Thousand Oaks Prepares RFQ for Master-Planned Downtown Core Following $9M General Fund Injection

Amendments to RRM Design Group and HR&A Advisors contracts solidify post-entitlement architecture, public-private partnership (P3) positioning, and site preparation for the multi-phase destination center.

The immediate target milestone is the formal rollout of the RFQ by HR&A, scheduled to initiate between July and August 2026, aimed at establishing a short-list of qualified regional and national developers. Technical evaluation and short-listing will follow in September and October, leading directly to an iterative RFP issuance to select finalists by late November 2026. Compliance teams and project pursuers should watch for the city's formal return to council in 2027 with a recommended development partner to execute an Exclusive Negotiation Agreement (ENA). Concurrently, RRM Design Group will be advancing the permit-ready construction documents for Carpenter Park (Phase 2B) and implementing the specialized, master-planned sign programs, public art structures, and site security frameworks dictated by Specific Plan 11.

Key Details

• Total Design Budget Expansion: A $7,029,932 second amendment to Contract No. 13832-2024 with RRM Design Group, Inc., plus $344,267 for contingency services, elevating the total contract cap to $12,005,098 and extending the term to June 30, 2031.
• Financial & P3 Advisory Expansion: A $700,000 fourth amendment to Contract No. 13865-2025 with HR&A Advisors, Inc., raising the contract ceiling to $1,700,000 to manage the developer solicitation process.
• Legal Consultation Addition: An incremental $500,000 authorized for Best, Best & Krieger LLP (Contract No. 13571-2024), shifting the total not-to-exceed ceiling to $850,000 to navigate developer negotiations and Surplus Lands Act compliance.
• Immediate Fiscal Allocations: A total expenditure of $9,074,199 authorized for FY 2026–27 to secure permit-ready documentation and execute site work.
• Project Scope: Master-planned development across multiple phases, including Phase 1 (civil site infrastructure and utilities), Phase 2A (private mixed-use buildings and hotel), Phase 2B (Carpenter Park and restaurant pad), Phase 2C (City Hall adaptive reuse), and Phase 3 (civic amphitheater).

Why It Matters

For site selectors, institutional investors, and master-planned developers, the City of Thousand Oaks’ execution of these post-entitlement contracts offers a powerful market signal. Following the City Council's formal approval of the project's Environmental Impact Report (EIR) and associated General Plan and Specific Plan amendments on June 23, 2026, the municipal entity is assuming complete upfront responsibility for Phase 1 civil site preparation. By using municipal capital to realign a complex County watershed concrete box culvert and update public utilities, the city is actively de-risking the site for the private market.

Furthermore, the transaction architecture constructed by financial advisor HR&A is customized to keep public risk insulated while maximizing project delivery. The upcoming Request for Qualifications (RFQ) and Request for Proposals (RFP) cycles are designed to locate a private development partner capable of taking over post-entitlement design costs for the Phase 2A mixed-use and hospitality spaces. Crucially, following explicit policy parameters handed down by the City Council, the solicitation allows for maximum flexibility: finalists can propose either a complete land sale or a long-term ground lease, and can incorporate a market-flexible mix of for-sale condominiums and multi-family apartments rather than being locked into rentals alone. This flexibility, backed by an Enhanced Infrastructure Financing District (EIFD) that HR&A is modeling in partnership with Ventura County, ensures the chosen master developer steps into a power-ready, highly bankable project framework.

The Obedio Advantage

When municipal infrastructure pivots from political priority to permit-ready execution, millions of dollars in capital velocity depend on immediate, clear transaction timelines. Obedio extracts and parses complex staff reviews, professional services amendments, and specific plan programs directly from local data pipelines. This deep architectural look allows development partners, infrastructure firms, and commercial brokers to accurately price risk, identify utility-ready opportunities, and deploy project pursuits long before traditional procurement listings go live. This is the Obedio advantage.