Caruso in the Conejo Valley: The Lakes, The Commons and The Promenade Compared

Four Caruso centers sit in and around the Conejo Valley, and two of them are approved for a combined 245 apartments. That is the single most important thing to know about caruso conejo valley properties right now, because it changes what these centers are: not just places to eat and shop, but centers approved to add housing. Here is how The Lakes, The Commons and The Promenade compare, what has actually been approved, and what is still pending.

Which Caruso properties are in the Conejo Valley?

Caruso, founded by Rick J. Caruso and now led by CEO Corinne Verdery, reports more than 2.5 million square feet of property across its portfolio. Its Conejo Valley footprint is larger than most residents realize:

• The Promenade at Westlake, 140 Promenade Way, Thousand Oaks. Opened 1996 on 22.5 acres; roughly 205,000 to 210,000 square feet of retail, dining and cinema.
• The Lakes at Thousand Oaks, 2200 East Thousand Oaks Boulevard. 48,000 square feet on 7.5 acres, next to the Thousand Oaks Civic Arts Plaza, with two lakes and native oaks up to about 250 years old preserved during construction.
• Village at Moorpark, 33 North Moorpark Road. A 44,256 square foot neighborhood center at the 101 and Moorpark Road, built in one year and opened April 1996. This is the one people forget.
• The Commons at Calabasas, 4799 Commons Way. Opened November 1998 as an Umbrian village style town center. It is in Los Angeles County, not the Conejo Valley proper.

What is happening with the apartments at The Lakes at Thousand Oaks?

The Lakes is the project with the most moving parts. The site has been publicly owned since 1991, when the former Thousand Oaks Redevelopment Agency bought it along with 14 more acres at the old Jungleland site. Caruso held a ground lease that ran effectively 95 years (55 years plus a 40 year option) and paid rent only when profit margins cleared a threshold, which the developer says never happened. A 2013 county grand jury report recommended selling the land to retire redevelopment debt. The city manager later noted the council itself had shrunk the project from the 190,000 square feet originally proposed to the 48,000 square feet built, which cut the property's value.

Caruso's original submittal called for seven stories and 75 feet. On November 15, 2021, the Planning Commission voted 3 to 2 for a six story, 65 foot version: about 240,000 square feet, 165 units, underground parking. Even at 65 feet it would be the tallest residential building ever constructed in Thousand Oaks by more than 30 feet. The City Council approved it 3 to 2 in late 2021, calling it a first of its kind development for the city, with Rick Caruso addressing council by video.

The deal terms: the city sells the site to Caruso for $2 million plus roughly $11 million to $13 million in community benefit payments. Caruso frames the Residences at The Lakes as housing for the area's growing biopharmaceutical and tech employers and as support for the Thousand Oaks Boulevard revitalization.

Here is the part that matters most. The purchase agreement dates to March 2022, and as of June 27, 2025, Caruso had still not purchased the property, had missed a second closing deadline, and received a one year extension. The agreement requires building plans for the 165 units at least 30 days before closing, and those plans had not been filed. Caruso's site still lists the residences in predevelopment. Anyone tracking this should watch Thousand Oaks City Council agendas rather than marketing pages. One more honest note: Caruso's page describes The Lakes as fully leased, but local reporting put occupancy under 50 percent in late 2021.

How is Caruso changing The Commons at Calabasas?

For caruso the commons calabasas is the project furthest along on paper. The Commons at Calabasas LLC filed its "Commons Lane" applications (site plan review, tentative tract map, three conditional use permits and a scenic corridor permit) on May 1, 2023, around the time Caruso marked the center's 25th anniversary. The plan tears down the existing movie theaters for new shops and housing. Council approved it December 6, 2023, then approved a downscaled revision on October 9, 2024: 80 multifamily units, including four very low income units, plus 27,411 square feet of commercial space.

The revision cut the project from 210,920 square feet to 176,260, a 16.4 percent reduction, and dropped apartments from 119 to 80. The subterranean garages were eliminated, residential above commercial in Building B was removed, and Building B dropped from three stories to two. Building A stays at eight stories and 85 feet, above the city's 35 foot height limit, because switching the affordable units to very low income qualifies the project for the same State Density Bonus Law concessions with four units instead of twelve. Construction timing has not been publicly confirmed.

Jurisdiction matters here. Calabasas is Los Angeles County, under the LA County Assessor, while Thousand Oaks and Westlake Village are Ventura County, under the Ventura County Assessor. Different county, different city, different school jurisdictions.

Why does The Promenade at Westlake still matter?

The promenade at westlake caruso built in 1996 is the one that established the company as an innovator. Caruso says it had a profound impact on the commercial real estate industry at opening and has consistently ranked among Southern California's most productive retail centers. The Urban Land Institute case study classes it as a lifestyle center designed to resemble a traditional downtown: cinema, restaurants, retail and a town square on a pedestrian friendly main street. It cleared both the Thousand Oaks Planning Commission and City Council unanimously, a first for the city, and won the 1997 Golden Nugget Grand Award for Best Commercial Project.

Unlike The Lakes or The Commons, no housing is approved at The Promenade. It is listed by its owner as fully leased retail and dining, and because the tenant mix changes, it is worth checking the center's own directory or our running list of recent openings in Thousand Oaks and Westlake Village before planning a visit.

What do Caruso's plans mean for Conejo Valley buyers and sellers?

Two things are worth saying plainly. First, I will not quote a price premium for living near these centers; no reliable study supports a specific number, and anyone who gives you one is guessing. What you can say is that walkable, well maintained town centers are part of why people choose the Conejo Valley, and our ZIP code level market report is the right place to see what Thousand Oaks and Westlake Village homes are actually selling for.

Second, 245 approved apartments across The Lakes and The Commons represent new rental supply in two cities. If you are a buyer weighing a condo near Thousand Oaks Boulevard against renting, the first time buyer questions we walk through apply directly. If you are a seller near either site, construction timelines and height changes are legitimate disclosure and marketing considerations, and our guide on selling a Thousand Oaks home in 2026 covers how to position a property near active development.

For day to day life, The Lakes still delivers a distinctive seasonal moment: Ventura County's only outdoor ice rink goes up over one of the lakes each winter, which is why it anchors our list of things to do with kids in the Conejo Valley.

Frequently Asked Questions About Caruso in the Conejo Valley