IRVINE, CA-A new building is slated to rise in the Irvine Spectrum complex, as Irvine Medical Holdings has acquired a 3.1-acre parcel here for $4.2 million and plans to build a speculative medical facility on the site.

Groundbreaking on the building, which will be called Irvine Medical Plaza, is slated for October of this year. The proposed facility will rise at the southwest corner of Waterworks Way and Laguna Canyon Road within the 5,000-sf Irvine Spectrum center.

Design plans call for a two-story, elevator-served, concrete tilt-up building, which will allow for a wide range of specialty medical uses.

Ware Malcomb has been named as the project’s architect and Advanced Construction Solutions Inc. as the contractor. Marketing and leasing of the project will be handled by the Irvine office of Colliers Seeley. The project will cost an estimated $11 million, including the cost of the land.

Irvine Medical Holdings was represented by John Wadsworth of Colliers Seeley in its acquisition of the Irvine Spectrum parcel. The seller, The Irvine Co., was represented in-house.