Pacific Crest Plaza, Clark County’s first condo office building, is eyeing March to possibly start construction, said developer Mark Fleischauer, vice president of the Vancouver-based commercial construction firm JH Kelly.
The $6 million to $7 million project is shaping up to be a medical-dental office building, he said. Planned to be a two-story, 40,000-square-foot building, it will sit on Southeast 117th Avenue, just off of Mill Plain Boulevard near Cinetopia in Vancouver.
The project is currently in site review with the city, civil engineering is nearing completion and Fleischauer said he hopes to get grading permits to start work next month.
When completed, the building will have 11 or 13 condos. So far, six have been reserved. NAI Norris, Beggs & Simpson is marketing the project.
"The intent is that we were approached by a number of dental and medical practitioners that were tired of paying rent," Fleischauer said. "They had individual practices that they spend a lot of money on tenant improvements and desired to own, but it’s not cost effective to build a 3,000 or 10,000-square-foot building with entitlement costs."
This way, medical professionals will have an opportunity to own a Class A product within a larger building that has some synergies with professional users, he said.
Office condos are common in California and larger cities where building costs are high along with the desire to own.
The condos are for sale at $219 per square foot or may be leased at $22.50 triple net. JH Kelly will do the construction.
