Houses by the Lakes

 The most talked about pending project in the Valley area may very well be a residential one scheduled to rise behind an existing shopping mall.

The land where the Caruso company’s The Lakes retail center located in Thousand Oaks will be sold to Rick Caruso’s company in a deal that will allow the real estate developer to add a six-story residential apartment building to the site.

Caruso plans to build up to 165 residential units on the 7.5-acre commercial parcel behind the mall. The Thousand Oaks City Council approved the deal in a 3-2 vote on Nov. 30. 

Caruso, which had been leasing the property from the city of Thousand Oaks since The Lakes opened in 2005, will now purchase the property for $2 million or fair market value, whichever is higher, and pay the city an additional $13.1 million in community benefiting payments over 37 years. The annual payments will depend on the number of apartments constructed. 

Caruso had been leasing the property under an agreement in which the company would pay rent to the city only if its profit margins achieved a certain threshold — which the property never met, according to the developer. 

By creating apartments behind the shopping center — which is adjacent to Thousand Oaks Civic Arts Plaza and City Hall — Caruso said during the city council meeting last November that a “synergy and energy” will be developed between all these elements toward cultivating “a vibrant downtown.”

Break ground soon?

Chris Robertson, vice president of Planning, Government and Community Relations at Caruso, said that now that the residential project’s entitlements are approved, the company is eager to start building.

“We are looking to break ground this year,” Robertson said. “We want to move forward with the project as quickly as possible.”

However, first comes the hard work of defining the apartment complex’s details.

“Now we have to draw the blueprint,” Robertson said. “It is a lengthy process. We’ll go through that feverishly this year.”

There will be rounds of showing plans to the city before signing off on the final version.

“The design process is sometimes not linear, so we’ll have to see how that goes,” Robertson said. “Once the project breaks ground, it will be an 18-month construction schedule.”

The work ahead will be on the residential units for now.

“We don’t have any upgrades to the retail portion of the Lakes,” Robertson said. “One thing we heard from the community is more outdoor dining.” 

Ultimately, Robertson said, Caruso sees this residential project as good for both the developer and the community.

“We’re helping to stimulate activity along Thousand Oaks Boulevard, which is something the city has been trying to do for some time now,” Robertson said. “It also adds a really helpful critical mass to the Lakes to help build in a customer base.”

In addition to The Lakes, the Caruso company’s creations include The Promenade in Westlake Village and Village at Moorpark retail centers in Ventura County; The Commons at Calabasas; Encino Marketplace; The Americana at Brand retail center in Glendale, and the Rosewood Miramar Beach Resort in Montecito.