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Thousand Oaks staff report nearly 1,963 entitled housing units; construction delays persist
Summary
Community Development reported 1,963 entitled units citywide (including 289 affordable), several major projects nearing permits but construction stalled on some sites due to financing, insurance and labor pressures.
Calvin Parker, Community Development Director, told the council the city has nearly 1,963 entitled housing units in its pipeline, including 289 affordable units, and an additional 104 accessory dwelling units approved.
"Currently, we have just under 2,000 units entitled at 1,963, including 289 in the affordable category," Parker said as he reviewed development progress and upcoming projects.
Parker listed several major projects: a 333-unit Latico project (33 affordable) nearing building-permit issuance; the Timber School project at 218 units (26 affordable) performing site work and approaching permit issuance; and the TL Ranch project (420 units, including 54 affordable) at the former Kmart site with a grading permit issued. He also described new proposals at Kelly Road, East Hillcrest and Chiquita Lane and a 70-unit mixed-use proposal on East Thousand Oaks Boulevard. Parker said elevated interest rates, insurance costs, tight lending conditions and high construction costs have delayed some construction start dates.
Parker noted the Oaks Mall has a new owner, Stockdale Capital, and staff said the city is actively engaging with the new owner about redevelopment opportunities. Parker told the council staff will continue to facilitate entitled projects through permitting and coordination with developers.
