When construction began in January of 2004, JSM”s North Hollywood high-rise “luxury living” project was called The Florentine and was slated to have 191 apartments on opening day, planned for the following year. As construction continued and the housing market got hotter and hotter, the company decided to convert the apartments to condominiums, changing the project’s name to NOHO 14. But when the project opens this summer, some three years behind schedule, it will have not a sales office, but rather a leasing office for 180 upscale rental units as the building has converted back to apartments. You wouldn’t know it from visiting the NOHO 14 website which still touts the building as “the only high-rise condominiums in the East Valley.” Ironically, the Community Redevelopment Agency just gave its final stamp of approval for the apartment-to-condo switch at a meeting on March 6. The amendment to the Owner’s Participation Agreement with the CRA states: “The Developer has stated that this request is based on a changing housing market in North Hollywood that includes a large number of rental units coming on line in the next 18 months, including this Project and other housing developments, as well as an increasing demand for for-sale housing.” Executives from JSM Capital and JSM Construction, the owner and builder, respectively, did not return calls for comment. Making the change from apartments to condos was “a big undertaking,” said Larry Walker, general superintendent for JSM Construction. For one thing, he explained, the parking ratio for condominiums is higher than for apartments, so an entire floor of residential space had to revert to parking. Every floor had to be reconfigured. But he said he’s getting things ready for sales and marketing to take over. “We haven’t got a firm date yet, but it should be pretty soon,” said Dick Jones, president of JSM Management Inc., about when leasing will begin. “In the next month or two. When we do we’ll be putting on a big splash.” When asked whether marketing high-rise rental units in the mostly low-rise Valley was going to be a challenge, Jones said he really wasn’t sure. “When you do something that’s unique it’s difficult to know how it’s going to come out, what the difficulties are going to be,” he said. “It’s really going to be an entirely new experience from a management standpoint, and also from a tenant standpoint.” Prices have not yet been set for the high-end units but the floor plans on the NOHO 14 website are all still valid. Seven are reserved for ultra-low-income renters, per JSM’s agreement with the CRA.
