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| Viewing Page 1 of 1 (Total Posts: 10) |
| Author | Comment |
Kevin
 Feb 19, 08 - 11:17 AM |
What is the Deal With NoHo14?
We have this enormous 14-story building sitting in the heart of NoHo vacant for, what, 2 years? I walk past it every day on my way to the Red Line station. The only progress I've seen recently is that they've taken down most of the chain-link fence. Which should make it easier the squatters to break into.  I've checked other local blogs and there's only rumours flying around. Is this just, as my mother would say, a white elephant, or is there a future for it? They'd better do something before the elements start to erode it... |
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John S
Feb 26th, 2008 - 5:40 AM |
Re: What is the Deal With NoHo14?
Where is it? A 14 a story white elephant and I haven't noticed it? Which building are you talking about, maybe I can move in? |
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Kevin
Feb 29th, 2008 - 12:07 PM |
Re: What is the Deal With NoHo14?
Lankershim & Chandler, across from the Red Line station: http://www.noho14.com/ |
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John S
Mar 7th, 2008 - 1:44 AM |
Re: What is the Deal With NoHo14?
Ohhhh, that building.  What is the deal with it? Someone must know. I wonder who would be the preferred tenant - international banking headquarters, a NoHo Television City, or architects and lawyers?
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Kevin
Mar 7th, 2008 - 1:25 PM |
Re: What is the Deal With NoHo14?
It was supposed to be residential - apartments, lofts - not commercial. But now, who knows. Some great views, judging by the website's photos. |
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Robyn Sumners
Mar 8th, 2008 - 12:42 PM |
Re: What is the Deal With NoHo14?
I receive a google news alert with the key words North Hollywood and I recently noticed this story; NoHo Tower Project Stalled, CRA to Review Status San Fernando Valley Business Journal Online (subscription) - Woodland Hills,CA,USA By James Hames The 14-story mixed-use development in North Hollywood built by JSM Capital sits empty, a sign announcing that condos will be available in the ... Unfortunately this is a paid subscription only story so I'm not sure what the scoop is. I just signed up for a free 3 month subscription, so when I receive a special code to read online stories, I'll post what I find out here! |
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Michael Higby
Mar 8th, 2008 - 3:40 PM |
Re: What is the Deal With NoHo14?
NoHo Tower Project Stalled, CRA to Review Status By James Hames San Fernando Valley Business Journal Staff The 14-story mixed-use development in North Hollywood built by JSM Capital sits empty, a sign announcing that condos will be available in the Fall of ’07. Now it’s nearly Spring ‘08 and, neighbors report, there’s no obvious activity at the site. Cecilia V. Estolano, executive officer of the Community Redevelopment Agency. “The latest I heard was it was 93 to 97 percent done, but you should talk to JSM,” she said. JSM executives have passed up multiple opportunities over many weeks to comment for this report. Discussion of the status of the building is set for the March 6 CRA/LA meeting. Estolano said that JSM is due to amend their contract with the CRA, an Owner Participation Agreement that called for 14 units of low-income housing when the project was proposed as a rental facility. Now that it’s been re-configured as condos for sale, Estolano said, the proposal for affordable housing was cut by half so, despite getting approval from the city, the OPA has to be amended. She said because JSM got a discretionary land use agreement, it’s a contract that requires the OPA to be amended. JSM has other conflicts with the CRA/LA, significantly a lawsuit filed late last year on the NoHo District’s design changes impacting two other developments JSM has proposed for the area. The changes are meant to control where the highest density and tallest buildings are situated, directing it to property nearest to the mass transit station and furthest from lower density residential. Although not yet formally introduced, preliminary plans show the JSM projects are counter to that design, Estolano said. In a statement released at the time of the filing of the suit, JSM asserted improper advance notification was provided by the CRA and the design guidelines are in conflict with state and local laws. |
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Kevin
Mar 8th, 2008 - 10:32 PM |
Re: What is the Deal With NoHo14?
Thank you Mr. Higby! (and Ms Sumners.) So we've got sleazy developers who agree to a certain amount of low-income housing, and then try to weasel out of it. Exactly what my wife predicted, actually - she used to work in real estate law and saw this all too often. When I read her the story she shouted, "I KNEW it!" |
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Kevin
Mar 8th, 2008 - 10:53 PM |
Re: What is the Deal With NoHo14?
re: the March 6 meeting with the CRA - they approved of the plan. Maybe things will start moving forward now. I found the report by going on CRALA.net and searching for NoHo14. The building will be all condos for homeowners, and no rentals. It will go down from the proposed 191 units to 183. And yet the low-income housing is slashed in half, from 14 to 7. |
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Michael Higby
Mar 8th, 2008 - 11:13 PM |
Re: What is the Deal With NoHo14?
This is what happens when you don't let the free market run it's course. If there is a demand for low income housing in an unregulated environment it will make itself available. A good example of this is hotels. You have everything from Motel 6 to Days Inn to Marriott to Mandarin Oriental. But with things like CRA, government affordable housing and rent control it screws with the market and creates an incentive for sleazy developers to make deals with sleazy politicians. Anyway, how do they reduce the number of units now that it's built? Are they going to consolidate some units or just take them off the market? |
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