Committee approves staff direction on Lot 15 assignment; developer Montecito Medical named as buyer

Tal (staff) presented a request for an assignment and transfer within the Galleria 115 development, explaining this is a second‑generation transfer for a medical office building (Lot 15). He said the buyer is Montecito Medical, described in the presentation as a substantial owner/operator in the outpatient medical office space with an estimated $7,000,000,000 in assets under management and roughly 11,000,000 square feet of holdings.

Justin Brace, manager of the current owning entity, said they regularly transact with Montecito Medical and support the transfer. Staff said the assignment document requires the buyer to assume the development agreement obligations (maintenance, insurance, site restrictions) and to sign any future CID or TDD petitions that might be necessary for related financing. The committee voted unanimously to direct staff to prepare a resolution consenting to the transfer and to recommend council adoption.