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THE SoBro | 33 stories 336 ft | 313 Luxury Apt | 20,540 sq ft Class A Ground-level Retail Space | 3rd & Demonbreun - U/C


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#1 smeagolsfree

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Posted 18 November 2011 - 11:32 AM

Thought it would be better to start a thread on the SoBro apartment tower. I think at some point in time this will be a news maker for the board.

This is the second building to have the name “SoBro” there was another 14 story or so tower to be built on up Third Ave. by Lebanon developer Sonny Belew. Of course it never happened.

This tower would be built on the corner of Third and Demonbreun and the lot is already owned by Tony Giarratana.

Here are the renderings:

Posted Image

Posted Image

And the schematics in a PDF file:

http://giarratana.co...cifications.pdf

I really look for this tower to be built with the need for DT living space becoming more in demand all the time.
I think the question is a matter of financing the tower.

 

#2 smeagolsfree

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Posted 18 November 2011 - 12:49 PM

Just the sooth sayer here again. Project has shown up on construction wire.

start date 5/2012
end date 9/2014


  • Parking Structures, Residential - MultiFamily (Apartments/Condos), Universities/Colleges
  • Estimated Value:
  • Sector:
    Private
  • Location:
    Nashville, TN. Located on...
  • Construction Schedule:
    Est. Start Date: 5/2012. ...

    Est. End Date: 9/2014. Completion...
  • Details:

    Plans call for the demolition of the...
Contact Information

Owner/Tenant
Tony...

#3 smeagolsfree

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Posted 24 April 2012 - 10:06 AM

They are shooting for a end of year groundbreaking according to Ted Kromer with Tonys group

#4 nashvylle

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Posted 24 April 2012 - 10:27 AM

This building might be my favorite out of the three. I think it's more realistic that 505 CST, and it would be great to really extend our skyline, just as Pinnacle Tower has done.

#5 samsonh

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Posted 24 April 2012 - 10:42 AM

Obviously an attractive building, but I have my severe doubts Tony's group can get this done alone. I have to see a major partner coming in and handling most of the work(much like most of his other projects that have actually gotten off the ground)

#6 dmillsphoto

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Posted 24 April 2012 - 11:48 AM

I too have my doubts about Tony getting this ground broken. Last year he puts out 3 buildings, then goes silent. Nothing since. The rumors of discussion between him and Vision or whoever for the Westin came and went pretty quickly - but suffice it to say if this broke ground I'd be ecstatic.

#7 MLBrumby

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Posted 24 April 2012 - 01:20 PM

They are shooting for a end of year groundbreaking according to Ted Kromer with Tonys group


You mean like all those times they were going to break ground on Siggy!?

#8 Nathan_in_DC

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Posted 24 April 2012 - 02:58 PM

Yeah, I'm becoming very disillusioned with him. Too many grand plans like this that never see the light of day. This is a bit more realistic than others, I suppose, but at the same time...fool me once...

#9 nashvylle

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Posted 24 April 2012 - 03:50 PM

I agree to an extent, but Signature Tower was much more a product of bad financial timing. It's ridiculous to think Signature Tower was the only building scraped in 2007/2008...

#10 Nathan_in_DC

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Posted 25 April 2012 - 08:12 AM

I'm not sure Signature Tower could have been built even with the best of financial timing. The demand for such a large space in downtown just isn't there, and it's doubtful that it would be a "if you build it, they will come" situation. I'm all for pushing the boundaries, but you must be realistic at the same time.

Do we have a list anywhere of the projects he has started that were completed vs. on hold vs. pending vs. scrapped? I'm mildly curious what the ratios are, and what they are compared to other major developers in the city.

#11 NashRugger

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Posted 25 April 2012 - 08:47 AM

I do believe this stands a decent shot at getting built because of two things: 1) Banks are loving apartments right now. 2) The downtown/Midtown/West End markets are running at over 90% occupancy and rents are still rising.

#12 arkitekte

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Posted 25 April 2012 - 10:28 AM

I also think this will get built, mainly due to location and the need/want for apartments downtown. Tony G already hit it big with the Cumberland Apartments, I think he can do it again here with the SoBro.

#13 dmillsphoto

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Posted 25 April 2012 - 10:46 AM

I also think this will get built, mainly due to location and the need/want for apartments downtown. Tony G already hit it big with the Cumberland Apartments, I think he can do it again here with the SoBro.


It could also be a similiar situation only opposite to Velocity: going from apartments to condos when the time is right.

#14 MTSUBlueraider86

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Posted 25 April 2012 - 12:31 PM

These are the reasons why The Sobro will get built and The Hotel and 505CST will not get built:

The Sobro which WILL get built:

1) The need for more residential housing in the urban core.
2) Nashville is far behind peer cities in residential housing.
3) The sharp increase in rental rates.
4) Tony's expertise is in residential.

505CST which WILL NOT get built:

1) The need for a major national or international lead tenant.
2) Financing for a commercial project is more difficult.
3) He would need metro approved TIF.
4) Office vacancy rates are still around 12%.
5) Tony has not developed an office tower.

Sobro Hotel WILL NOT get built:

1) Tony has never developed a hotel.
2) He would have to deal with:

a)Hotel Operating Groups
b)Hotel Ownership Groups
c)Hotel Management Groups
d) City Land Leases
e) Hotel and Hospitality codes are different for hotels as opposed to condos and office.

3) Tony has never developed a hotel. Since he has no experience in hotel/hospitality, he would be hard pressed to get financing.

