its existing presence on the renowned street, located in the Golden Triangle commercial section of Beverly Hills.
Plans call for Cartier to become the sole tenant at the property. Roger Dubuis, another Richemont brand, occupies a storefront on the block that faces the cross street Brighton Way.
With the one-year extension, Cartier will have until August 2023 to start construction on the project. Planning commission staff from the city of Beverly Hills have recommended to approve Cartier’s request, though the commission will vote on the request at a meeting on Aug. 11.
However, this will be Cartier’s last chance to put off the project — the retailer already asked for a one-year extension last year.
On Rodeo Drive, Cartier followed in Gucci’s footsteps in wanting a more extravagant storefront. Next door at 347 North Rodeo Drive, Gucci opened an expanded 9,000-square-foot store with a 50-seat rooftop restaurant in 2020. Earlier this year, Dior also decided it wanted more and filed plans to build a three-story Rodeo Drive store with its own rooftop restaurant.
Construction costs in Los Angeles are continuing to rise along with inflation, forcing developers and firms to decide whether or not they want to wait for the rise in interest rates to quell the cost of goods. Average costs for labor, materials, general contractors and other fees was up 7.31 percent annually in April, according to construction consultancy firm Rider Levett Bucknall.
Cartier did not respond to a request for comment.
Richemont’s jewelry division, which houses Cartier, saw revenues increase to $1.02 billion during the three-month period from April to June — a 10 percent increase compared to the same quarter last year, according to financial reports.
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