Lowe’s denied – what next?

Now that Lowe’s has been defeated, the future of the 22acre property on Russell Ranch Road in Westlake Village has come under question. According to John Schafer, a senior vice president with Newport Beach-based Richland Investments, it’s only a matter of time before his firm presents plans to the city council for a 376,000square-foot office complex on the vacant lot.

The property is zoned for office space.

In 1995, Richland Investments bought the 129 acres surrounding the Pierce Brothers cemetery. Since then, Richland has sold the property for such projects as the Renaissance town home complex, Costco and the Albertsons marketplace.

Along Lindero Canyon Drive, construction is already under way on two office buildings totaling 180,000 square feet.

Adjacent to the incoming office buildings, Marriott has begun construction on a 160-room Residence Inn. Directly across from the Marriott is the Dole Wellness Center and 267-room Four Seasons Hotel complex, due to open this summer.

Real estate experts say depending on zoning permits, land in the Conejo Valley sells for about $1 million an acre.

Earlier this month, Richland sold a 27-acre parcel of vacant land between Village Glen and Lakeview Canyon Road for $27 million. The buyers plan on developing a 482,000-square-foot office complex consisting of eight buildings.

Jack Bray took over ownership of Richland Investments in 1970. The company owns nearly 9,000 acres of real estate in California worth about $300 million, according to a company profile.

—Daniel Wolowicz