The Projects he HAS COMPLETED:

1) The Cumberland w/ a co-developer, but he may have done this on his own.
2) The Encore W/Novare.
3) Viridian w/Novare.
4) The Bennie Dillion rehab project w/Post development.
5) The Belle Meade Theater Harris Teeter/Office/residential/Apartments/Condos w/many investors. He was a MINORITY partner.

Projects under construction:

1) Park 25 w/ another partner I don't know.

Projects abandoned:

1) Signature Tower WITH NO PARTNER.

2) May Town Center as a minor partner.

Failures:

0

The Sobro makes sense because there is a market demand and banks will loan to developers with experience in what they are developing. Tony has existing relationships with those in the residential development area. He developed some strip malls while in Florida after college at South Florida.

If you look at what he has done in the CBD basically on his own not including the Bennie Dillion which was an existing building, he has done more than most. The Cumberland, Encore, and Signature Tower have set the stage for more 20-30 story residential towers, and Tony has that expertise. I can see The Sobro starting as early as September. I don't think they will wait until the end of the year and start in the winter.

Just my .02

#15 MTSUBlueraider86

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Posted 25 April 2012 - 12:39 PM

I recently had a thread where I documented every unbuilt project over the past 30 years. I think I stopped at close to 50, and only one of them was Tony's and that was Signature Tower.

I'm not sure Signature Tower could have been built even with the best of financial timing. The demand for such a large space in downtown just isn't there, and it's doubtful that it would be a "if you build it, they will come" situation. I'm all for pushing the boundaries, but you must be realistic at the same time.

Do we have a list anywhere of the projects he has started that were completed vs. on hold vs. pending vs. scrapped? I'm mildly curious what the ratios are, and what they are compared to other major developers in the city.


He had $100,000,000 in contracts, so it was more than "if you build it they will come..."

#16 dmillsphoto

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Posted 25 April 2012 - 12:49 PM

Hell of a breakdown John. As I previously stated, I will believe it when shovels are on the ground, but of the 3 I agree, this has a lot more promise to get moving. The Hotel I thought would have a chance if he goes in as a minority holder like with Belle Meade, leaving more decision making to the aforementioned list of people that need to be involved. I just hate that they are waiting until year end, those 6+ month waits can seem like forever.

#17 arkitekte

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Posted 25 April 2012 - 01:03 PM

Anyone want to kick around the idea of the SoBro hotel as a stunt to find a hotel chain/ investor to go into negotiations with Tony for his hotel located within 505 Church. Isn't 505 supposed to have a hotel? Yeah, I might be crazy, but I find it strange that he would propose a hotel separate from his masterpiece, which in a sense could make or break 505 if an office tenant is found, and more funding is needed. I'm probably looking way to far into this, and I'm bored today, but even the effort put forth on the renderings and even community talk for the hotel is pathetic compared to 505 and the Sobro. With the Omni and Hyatt, the hotel is a long shot, even with the need for hotel rooms.

Its just the way I'm looking at it I guess; a hotel chain would love to have its own building, but both the developer and hotel chain would have to pony up the majority if not all of the costs. Find the hotel company and tell them they could split that cost with the developer, office tenant(s), and condos or whatever else and it all begins to look better from a financial stand point, imo.

Anyways, I guess I'm just trying to create some more talk about this. Lol

Edited by arkitekte, 25 April 2012 - 01:07 PM.


#18 Nathan_in_DC

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Posted 25 April 2012 - 03:32 PM

Well alrighty then, that's a lot better than I was expecting.

I'll look forward to seeing the ground breaking and construction beginning, and I won't be holding my breath, but that's just because you never know what volatility will happen in the next few months, not because I don't think he's any more or less likely than anyone else to build a building there.

#19 MTSUBlueraider86

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Posted 25 April 2012 - 04:49 PM

One thing to keep in mind: He wants to break ground before Ray Hensler and Alex Palmer. Hensler may already be ready for his 20+ story tower in the Gulch, and Eakin with their two towers could be ready at some point in the future. Tony has always been more forthright about his projects than the others, but the demand in SOBRO is very high, and with the new MCC, he may have people that want to rent for months at a time. Anything is possible with Tony.

WES may get out of the ground at some point. Maybe Palmer goes apartment instead of hotel or condo? Who knows? In any case, Nashville is too small for two or three residential towers going up at once. I have the strange feeling the SOBRO may end up being condos, since 5th and Main is the LAST building in the CBD or downtown inside the loop with any available units. Icon in the Gulch only has 15 left.

Welcome to the new arms race! Its in Nashville and it involves arms on deck chairs, not weapons!

#20 nashvylle

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Posted 25 April 2012 - 07:02 PM

One thing to keep in mind: He wants to break ground before Ray Hensler and Alex Palmer. Hensler may already be ready for his 20+ story tower in the Gulch, and Eakin with their two towers could be ready at some point in the future. Tony has always been more forthright about his projects than the others, but the demand in SOBRO is very high, and with the new MCC, he may have people that want to rent for months at a time. Anything is possible with Tony.

WES may get out of the ground at some point. Maybe Palmer goes apartment instead of hotel or condo? Who knows? In any case, Nashville is too small for two or three residential towers going up at once. I have the strange feeling the SOBRO may end up being condos, since 5th and Main is the LAST building in the CBD or downtown inside the loop with any available units. Icon in the Gulch only has 15 left.

Welcome to the new arms race! Its in Nashville and it involves arms on deck chairs, not weapons!



I believe Ray Hensler is teaming with Eakin, i.e. Eakin is developing the office portion of 1201 Demonbreun and Hensler is developing the Apartment building.

Either way, I want the SOBRO to go up, and I agree that it's a race to see who obtains financing first.




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