Stockdale Capital Partners, a Westwood-based real estate investment firm, has won approval from the Los Angeles City Council to construct a 145,000 square foot medical building near Beverly Hills at the intersection of San Vicente and Wilshire.
The project, at 656 S. San Vicente Blvd., was unanimously approved by the Los Angeles City Council at its Oct. 28 meeting. The development will now move forward, with construction due to start in the fourth quarter of next year and an expected completion date of 2024.
“We are thrilled to bring this premier medical practice development to West Los Angeles, a market that remains extremely underserved with outdated products,” Daniel Michaels, managing director of Stockdale Capital Partners, said in a statement. “Given the extreme health concerns of recent years due to the pandemic, access to quality medical care remains a top priority and we believe this building will serve the neighborhood well. We are already in active talks with major healthcare providers for potential leasing. »
The property is located near major health care facilities including Cedars-Sinai Medical Center, UCLA Medical Center and many other specialist physician offices in the area.
Despite a large number of medical practices in the area, the Stockdale development will be the first major outpatient medical office building built in the area in over 20 years. The building will meet pent-up demand from healthcare systems and doctors in the area, which has an extremely low vacancy rate of 5% or less, according to Stockdale statistics, since the enactment of the moratorium on Beverly Hills doctor’s offices. . In 2011, the city implemented new medical use regulations that required potential new medical properties to apply for a medical use overlay area. Beverly Hills had limited the number of medical facilities since 1989, in an effort to prevent over-concentration of medical offices and surgical centers.
The focus of the project will be to accommodate procedures such as surgery and invasive outpatient services. The development will also include laboratory space for medical and life science researchers.
“Stockdale Capital Partners recognizes the importance of serving the region’s patient base in a modern, curative and sustainable environment with world-class design,” Andrew Saba, Managing Director of Stockdale Capital Partners, said in a statement. “656 S. San Vicente Blvd. is addressing a critical public health need through the development and provision of state-of-the-art treatment spaces. This project will serve as a central care and research nexus for healthcare professionals in proximity, thereby improving the health outcomes of surrounding communities.
The sustainability features of the project will include gardens on the ground and upper floors, low water consumption and drip irrigation, increased plantings and green spaces, the potential for integrated solar energy to the building, the use of recycled materials, high-efficiency heating and cooling systems, and energy-efficient design and green spaces throughout. The building will also include electric vehicle charging stations and bicycle parking, in addition to 418 valet parking spaces.
The project is located on Wilshire Boulevard, just three blocks from the Purple Line Extension Station at Wilshire/La Cienega.