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THOUSAND OAKS, CA-Citing an increasing need for health-care services in response to the growth of the Conejo Valley, Silagi Development & Management Co. plans to develop one of the first medical office condominium in Ventura County in many years.

Moshe Silagi, principal of Thousand Oaks-based Silagi Development & Management Co., says the new development will be known as Regency Medical Plaza. It will be a two-story, 70,000-sf project on 4.5 acres at Newbury Road between Lynn and Ventu Park roads. Silagi plans to begin construction in September and complete the job in summer 2004.

Tony Principe, executive vice president of Westcord Commercial Real Estate Services of Westlake Village, who earlier negotiated the land sale to Silagi, is the listing agent for the new project. Principe says the “for sale” or “for lease” units will range from 1,000 sf to 30,000 sf. He describes the project as high-end, with landscaping, water features, an open courtyard, parking of five spaces per every 1,000 sf of office space and tenant improvement allowance of $35 per sf in addition to approximately $15 per sf in improvements that the developer is initially installing for pre-plumbing and mechanical systems. The new development is across the street from the new Spine Center and close to Los Robles Regional Medical Center.

Designed by Neal Scribner Architecture of Thousand Oaks, Regency Medical Plaza will be a steel frame and steel stud building with a stucco facade and natural stone encasing columns at all entrances.

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