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The SoBro | 32 stories 345 ft | 3rd & Demonbreun


smeagolsfree

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Yep. Ideally, some of those new downtown employees would be able to get apartments downtown and walk to work rather than commute in from the suburbs and pay for parking. Or is that overly practical thinking on my part?

At worse a higher concentration of jobs in downtown/SoBro will inspire more people to take the train or bus to work, hopefully.

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Unfortunately, talk is cheap... and while marketing should be a first step, I will believe this one when I see more than a hole in the ground. Mr. Palmer has taught us that a big mosquito pool is not a true sign of progress.

Remember if TIF is used, a certain percentage of units must be affordable, and to get a loan the building must be 50-60 percent leased/sold. Mr. Palmer was building West End Summit on speculation, not actual leases. That is why he has a hole in the ground.

Mr. Giaratanna has never in his three buildings in downtown, ever built on speculation. I don't thin Park 25 is a spec building either. He will not start this tower and leave a hole in the ground, the bank won't let him. It is quite amazing how the city is letting Mr. Palmer slide on his project. I am surprised the Board Of Zoning Appeals has not forced him to fill the hole and regrade the lot.

Mr. Giaratanna seems to be a bit more realistic than Mr. Palmer. In my opinion, Signature Tower was a bit more realistic than WES. Twin tower developments are rare today and we can see what happens with twin tower developments. 23 years later and no Nashville City Center II. No Encore II either.

THIS BUILDING WILL BE BUILT AND WILL GO CONDO AT SOME POINT. At this posting, there are about 35 units left for sale in the urban core. Tony must be salivating at the thought of putting 305 more units for sale in downtown. They will sell, and sell fast. The market is back folks, enjoy the ride!

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Nashville City Center II was to be 596 feet and 40 stories. Nashville City Center I is 27 stories and 402 feet. Encore II was EXACTLY the same. A courtyard and fountain was to be in the middle joining the two and they were called Symphony Towers I and II.

Encore I and II or under the original name Symphony Towers I and II are on the internet somewhere. They were first posted in 2005-2006 somewhere on this site if you search for the Symphony Towers thread.

The Nashville City Center I and II rendering is also on this site somewhere as well. Those were posted by Rural King maybe as far back as 2003.

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True, but there has to be enough interest for construction to begin. I don't think Tony would have started Park 25 if the rental market would not support it.

Not sure I understand your reply. The rental market, especially downtown is on fire. Rental buildings like Velocity have filled up to capacity in weeks. That's why they started Pine Street and the units on 12th at Charlotte. Rolling Mill Hill is 100% rented and on and on. M. Hayes just signed a lease on his building across the street that will bring several hundred new jobs to the immediate area. I bet many of those would rent across the street ifmitmwere available.

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P2 is correct overall, but Raider makes a good point. If rental interest weren't high, Tony would have a challenge (though not like if he were wanting to build a condo building) getting his financing. Banks have been a bit skittish about loaning but for all the hottest markets and safest projects. That's were MTSU's point is well made.

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P2 is correct overall, but Raider makes a good point. If rental interest weren't high, Tony would have a challenge (though not like if he were wanting to build a condo building) getting his financing. Banks have been a bit skittish about loaning but for all the hottest markets and safest projects. That's were MTSU's point is well made.

Not trying to argumentative but that is my point. The market here is hot and banks are obviously loaning money as witnessed by the projects that have broken ground in the past 6 months. If there ever was a time for this project to break ground it is right now.....

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Regardless, Nashville is a hot market, so we will see The Sobro built, and I think Tony will start before the cold weather sets in, and probably start in September instead of toward the end of the year.

I move in my new place at 5th and Main in June. There are only a couple of dozen units left. The transition from the suburbs to the cities are in full swing around the world. Even the rust belt cities like Buffalo, Dayton, and Akron and others are having an urban renaissance. I have neighbors in the subdivision next to me that cannot wait to get out of Bellevue, and the suburbs. Growth is stagnant, and where I live, one is 8-10 miles from anything.

Cities are the future. Multi-unit concrete and steel buildings are greener and safer than suburban homes made of wood and asphalt roofing shingles. With this violent weather we have had, especially in the west part of Bellevue with the flood, hailstorms, and tornadoes, it's time to move into a safer and more secure environment. That is why people like Tony are going to have no problem selling/renting units.

I think the age of the suburban home is dwindling. With gas a $4 a gallon, cars costing $20,000+, traffic nightmares, environmental issues in the suburbs due to developers rerouting rivers and streams, and deforestation causing flooding, and many other issues are bring people back into the cities.

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  • 1 month later...
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I am optimistic this will start this fall. No later than December. I don't think 505 CST will start within the next few years. I don't think the hotel will either. We will soon have 3 hotels going up in Sobro. I think an apartment tower is the next logical move for Tony. He does residential, not hotel and office.

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With so many lots becoming available now in Sobro, hotel companies may not pick Tony's lot next to Encore for a hotel development. You are right, the economy is still fairly shaky and I don't see any major corporate relocations coming to Nashville for 505CST. That means no-one to rent a unit in the Sobro for $1500-$5000 a month.

I may be a bit optimistic because we still have demand for downtown residential since the condo buildings are full except for a unit here or there, but this is a rental. One could own for a lot less than they can rent at The Sobro.

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With so many lots becoming available now in Sobro, hotel companies may not pick Tony's lot next to Encore for a hotel development. You are right, the economy is still fairly shaky and I don't see any major corporate relocations coming to Nashville for 505CST. That means no-one to rent a unit in the Sobro for $1500-5000 a month.

I may be a bit optimistic because we still have demand for downtown residential since the condo buildings are full except for a unit here or there, but this is a rental. One could own for a lot less than they can rent at The Sobro.

Not everybody wants to own. I expect a new condo building to be announced in the next year or so, but a lot of people (like me) prefer to rent. I wouldn't measure the demand for downtown living by the demand for condos.

If Tony can't get his hotel deal going when they're popping up like mushrooms down there, I'd say the hotel isn't going to happen, & from his website I feel he hasn't put as much thought into the hotel. 505CST is a long range project but it's obvious his heart's in it, the problem there is that the kind of cool tenant looking for such a cutting edge building doesn't have Nashville at the top of its list (or maybe even the US--the firm that designed it works mostly in Dubai & Saudi Arabia). But maybe in time.

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Not everybody wants to own. I expect a new condo building to be announced in the next year or so, but a lot of people (like me) prefer to rent. I wouldn't measure the demand for downtown living by the demand for condos.

If Tony can't get his hotel deal going when they're popping up like mushrooms down there, I'd say the hotel isn't going to happen, & from his website I feel he hasn't put as much thought into the hotel. 505CST is a long range project but it's obvious his heart's in it, the problem there is that the kind of cool tenant looking for such a cutting edge building doesn't have Nashville at the top of its list (or maybe even the US--the firm that designed it works mostly in Dubai & Saudi Arabia). But maybe in time.

There are some that want to rent, but it becomes a situation of security. I have a friend renting in Brentwood. She was paying $1200 a month and without any warning they raised her rent to $1500 a month. $300 in one month. She had no say in the matter. Now her rent is over double what my mortgage is in 5th and Main. I don't want to be evicted at the whim of some apartment manager because they decide they don't like me for some reason. Renters have no rights in this state.

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