A developer plans to build a medical office building on North Beretania Street across from 'A'ala Park on a site previously slated for a residential high-rise.

Seattle-based HighMark Investments recently bought the parcel from affiliates of California firm 3D Investments LLC for an undisclosed price.

HighMark said it plans to build a 12- to 15-story medical center with 225,000 square feet of space, including some for retail use, and 750 parking stalls.

HighMark said it expects to start construction next spring and be completed within 18 to 24 months.

Two nonhistoric commercial buildings would be torn down on the site, which stretches from College Walk to 'A'ala Street along Beretania.

One of the buildings, the two-story Town Square, is home to several small businesses. The other building is the closed four-story former Kobayashi Hotel.

Last year, affiliates of 3D Investments bought the property for $4.5 million, according to property records, and pursued a zoning change from the City Council to allow development of a 22-story condominium tower on the site zoned for commercial use.

HighMark is a real-estate investment firm owned and operated by Mark W. Robison, the former owner of construction company RCI Pacific, which started doing business in Hawai'i in 1992.

"Our experience in development partnerships, construction management and financing is perfectly suited for this project," Kerby said in a statement. "We anticipate substantial interest in our concept for a Class A building that focuses on medical practices."

HighMark said it has developed office buildings, distribution centers and mixed-use projects on the Mainland and in Hawai'i, and has property valued at more than $225 million.