Due to financial troubles, developers are stopping or delaying residential construction at five locations in Thousand Oaks.

The developer of property once planned to become seven single-family homes on the northeast corner of Hillcrest Drive and Conejo School Road has gone bankrupt, according to Jay Spurgin, city engineer. HillcresConejo Corporation had started grading the land but has since walked away from the project. The property, with grading incomplete, is surrounded by temporary fencing and has no vegetation to prevent erosion. The city is working with the bonding company on erosion control, said Mohammad Fatemi, engineering division manager.

The city requires the posting of a bond before a grading permit is granted in case of bankruptcy or foreclosure, so "the city is not left holding the bag," said Mark Watkins, public works director. "The bonds guarantee the city that the property is not going to be left in an unsafe state," Watkins said.

Other projects that have been suspended for various reasons, including the need for cash, consist of a residential condominium development that was in the building stages on Hillcrest Drive where the Hilltop Feed used to be; a residential condominium that had started grading near Tuolumne Avenue; property on Lone Oak and Hillcrest drives; and another at Warwick Avenue and Mayflower Street, Spurgin said.

The delay of these projects are a sign of the current economy, he said.

"This is the worst we've ever seen—with projects stalled and abandoned. In the past we've had projects stop because the housing market cooled off or to change owners, but then they start back up again," Spurgin said.

Watkins concurred. "These economic times are certainly unique," he said.