“At the end of the day, we are a small business too,” said Anoop Patel, principal of Canterbury Capital.
I chuckled when I read this in The Coast News’ Dec. 12 article, “Longtime Leucadia yoga studio to close amid lease, renovation dispute.”
For many of us yokels, “small business” means a sole proprietorship with a weird sign — like the shops that once lined Coast Highway, offering familiar faces and essential goods and services for more than a century. Nearly 82% of U.S. small businesses were sole proprietorships as of 2024.
The remaining 18% of firms, however, may have up to 1,500 employees, depending on the industry, and annual revenues of up to $40 million, according to the U.S. Small Business Administration.
Privately owned Canterbury does not have to report such details, but Patel surely knows the definition. On a bright note, a claim of small-business ownership often implies a connection to the community — depending on the line of business and other factors, of course.
Canterbury Capital LLC of California, founded in 2017, is an investment firm involved in “strategic commercial/adaptive reuse, early-stage VC, fund of funds,” according to Patel’s website.
Patel is the general and managing partner for Canterbury and for two other businesses, including Sutra Ventures of San Diego, an early-stage venture capital firm founded in 2020 and focused on “sectors driving the digital economy, including software, AI, data center infrastructure, and sustainable energy solutions.”
Among Sutra’s investments is Bigtoe Yoga, a national, app-based, in-home yoga and massage service with a San Diego division. Bigtoe also operated a boutique yoga studio in New York City’s pricey SoHo neighborhood, which has since closed. With Canterbury’s April 2022 purchase of 1410 N. Coast Highway, who knows? Perhaps it will reopen here, drawing on synergies — if not existing clientele.
As for community contributions, Canterbury’s Encinitas investment could offer the following:
Business taxes: Canterbury’s office is in Carlsbad, so taxes on its LLC would go to that city.
Property taxes: Roughly $80,000 to $90,000 per year for 1410 N. Coast Highway, based on an estimated $8-$9 per square foot from PropertyShark, and perhaps comparable taxes for 1400 next door, for which no figure was found. Canterbury has approval to combine the two lots, which could result in a higher assessment. LLCs can deduct renovation, repair and management costs, or pass through taxes to owners, which may reduce overall tax liability.
Jobs: Temporary design and construction jobs will be created by the lot combination. Canterbury could hire building management in the future, unless handled in-house, along with permanent or casual maintenance workers and local trades as needed. Canterbury has also proposed a second phase of renovation, according to the Planning Department’s website. (A new yoga studio?)
As for relationships, Patel’s fondness for Yoga 101’s owners, as reported by The Coast News, does not extend to their unoptimized rents. But come on. Like bees making honey, venture capital firms exist to make money — including buying buildings to replace existing tenants with wealthier ones.
Patel denies such intent. Still, Yoga 101 must close because of a near doubling of its lease. That speaks for itself.
Begone, ye olde bootstrappers of meager means, toiling humbly in the shadows. Farewell to a 22-year-old Leucadia yoga studio, along with the proprietor’s life savings invested during Canterbury’s ownership. One fears a GoFundMe or public assistance may have to follow.
Such financial trends have drained the life and meaning from Main Streets for decades, with growing fallout. Can the small-town heritage of Encinitas survive the loss of cultural assets for profitable shells — kicking local entrepreneurs, workers and beliefs to the curb — while the city faces a growing need for jobs, affordability and community sustenance?
We can’t return to the days of sleepy streets and funky signs. But amid the chaos, we can stand up for the common good.
I urge Canterbury to keep Yoga 101 as a tenant to robustly support its proprietors and customers, as well as the city’s traditions of independence and spirituality. Their loss will not be forgotten.
Carol A. Wood
Old Encinitas
