Bank Tries Again to Develop Westlake Land

A vacant 23-acre Westlake parcel targeted four years ago as a major office development is being remarketed for a similar project by the new owners of the property.

First Los Angeles Bank of Century City foreclosed on the property in November, three years after Anacapa Development of Westlake announced its grand plans for an eight-building North Ranch corporate center office park.

Recently the bank turned to Seeley Co., an Encino commercial real estate firm, to revive the project. Seeley officials announced that the office project has been approved by Westlake planners for 236,000 square feet, and it could have a price tag of $28 million if the entire project is ever built.

Seeley officials say the offices are needed because Conejo Valley offices are being filled up, mainly by businesses that left the San Fernando Valley after last year’s earthquake. But the company has just started trying to find occupants for the project, and without commitments by major tenants, nothing is likely to be built.