Stockdale Capital Partners, a Westwood-based real estate investment firm, 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 approved unanimously by the Los Angeles City Council at its Oct. 28 meeting. The development will now move forward, with construction anticipated to begin in the fourth quarter of next year and an expected completion date of 2024.
“We are excited to bring this best-in-class medical office development to West Los Angeles, a market which remains extremely underserved with outdated product,” Daniel Michaels, managing director of Stockdale Capital Partners, said in a statement. “Given the extreme health concerns of these past few years due to the pandemic, access to quality medical care remains an absolute priority and we believe this building will serve the neighborhood well. We are already in active discussions with leading health care providers for prospective tenancy.”
The property is located near major health care facilities including Cedars-Sinai Medical Center, UCLA Medical Center, and numerous other medical specialists’ offices in the area.
Despite a large number of medical offices in the area, Stockdale’s development will be the first major outpatient medical office building built in the area in more than 20 years. The building will meet pent-up demand by health care systems and physicians in the area, which has had an extremely low vacancy rate of 5% or less, according to Stockdale’s statistics, since the Beverly Hills medical office moratorium was enacted. In 2011, the city put in place new regulations on medical use that required prospective new medical properties to apply for a medical use overlay zone. Beverly Hills had limited the number of medical establishments since 1989, with the goal of preventing an overconcentration of doctors’ offices and surgery centers.
The aim of the project will be to accommodate procedures such as surgery and invasive outpatient services. The development will also feature laboratory space for medical and life science researchers.
“Stockdale Capital Partners recognizes the importance of serving the area’s patient base in a modern, healing, and sustainable environment, with best-in-class design,” Andrew Saba, chief executive of Stockdale Capital Partners, said in a statement. “656 S. San Vicente Blvd. serves an essential public health need through the development and delivery of cutting-edge treatment space. This project will serve as a pivotal nexus for both care and research for nearby medical professionals, improving the health outcomes of the surrounding communities.”
The sustainability features of the project will include gardens on the ground floor and upper floors, low-water usage and drip irrigation, increased plantings and greenspace, the potential for building-integrated solar, 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 parking spaces with valet service.
The project is located on Wilshire Boulevard just three blocks away from the Purple Line Extension station at Wilshire/La Cienega.
