Construction begins on T.O. Ranch residential and retail
After receiving a unanimous vote in June 2022 by the City Council, the Thousand Oaks (T.O) Ranch development recently began construction at the vacant 12-acre site at 325 and 391 Hampshire Road, where the former Kmart site sat empty for 20 years. This space will feature residential units, a mix of both luxury apartments and affordable spaces, and retail opportunities and is being built in hopes of addressing Thousand Oaks’ housing shortage.
The Thousand Oaks-Oxnard-Ventura metropolitan area is experiencing one of the worst housing shortages in the United States. Of the building permits within Thousand Oaks, the majority is focused on housing units for above-moderate and moderate incomes. In a study done by Up For Growth, it was found that this area was 31,000 units short, or 11% of the total housing stock, of what was necessary to support the current population. This is worse than Los Angeles, New York and San Francisco. For comparison, the shortage in the New York-Newark-Jersey City area represents 4.4% of its total stock; in Los Angeles, it’s 8.3%; in San Francisco, it’s 6.2%.
Of the total apartment homes and townhouses being built, the T.O. Ranch development is planning to create 50 affordable apartment homes designed for lower-income families or individuals. Although this is not a large majority of the total housing units being built, it is still a step towards affordable housing in Thousand Oaks.
IMT Residential strives for sustainability within their communities, which is why the T.O. Ranch development will make green living a priority. The LEED (Leadership in Energy and Environmental Design) Rating System will provide the framework for healthy, highly efficient and cost-saving green buildings. There will be a rooftop solar farm built, electric vehicle charging stations and a dedicated car-sharing program to enhance the community and help the environment. Rainwater management systems and efficient irrigation systems will also be used to better conserve water.
Due to the temporary construction that would occur from this project, there would be significant and unavoidable noise as a result. When presenting the motion for the project, the city council acknowledged the impact that the surrounding neighborhoods would face, but they believed that, overall, the benefits of this development would outweigh the negatives: revitalization neglected commercial center, economic investment, new and affordable housing, proximity to public transit, etc. Although many steps are being taken towards the establishment of the T.O. Ranch, there is no official estimate for when it will be completed.
