Yes, PedWest, provides the same service as any Port of Entry. It is a brand new building, opened ~Aug 2017 (I believe), just to handle the volume of pedestrians. (one of the busiest land border crossings in the world).
I was there in Feb 2018, I was on TN status (spouse and child on TD) and we "activated" our H1B status (and H-4) by me bringing my H1B approval notice and we obtained new I-94 cards with the new expiry. You can obtain a new TN status at this facility (you don't renew, you obtain a new TN). We are Canadians living in southern California and we did not want to fly to Canada to activate our H1B (my company would not cover the cost of flights), so we drove to San Ysidro PedWest. (about 1.5 hour drive).
We took I-5 to the last exit before Mexico border, exit Camino De La Plaza, turned right. There are paid parking lots right there, but we went to the outlet mall to park. Outlets at the Border or Las Americas Premium Outlets. It was a Saturday morning and we briefly checked out the outlet shops (my spouse likes to shop). We walked to Virginia Avenue. Google Maps is correct, but Satellite view is outdated (photos out of date). You walk south on Virginia Ave past the bust stop, you see the new Ped West CBP building on your left. There was a steady stream of people leaving the building (walking from Mexico). There is a sign that says "Mexico", but you don't need to actually walk into Mexico. Outside the building there are three lines, one for Sentri pass holders, one for pre-paid I-94 card holders, and the last line for everybody else. In hindsight we should have bought our I-94 card online before we visited (only $6 each). This would have saved us a lot of time as the regular line was long, but the prepaid I-94 line was very short.
