Thousand Oaks · Office to residential
Thousand Oaks approves 297 homes in place of an office complex
195 E. Hillcrest Drive
The Thousand Oaks Planning Commission unanimously approved a mixed-use project that demolishes two office buildings for a five-story building with 297 residential units, including 25 deed-restricted affordable units.
What it was
A two-building office complex on Hillcrest Drive, with a separate 10,184 square foot standalone commercial building on the site.
What it is becoming
A five-story apartment building with an internal five-level parking structure: 39 studios, 146 one-bedroom, 102 two-bedroom, and 10 three-bedroom units. The standalone commercial building is to be remodeled for retail and restaurant use. The source reports construction is expected to begin in the first quarter of 2027 and finish in the second quarter of 2029, and that no appeal was filed by the June 18 deadline.
Why the economics might work
HUC analysis, not a reported result
Our analysis: when existing buildings do not suit conversion, the land itself may carry the value. Keeping the income-producing retail building while redeveloping the rest is one way a phased or partial approach can work. The project's financial results are not reported.
The lesson for local owners
This is redevelopment, not adaptive reuse. For many Conejo Valley office sites, the real question is whether the land supports a different program, not whether the building can be converted.
Source and attribution
Editor's note: The approval date in the source is June 8, 2026, not July 7. The article's own publication date was not shown on the page, so we list it as July 2026 based on its reference to a July 2 photo.
Facts are summarized from the source above as of October 16, 2026 and may change. This project is not a Highest Use Commercial transaction. Photos of the property are available at the source.