The central part of Rodeo eventually became a business street with hardware stores, gas stations,[1] beauty shops, and bookstores. In 1958, real estate developer Marvin Kratter bought 48,000 square feet (4,500 m2) of land at the corner of Rodeo and Wilshire Boulevard from the city of Beverly Hills.[8] The acreage is across the street from the Beverly Wilshire Hotel and Kratter paid something over $2 million for it.[8]