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Medical, Retail and Residential Planned Near St. Jude Med

A developer has plans for 85,000 feet of medical office space near St. Jude Medical Center in Fullerton.

Accretive Laguna Partners LLC is set to develop Providence Center on about 6.7 acres of land west of the hospital. The site is bounded by Bastanchury Road, Laguna Road and Laguna Drive.

Providence Center’s first phase includes a three-story, 85,000-square-foot medical building and a 533-space parking garage next door. The medical building and parking structure are expected to cost $36 million to build.

Following the first phase, Accretive then plans to build a 23,000-square-foot retail center and 66 condominiums.

Together, the office, retail and residential developments are expected to cost “well north of $50 million,” said Thomas LeBeau, chief executive of Newport Beach-based Accretive Realty Advisors Inc., owner of Accretive Laguna.

Developers tout the building’s proximity to St. Jude, part of St. Joseph Health System. St. Jude is under way with an expansion and modernization project,part of the attraction, LeBeau said.

“We’ve done a bit of research on the consolidation within the healthcare industry around well-endowed hospitals,” LeBeau said.

As part of an earthquake retrofit and makeover, St. Jude has plans for a five-story, 108,000-square-foot patient-care tower on the south side of the hospital’s main campus. Work is set to begin in March.

Also included is an endoscopy center, a parking garage and medical office building that’s linked to the main hospital via a bridge over Harbor Boulevard.

LeBeau said Providence Center would be about 175 yards from the hospital “as the golf ball flies.”

Accretive Laguna is working with St. Jude officials on the plans, he said.

Providence Center’s medical office building awaits approval from Fullerton officials.

“We’re still in entitlements, and we’re hoping to have entitlements granted during the second quarter,” LeBeau said.

If all goes as planned, construction on Providence Center’s medical office building should start in July, with occupancy in the third quarter of 2006.

Newport Beach-based Taylor & Associates Architects is working on the medical office building.

Providence Center’s second phase is expected to get under way in 2006. It’s set to include small boutique stores, a coffeehouse and restaurants, among others.

The condos, meanwhile, will average 1,300 square feet, with some smaller units of about 1,000 square feet. Penthouses could be 1,600 square feet.

The condos, according to LeBeau, will be marketed to medical workers based in Valencia Mesa and other parts of Fullerton.

Providence Center will replace a strip shopping center and surface parking area that was built in 1966.

“The property itself was an ideal candidate essentially for reuse,” LeBeau said.

An old Mayfair/Van de Kamp’s bakery store now is St. Jude’s surgery center, while a former Loehmann’s clothing store became the Rehabilitation Institute of Southern California.

“We’ve hired Garth Hogan of Medical Realty Advisors to handle our pre-leasing,” LeBeau said.

He wouldn’t name specifics because of negotiations, but said that the medical office building had drawn interest from eye doctors, obstetricians and gynecologists and others.

One of LeBeau’s partners in the venture is Albert Crosson, former chief executive of Hunt-Wesson Grocery Products Inc., which was based in Fullerton and now is part of Omaha, Neb.-based ConAgra Inc. Crosson also is a prominent benefactor to St. Jude.

St. Jude’s Virginia K. Crosson Cancer Center bears the name of Crosson’s late wife.

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