BROADWEST (former West End Summit), 36 story Conrad Hilton Hotel/condo tower, 22 story/510,000 sq. ft. office tower, 4 story/125,000 sq. ft. retail/office, 1 acre plaza, 2,500 car garage, $490 million

[MLBrumby]

Count me among the doubters... I wonder if G-S just wants to have their foot in the door for when the property goes into receivership. 

[samsonh]

Count me among the doubters... I wonder if G-S just wants to have their foot in the door for when the property goes into receivership. 

 

This seems like something that could be accurate. GS will be a much tougher lender imo

[ruraljuror]

Count me among the doubters... I wonder if G-S just wants to have their foot in the door for when the property goes into receivership. 

 

Seriously.  I can't see how much good a 16 million dollar loan is going to do unless he's converting the hole into a water park.  

[captainwjm]

FWIW, I noticed workers replacing some of the chain-link fencing on the 17th Ave. side yesterday.

[Vrtigo]

This loan was probably just to get the site back to basic sanitation standards. Maybe he's trying to clean it up so he can sell it. 

[samsonh]

The loan was almost certainly to pay back his WellsFargo loan plus maybe a little working capital.

[chris holman]

Who knows at this point I Think selling it would be the best choice I wonder just how much he's paid in taxes alone , in the over a decade, property

[dxfret]

Construction cranes all around the city and surrounding Alex Palmer's 10 year failure with the West End Summit site. This pic taken on July 20, 2015.

[Titans10]

Nice swimming hole! Looks like a good place to do some cliff jumping!!!!

[bigeasy]

I feel like we are not taking advantage of one of Nashville's "hidden gems". The lake would be a great place for swimming laps, helloooo Music City Triathlon. Or maybe Red Bull could have a wake boarding contest there. Summer is here Palmer!!!!! Where are the inflatable tubes, water slides, and outdoor movies showing Jaws?

[chris holman]

If nothing else it could have been a urban pool  so he could get some type of money coming in from the site , im just saying. .

[titanhog]

Palmer loses another...

http://www.bizjournals.com/nashville/blog/real-estate/2015/07/exclusive-apartment-developer-leaves-palmerswest.html

[dmillsphoto]

 

[MLBrumby]

I was just looking at the skycam from downtown aimed west to midtown and noticed all the construction going on, as far as the eye can see.  Then I saw, smack in the middle, the wide barren spot that Palmer has controlled for fifteen years, and I could only shake my head at the incompetence it takes to miss such an opportunity. Yikes! 

[smeagolsfree]

Oh the horror. More fallout to help fill the hole. If fallout from this project were real, the would be a mountain there instead of a hole.

[chris holman]

Oh the horror. More fallout to help fill the hole. If fallout from this project were real, the would be a mountain there instead of a hole.

He needs to change the name and marketing for the development, The name alone: West end summit will not sit well anymore , with anyone, nor the city

[rookzie]

It's darkest before dawn, it's said.  I don't think that this will be allowed to fester much longer without being challenged (successfully or otherwise), sometime by next calendar year ─ that's what I sense.  Whatever the denouement, it'll likely cost taxpayers, just to make it move forward or out.

-==-

Edited July 25, 2015 by rookzie

[smeagolsfree]

No no no. Give ASP a shovel and make him fill it himself.

[satalac]

This mixed with the purchase of the Nelson Mazda dealership for a mixed use tower ain't gonna do ol AP any favors.

[Neigeville2]

Count me among the doubters... I wonder if G-S just wants to have their foot in the door for when the property goes into receivership. 

I don't know anything about real estate finance, but I just read an article about GS's shenanigans with the former Greek government and various other entities and, wow, I suspect this is not a good sign.  They have a history of luring needy, shady, or poorly informed people into complex often secretive financial arrangements they don't understand and then holding them ruthlessly to the letter of the contract when it (predictably) goes south.  Mr. Palmer's delusions may be nearing their sad end.

[samsonh]

I don't know anything about real estate finance, but I just read an article about GS's shenanigans with the former Greek government and various other entities and, wow, I suspect this is not a good sign.  They have a history of luring needy, shady, or poorly informed people into complex often secretive financial arrangements they don't understand and then holding them ruthlessly to the letter of the contract when it (predictably) goes south.  Mr. Palmer's delusions may be nearing their sad end.

A project this size does not even make a tiny difference on GS balance sheet or income statement. They are providing a little financing at a probably not inexpensive rate. If it goes into foreclosure they would most certainly sell the property as quickly as feasible

Edited July 26, 2015 by samsonh

[Paramount747]

I am really surprised the city has not stepped in and seized the property for neglect, and for being a health hazard. It almost seems criminal this can be left like this. It's dangerous and an eyesore. The City Of Lexington made the developer fill the large hole that was slated for Centerpoint which was a 19 story hotel/residential project for downtown Lexington. That project was only abandoned less than a year ago. This hole has been here for 8 years! The WES project was first advertised in 1998, and 17 years later there is still nothing,  meanwhile we lost an architectural gem like the Corinthian Lodge.

 

Something on the legal side needs to be done. MLBrumby? Any legal information you could teach us on the law surrounding this failed project?

[bigeasy]

At this point maybe we should consider Lake Palmer a part of Historic Nashville.

[MLBrumby]

I am really surprised the city has not stepped in and seized the property for neglect, and for being a health hazard. It almost seems criminal this can be left like this. It's dangerous and an eyesore. The City Of Lexington made the developer fill the large hole that was slated for Centerpoint which was a 19 story hotel/residential project for downtown Lexington. That project was only abandoned less than a year ago. This hole has been here for 8 years! The WES project was first advertised in 1998, and 17 years later there is still nothing,  meanwhile we lost an architectural gem like the Corinthian Lodge.

 

Something on the legal side needs to be done. MLBrumby? Any legal information you could teach us on the law surrounding this failed project?

Nothing more than I've said already... it seems the city would have a case for condemnation based on whatever the public nuisance code happens to be.  Assuming it's boiler plate, this one does not strike me as anything mystical. Probably, a strongly worded letter would be issued first to urge action on the project. Each "violation" would have to be clearly spelled out.  Then successive steps to force Palmer's hand, culminating in possibly seizure.  I did not know about the Lexington project, but that seems like an analogous situation. Right off the top, the WES site does not have proper permanent guardrails around it (I believe it has concrete barriers around part of it).  Aside from the potential loss of human life resulting from an auto or other accident,there is no proper drainage and pests are bound to find that pit irresistible.   

[NashRugger]

Nope, Centrepointe's hole is still there in downtown Lexington. At least there are two tower cranes erected to make it seem like something is going on.