Planning Commission: 8/3/17. Update on Projects within the City

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Joanna Wheeler
5 years ago
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1 Planning Commission: 8/3/17 Update on Projects within the City

2 Ongoing City Projects Westside: Thousand Oaks Shopping Center Chipotle at the Summit Paxton on Las Virgenes Pepperdine Graduate Facility Cheesecake Factory Old Town: New Business (Retail): French, Blackbird, Bernard s Wine Gallery Downtown: COTY Avanti Project on Park Sorrento Dinovitz Home (4615 Park Marisol) BMW remodel and addition New Business (Retail) at the Commons: Greenleaf, Jenni s, Lululemon, Papyrus, Kingdom Mulholland Corridor: Zachary Homes in the Highlands

Thousand Oaks Shopping No businesses have officially opened, but the main center has received a C of O 6 tenants are undergoing TIs 3 of them (a nail salon, fitness center, & spin cycle

3 Thousand Oaks Shopping No businesses have officially opened, but the main center has received a C of O 6 tenants are undergoing TIs 3 of them (a nail salon, fitness center, & spin cycle class) should be open in 3-4 weeks The other 3 should be open within 3-4 months (juice bar, pharmacy, & gift card shop) A lot of people have been inquiring about moving into the vacant spaces Center

4 Chipotle at the Summit (Agoura Rd. & Lost Hills Rd.) Opened for business in December vacant suites with no recent inquiries

Paxton on Las Virgenes Grading is moving at a quick pace Major slope work has been completed and building pad compaction is under way Building permit is ready for

5 Paxton on Las Virgenes Grading is moving at a quick pace Major slope work has been completed and building pad compaction is under way Building permit is ready for issuance, but they need to get the pads certified before they can get building permits within the next 2 months Staff is reviewing an application for a sales trailer office on site

Pepperdine Graduate Building Converting an office building into a satellite campus Phase 1 of renovations (storage and office spaces) is complete; Phase 2 in progress (additional offices and

6 Pepperdine Graduate Building Converting an office building into a satellite campus Phase 1 of renovations (storage and office spaces) is complete; Phase 2 in progress (additional offices and temporary storage of library books from the Malibu campus during Malibu campus constructions) Phase 3 (in the future): development and occupation of classrooms as a satellite campus School administration is fully moved in; students to move in as well when classes start (estimated to be in 2018)

kitchen Plans have been approved by Building & Safety

7 Cheesecake Factory Making additions to the rear of the factory Adding a freezer and making upgrades to the kitchen Plans have been approved by Building & Safety and signed by Planning; awaiting pick up by the contractor

in November 2015) Plans to expand into old Calabasas

8 New Business in Old Town: French Opened for business 4 months ago (received permits from Historic Commission in November 2015) Plans to expand into old Calabasas Jewelers building to create a children s clothing department

9 New Business in Old Town: Blackbird General mercantile store Opened for business in November 2016

10 New Business in Old Town: Bernard s Wine Gallery Received original entitlements in 2014 Sold the lot across the street to the city and was relieved of parking responsibilities Plans to create a restaurant seating a maximum of about 100 people

11 COTY Demolition of the interior has been completed, but 100,000 sq. ft. of renovations have barely begun 2016 Building Codes require extensive energy & water conservation upgrades to the entire 225,000 sq. ft. structure

12 Avanti on Park Sorrento Currently in the final phase of construction 5 of the 7 buildings have been completed 8 tenants have been approved for the affordable units (7 have occupied) All of the completed units are ready for sale and occupation Sales for the larger units have been strong

13 Dinovitz Home (4615 Park Mirasol) Construction was completed May 2017 and was sold to a new property owner Received inquiries from neighboring properties for similar improvements

14 BMW Remodel & Addition 3,300 sq. ft. addition to the showroom Interior reconfiguration: moving around office spaces and vehicle intake zones Façade enhancements: changing the exterior to align with their corporate image Receiving building permits within the next couple of weeks

15 New Business at the Commons: Approved by the Planning Commission in February 2017 Broke ground June 2017 Currently under construction with a completion date set for Fall 2017 Greenleaf

16 New Business at the Commons: Jeni s Ice Cream Space had been vacant for a year and a half Now occupied by a new tenant Opened for business in May 2017

New Business at the Commons: Lululemon, Papyrus, & Kingdom

one next to the RiteAid Papyrus has moved to Lululemon s

location These movements are part of a larger effort to

17 New Business at the Commons: Lululemon, Papyrus, & Kingdom Lululemon has moved to a new location from its previous one next to the RiteAid Papyrus has moved to Lululemon s previous location Kingdom has moved to Papyrus s previous location These movements are part of a larger effort to repair the floor slabs uplift in the area near and in the RiteAid

18 Zachary Homes in the Highlands 2 of the 3 homes have been completed and have passed their final inspections 1 of them has been sold and occupied 3 rd home is still under construction and is nearing completion

19 In Summary We are staying very busy!

OFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS

OFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS VENTURA COUNTY OFFICE THIRD QUARTER 217 QUICK STATS Direct Vacancy 13.9% Overall Vacancy 14.3% Lease Rate FSG $2.25 Gross Absorption Under Construction MARKET TRENDS Current Quarter 34,43 SF 18,112 SF