As part of a major downtown project, the Thousand Oaks City Council agreed to purchase a quarter-acre medical office building plot off Thousand Oaks Boulevard.
On April 14, the City Council unanimously voted 5-0 to spend $4.58 million from the general fund to acquire 1868 Thousand Oaks Blvd.
The property is a key logistical location for the city’s downtown project to build a new Main Street, according to a staff report. With council approval, the escrow is expected to close in May, the report says.
The cost includes fees and a 14-month leaseback period for the building’s owner to relocate a dental practice, the report says.
What’s the latest for the downtown Thousand Oaks project?
The downtown Thousand Oaks project is set to expand the Civic Arts Plaza and the vacant property to the west across Dallas Drive, according to the city’s website.
The project has been in the works since the 1980s and came out of how to use former Jungleland Amusement park property. It’s evolved since.
The project includes several mixed-use buildings that could have housing and ground-floor businesses adjacent to a new Main Street, a hotel, restaurant, public square and amphitheater, according to renderings by the city.
The city’s investment has increased with private investment in the mixed-use buildings and hotel to be at least $200 million, as previously reported.
What are next steps for the downtown Thousand Oaks project?
The new downtown is anticipated to take several years to complete and planned to be developed in phases, says the city’s website. Design of the first phase is set to complete this year and ground breaking is planned for 2027, it says.
An extensive environmental impact report by Irvine-based CSG Consultants was shared in March.
The 721-page report says the city’s plan proposes to create a pedestrian-friendly downtown with new mixed-use buildings that would include housing, a hotel, improved park, restaurant as well as an amphitheater, expanded Civic Arts Plaza and reconstructed city hall.
The entire project is around 20 acres and land designation of 5.33 acres needs to change from institutional to mixed-use, the report says.
The city plans to receive public feedback until the Planning Commission meeting scheduled for May 18 and City Council meeting slated for June 23.
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This article originally appeared on Ventura County Star: Thousand Oaks City Council votes to buy land for downtown project
Reporting by Staff reports, Ventura County Star / Ventura County Star
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