PMB and Sharp Rees-Stealy have topped out the 75,000-square-foot medical outpatient building at 480 H St. in Chula Vista, Calif., a San Diego submarket. The development team includes HGW as architect and Pacific Building Group as general contractor. Completion is expected later this year.
Project partners also feature Solaris Community Capital as new market tax credit consultant, Chase New Markets Corp. as civic community partners and Border Communities as new market tax credit lenders.
Located in South San Diego, the facility is taking shape on more than 15 acres within walking distance of downtown Chula Vista, while downtown San Diego is 9 miles northeast. Other medical providers in the area include Scripps Mercy Hospital and the Sharp Chula Vista Medical Center.
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Upon delivery, the three-story medical facility will provide advanced health care including primary and specialty care, urgent care, physical therapy, radiology, cardiology, neurology and laboratory services. Additionally, the building will comprise ground-floor retail space, including a pharmacy and a café.
The property will also include a 127,000-square-foot parking structure with 375 stalls. The low-rise will have a second-floor pedestrian bridge connected to the parking structure.
San Diego MOB sector holds steady, despite rising vacancies
Only 135,884 square feet of medical office space were under construction in metro San Diego in the third quarter of last year, according to a Cushman & Wakefield report. The figure represented 0.9 percent of the market’s inventory. Meanwhile, the medical office overall vacancy rate clocked in at 7 percent, up 40 basis points year-over-year.
In August, Turner Impact Capital’s Healthcare Facilities Fund received a $29.1 million loan for a 64,231-square-foot medical office building in Chula Vista, Calif. The borrower will use the funds to convert the mid-rise and another one in Costa Mesa, Calif., into modern medical facilities.