Chanel Wants to Supersize Its Three-Story Rodeo Drive Boutique

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Has Rodeo Drive's fancy renovations and openings inspired a serious case of keeping up with the Joneses? In a move to be the biggest and baddest shop on LA's priciest block, Chanel has bought out its current space and reportedly has major plans for its Beverly Hills flagship.

WWD reveals that the French fashion house just forked up a record-breaking $152 million (or about $13,000 per square foot, for the non-mathematicians) for its existing 11,500-square-foot building—which it was previously renting—at the corner of Rodeo Drive and Brighton Way. Two years ago, the landlord rejected Chanel's plans to expand to the 16,129-square-foot space occupied by Lladró next door, which it purchased for $100 million, reports the industry trade pub.

Last year, the luxury label submitted a proposal to Beverly Hills's Planning Commission outlining its plans to demolish both properties and build a new three-story flagship, which would include a rooftop VIP area and at least 40 parking spaces. Chanel has yet to confirm the official blueprints for its massive new shop, which would have a ground floor footprint of about 15,250 square feet, that proposal notes.