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If they can wait till mid-1980, new merchants may have the opportunity to move onto Rodeo. A group of investors headed by Mahboubi-Fardi and Developer David Rowen bought, for $6 million, a large parcel of land that now accommodates the Luau restaurant and a parking lot. They plan to raze the Luau and put up a 75,000-sq.-ft. building to house about 30 store shells, into which tenants will pour millions of dollars to make improvements, then wait for the big sales to people who never seem to run out of money.