Moreno Valley, CA (PRWEB) August 16, 2007
Omni West Group Inc., a real estate development and property management firm based in Laguna Hills, Calif., and HG Capital, LLC (HG), a real estate investment group in Menlo Park, Calif., announced today that the City of Moreno Valley's Planning Commission has approved development plans for an 80,000-square-foot medical office condominium complex in Moreno Valley, Calif.
Called Moreno Medical Campus, the project will include two 40,000-square-foot buildings on five acres of a 10-acre parcel, which runs along Iris Avenue near Oliver Street. The remaining five acres will be set aside for additional medical facilities.
Moreno Medical Campus is adjacent to Moreno Valley Community Hospital, a 101-bed hospital, and enjoys proximity to Aquabella, a 3,000-unit senior lifestyle community under development by Highland Fairview Communities.
"In presenting their development plan for Moreno Medical Campus, Omni West Group and HG Capital clearly demonstrated that this project will begin to address the medical outpatient care needs of our city's growing population" said Rick Hartmann, deputy city manager with the City of Moreno Valley.
Moreno Valley is California's sixth fastest growing city and the second most populous in Riverside County with more than 180,000 residents. To serve its residents, including a growing senior citizen population, the city has actively recruited construction of new, more modern medical facilities.
"The City of Moreno Valley has been extremely cooperative in paving the way for this development, which will meet demand for newer, more state-of-the-art medical facilities," said Kip Dubbs, president of Omni West Group. "These medical office condominiums offer enormous flexibility to accommodate a number of diverse uses, while incorporating enhanced design specifications that are critical for medical use. These enhancements include advanced electrical and plumbing components, reinforced floors for heavy equipment and parking at a 5:1 ratio to serve the needs of patients."
Dubbs also noted that the project is perfectly positioned in the heart of a medical services hub, making it ideal for a wide range of medical users such as general practitioners, urgent care, pediatricians and outpatient care providers.
Construction on Moreno Medical Campus is expected to begin in fourth quarter 2007 with completion anticipated in the third quarter of 2008.
The Ontario office of Grubb & Ellis has been tapped to market the project for sale and/or lease, along with Temecula-based Austin-Brockett Commercial Real Estate Services, which specializes in office properties of this nature.
In addition to Moreno Medical Campus, Omni West Group has several medical office condominium projects under development throughout the Inland Empire, including The Plaza at Lakeview in Lake Elsinore and the recently completed Paseo del Sol Medical Center in Chino.
Omni West Group is a privately held commercial real estate firm specializing in retail, office and industrial business parks in Southern California. The company partners with city planners and other government officials to enhance the quality of life in local communities. Omni West Group's real estate expertise includes land acquisitions and development, asset and investment management, entitlement, property management and construction management. For more information, visit http://www.omniwestgroup.com, call (949) 215-9790 or e-mail firstname.lastname@example.org.
HG Capital, LLC is a real estate investment group that provides joint venture equity capital to real estate owners and developers for value-added and opportunistic real estate projects in the western United States. HG makes principal investments from its discretionary management of the HG Capital private equity funds. HG manages more than $100 million of equity capital and has invested in over $1.5 billion worth of projects since 1994. With offices in Menlo Park and Newport Beach, HG has established a successful track record based upon its highly responsive and entrepreneurial approach to real estate investing. For more information, visit http://www.hgre.com or call (650) 322-3400.