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Saturday, Jul 20, 2024

Kennedy Wilson Revises Plans for Apartments at Thousand Oaks Business Campus

Real estate developer Kennedy Wilson has submitted new designs for a residential project at One Baxter Way, the business park near Westlake Boulevard and the 101 freeway, according to a Thousand Oaks Acorn report. Reflecting nine months of input from Thousand Oaks city staff, the new plan, submitted to Thousand Oaks City Council, calls for the same number of apartments at 240. However, the format for the two buildings of residential units has been altered to one two-story structure and another three-story structure rather than the original three- and four-stories, respectively. The apartments will be built over one level of underground parking that will serve both buildings. Twenty-nine apartments, or 12 percent of the total units proposed, will be devoted to low-income renters. The property is a subset of the 42.9-acre The Oaks parcel. Prudential Insurance Co. originally planned The Oaks property as part of the Westlake North Ranch Specific Plan, which also includes Caruso-owned Westlake Promenade. Kennedy Wilson has proposed a five-story parking structure to the west of the multilevel office building for use by employees and visitors. The Caruso firm has endorsed the idea and Kennedy Wilson’s application to the City Council included an endorsement letter from Rick Caruso’s firm. The next step on the project will be for Kennedy Wilson to have the Council sign off on a general plan amendment that would change the 8-acre parcel’s zoning from industrial park to residential. Because of the coronavirus crisis, any hearing would be tentatively set for May. The project will be several years from construction should it be approved. On March 17, the Business Journal reported that Anchor Loans signed a lease to relocate its headquarters to One Baxter Way. The house-flip lender will vacate its current offices in Calabasas for the new location.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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