East Ventura County will be dealing with plenty of growth over the next several years, thanks in part to two development deals that when complete, will bring nearly one million square feet of new residential, retail, office and industrial space to the region.
The former Farmers Insurance Office Complex at 3039-3041 Cochran St. in Simi Valley’s city center had been sitting vacant for more than five years. But in April 2018, the 12.8-acre property with buildings totaling 271,000 square feet sold for $18.5 million. Newport Beach real estate developer Province Group purchased the property from an REO firm out of Miami Beach. A team from CBRE helped broker the deal.
In December, Simi Valley City Council approved a zoning change, a plan to redevelop the campus, including the demolition of all of the buildings, was green lit. Broadview Holdings SV, LLC will lead the process.
The mixed-use project, The Enclave, will feature 106 single-family residential units, 58 townhomes and 6,000 square feet of commercial space, 4,800 square feet of that reserved for restaurants.
Rob Devericks of The Radius Group is the leasing agent. Irvine-based companies KTGY Architecture + Planning and Fuscoe Engineering will prepare plans for development, along with the MJS Landscape Architecture, a company out of Newport Beach. The project will be built in phases, but no time estimate was given.
Earlier in May 2019, about 15 miles southwest of the Farmers redevelopment, another massive deal was in the works in the Conejo Valley. This deal, however, took advantage of the last large parcel of property in Thousand Oaks, and submissions were sent in for 700,000-square-foot office and laboratory park dedicated to life sciences.
“It’ll be the last development greater than 10 acres for sure in the Conejo Valley,” said Mike Tingus, president and principal at Lee & Associates LA North, Ventura County. “There’s not any land left from Calabasas to the Conejo Grade.”
Beverly Hills-based developer Shapell Properties submitted plans to develop about 33 acres of property at the intersection of Rancho Conejo Boulevard and Conejo Center Drive, just north of the Conejo Spectrum business park, the Tri-Counties’ largest office park with more than 830,000 square feet.
John Parker of Parker Brown Construction, which is working with Shapell on its proposal, is confident the redevelopment will have a positive economic impact on the Conejo Valley.
“The area is still at the early stages, but these are really important milestones that should have lasting impact,” Brown said in sponsored content published by Bisnow. “This new investment and development will help to bolster the local economy and have profound implications for commercial real estate.”
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