City Council Approves Distinctive Caruso Destination to Complete Thousand Oaks Civic Center Plan.

Business Editors

THOUSAND OAKS, Calif.--(BUSINESS WIRE)--July 26, 2000

With overwhelming support of the community, the Thousand Oaks City Council has approved a development agreement with Caruso Affiliated Holdings to create a distinctive new destination that will complete its civic center plan. The $42 million dining and entertainment venue will include a 1.5-acre lake, 10- to 12-screen cinema with stadium seating, and a range of restaurants and dining options.

"This new project combined with the Civic Arts Plaza and the proposed new Ventura County Discovery Center create a vibrant front yard for our city and a dynamic gathering place for our citizens," said Mayor Dennis Gillette. "This fulfills our vision for the heart of our city and demonstrates what a true public/private partnership can produce."

Councilmember Andy Fox added, "Rick Caruso has an incredible track record in our city with The Promenade at Westlake and The Village at Moorpark. Now we look forward to a third venue that will be unique to its setting but yield the same extraordinary public benefits."

The new Caruso project is anticipated to have 160,000 to 190,000 square feet of entertainment and dining along with a three-story office building on a 7.7-acre site facing Thousand Oaks Boulevard on the east side of City Hall. It will have the Caruso trademark style with distinctive architecture, extensive public spaces, inviting gathering places and mature landscaping. A 1.5-acre lake, a centerpiece of the public spaces, will be tiered so that one level can be frozen and used for ice skating during winter months.

"I respect the trust that the community has shown in our company, allowing us to develop three very special places here. We have listened carefully to community members on this project and pledge to deliver the quality design, tenants and family activities that they have requested," said Rick Caruso, CEO of Caruso Affiliated Holdings.

Caruso noted that the company is still in the process of selecting an architect. He projected that construction would begin late this year with a targeted grand opening date of mid-December 2001. Caruso will construct a 1,000-car parking structure that will also serve the Discovery Center.

Caruso Affiliated Holdings developed, owns and manages: The Commons at Calabasas, The Courtyard at the Commons, The Promenade at Westlake, The Village at Moorpark, and The Encino Marketplace. The firm soon will start construction on The Grove at Farmer's Market, a 640,000-square-foot retail/entertainment center anchored by Los Angeles' historic Farmer's Market.

Founded in 1980, Caruso Affiliated Holdings is an active and well regarded developer in the greater Los Angeles market specializing in open-air community and regional retail centers that serve as local gathering places. The firm owns a portfolio of more than 35 real estate projects throughout the United States including some of the highest-grossing retail centers in Southern California. Caruso also serves as commissioner and president of the board for the City of Los Angeles Department of Water and Power, the country's largest municipal-owned utility.