A fully entitled, mixed-use development site in Thousand Oaks has been listed for sale.
Located at 1872 Newbury Road, near N.E. Kelley Road, on two parcels covering 9.7 acres, the site comes with entitlements attached, allowing a new owner to immediately start developing apartments and a hotel.
According to a report by the Registry, the new owner could develop 218 apartments on the larger 7.1-acre parcel in a mix of studio, one- and two-bedroom units, with 25 set aside for affordable housing. The other parcel can be developed as a three-story, 120-suite hotel. The project will also include 153 parking spaces and various amenities including common areas, pool, grills, a lounge area, fitness center and meetings rooms.
According to records, Daylight Investors purchased the site for $8.9 million in 2015.
The Lee & Associates listing has been up for just over two weeks.
According to the listing: “1872 Newbury Road is a mixed-use project that has been in the 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 into fruition.”
The listing also touts the project’s proximity to Amgen less than a mile away.
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“The urgent need for both housing and hotel rooms in this market is well established,” the listing added.
According to the listing, the project was unanimously approved by Thousand Oaks’ Planning Commission and City Council and construction on the project could start immediately “after completing working drawings and securing a building permit from the city of Thousand Oaks.”
The apartment component comes as Caruso last month received approvals from the Thousand Oaks City Council to build a six-story, 165-unit residential complex adjacent to the Caruso-owned The Lakes shopping mall.