A fully entitled mixed-use development site has recently hit the market in Thousand Oaks, offering a potential buyer to develop the land with both residential space and a hotel. According to the listing by Lee & Associates, the project was unanimously approved by both the Planning Commission and City Council and would be able to begin construction immediately.
The property, located at 1872 Newbury Road, is currently owned by Los Angeles-based Daylight Investors. While the Lee & Associates did not share guidance pricing for the property, it was last sold to Daylight Investors for $8.9 million in 2015.
“1872 Newbury Road is a mixed-use project that has been in process for over four years. The end result is a well-thought-out project designed to be a great addition to the surrounding area. The officials from the City of Thousand Oaks are very anxious to see it finally come to fruition,” the listing states.
The project site consists of two parcels of land across 9.7 acres. The larger 7.1-acre parcel would include a residential building with 218 apartment units, 12 percent of which will be set aside as affordable. Plans for residential units call for a mix of studio, one- and two-bedroom apartment units. The remaining parcel will be developed with a three-story, 120-room hotel.
The project will also include a variety of amenities, including outdoor common areas, an outdoor pool, barbecue grills, lounge areas, a fitness center and meeting rooms. In addition, the project will include 153 parking spaces.
The site is located directly next to Interstate 101 and is within walking distance of many dining and shopping amenities. Located in Thousand Oaks, the community is also the second largest in Ventura County and is home to major biotech companies, such as Amgen. Large employment centers, like Conejo Spectrum, are also within close proximity of the site.
“The City of Thousand Oaks is a community recognized as being one of the more desirable places to live, work, play and raise a family in California. It is surrounded by the Santa Monica Mountains with its hundreds of miles of trails and 15,000 acres of open space,” the offering memorandum states.
“However even with all the natural beauty it still has developed into a substantial business and employment hub with international companies like Amgen, Takeda, Sage Publishing and Atara locating in the area. They were attracted to this area because of the quality of life, tremendous qualified labor pool, housing and highly rated local public schools. Thousand Oaks has been designated one of the safest cities in the US and is rated as one of the top 10 cities in which to raise a family.”
