9.7-acre Thousand Oaks development site for sale
Entitled for apartment building, hotel
A fully entitled mixed-use site has gone up for sale in Thousand Oaks, a city on the boundary line between Los Angeles and Ventura counties.
The Registry reported Daylight Investors has put the 9.7-acre property at 1872 Newbury Road on the market. Lee & Associates has the listing, which comes without a price.
Daylight Investors bought the site for $8.9 million in 2015.
The entitlements attached to the property means a new owner could get moving on rights to develop a residential project and a hotel, according to the Registry.
A 7.1-acre parcel will include 218 apartments including a mix of studio, one- and two-bedroom units, with about 25 earmarked for affordable housing.
The rest of the parcel will see the development of a three-story. 120-key hotel. Amenities currently planned include outdoor common areas, an outdoor pool, barbecue grills, lounge areas, a fitness center and meeting rooms. There will also be 153 parking spaces.
“1872 Newbury Road is a mixed-use project that has been in process for over four years,” the listing reads. “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 adds.
The projects were unanimously approved by both the City Council and the Planning Commission, clearing the way for construction.
The apartment component of the development could have some local competition after the city struck a deal with Rick Caruso on his proposed 165-unit apartment complex at his Lakes at Thousand Oaks mall property.
Caruso’s six-story apartment would be 65 feet high, which would make it the tallest residential building in the city.
[The Registry] — Holden Walter-Warner