NRCC is conducting a $1.5-million renovation that will include a new exterior facade, renovated lobby, hallways and restrooms. Locally based architect and interior designer on the project Architectura Group will incorporate features such as flat-screen LCD monitors and contemporary artwork in the common areas. The lobby design reflects a gallery-like space with bold colors and modern design.

The building's floor plans will range from 300 sf to 8,500 sf and will include features such as key card access security, reserved parking and ground-floor retail space. Prices per sf for units will start at $250. Work is expected to be completed in January, Shoshani says.

Developers decided to pursue the project because available office space in Hollywood is on the decline, causing rental rates to increase. "The ease of purchasing your own office space and earning on an investment versus paying rent month after month, in addition to the tax benefits and property appreciation opportunities, make it a smart choice," says NRCC principal Ron Gottesmann.

Among attributes of the project is its Downtown location, which has become a popular destination for artists, urbanites and young professionals as well as businesses. Hollywood is southeast Florida's fourth largest municipality. "The demographic growth in South Florida is evident," Shoshani says. "There are a lot of mature businesses that understand the value of owning their own real estate."

This is NRCC's second office condo project. The first was the Museum Plaza project in Fort Lauderdale, which is 90% sold out. Unlike the residential market in South Florida, most of the buyers were end users rather than investors, Shoshani says. "I don't think we'll see the craziness in the office market that we saw in the residential market," he says.