Stockdale Capital Partners will soon begin grading for a 12-story, Flatiron-style medical office and life sciences building in Beverly Grove.
The Brentwood-based developer led by Steven and Shawn Yari plans to start preliminary construction in December for the 145,000-square-foot building at 656 South San Vicente Boulevard, the Beverly Press and Urbanize Los Angeles reported. A formal ground-breaking is expected early next year.
The trapezoid-shaped building will replace a 10,000-square-foot Big 5 Sporting Goods store wedged in between Wilshire and San Vicente boulevards, set to close this month.
Stockdale bought the property, a mile south of Cedars-Sinai Medical Center, in 2016 for $23 million. The site once housed a Montessori school, now demolished.
Plans for the project approved in 2022 call for a 230-foot tall building with 5,000 square feet of ground-floor shops and restaurants. A podium parking garage would serve 418 cars.
It would be the first new medical office building in the neighborhood in decades. The building is expected to be completed and open for tenants in 2027.
The medical office tower, designed by Downtown-based ZGF Architects, has floor-to-ceiling walls of glass, with rounded corners and a nod to Streamline Moderne architecture. The project’s cost in 2019 was pegged at $250 million.
Outdoor terraces carved on the San Vicente side of the building would contain landscaping against reflective windows.
The controversial LEED Gold-certified project, in the works for seven years, was opposed during three failed appeals by a labor-backed group and local residents.
A CBRE leasing website for the property claims the building would rise 15 stories to 213 feet. A Stockdale website claims there will be parking for more than 450 cars.
“The site includes living gardens on the ground floor and upper floors, as well as a façade of glass and metal panels,” the leasing website says.
The medical office tower is among several large developments in the works along San Vicente north of Wilshire Boulevard, including a 203-bed patient tower at Cedars-Sinai Medical Center. The nine-story, 405,000-square-foot building would replace a parking lot and a medical building.
The site sits across Sweetzer Avenue from a property previously slated for redevelopment with a 20-story, 77-unit apartment tower, according to Urbanize.
Stockdale Capital Partners, founded more than three decades ago, has $2.8 billion in assets under management across the Western U.S., according to its website.
— Dana Bartholomew
Read more
Commercial
Los Angeles
Stockdale Capital to build medical tower near Cedars-Sinai
Commercial
Los Angeles
Stockdale proposes $250M Beverly Grove medical office tower
Commercial
Los Angeles
Harrison Street buys Westside medical offices for $156M