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]

well, Palmer's response has kind of a Baghdad Bob vibe to it.

Don't get me wrong I'd love to see this get done, in 3 towers, but, 3-4 months behind, after the first delay years ago just makes it easier to believe dead.

LOL... I can see it already... the NBJ has an article in 2025, long after Parallon and SCRI have moved out to Cool Springs... and the hole, er Lake Palmer is still the mosquito farm it's been for 16 years... and there will be Alex Palmer saying he'll get the leases signed "soon".  This doesn't look good at all. 

[bhibbs]

Tennessean has thrown together an article as well.

http://www.tennessean.com/article/20130913/BUSINESS/309130162/2095/BUSINESS02

[captainwjm]

Tennessean has thrown together an article

an apt description.

[bwithers1]

Yeah, if Pat Emery had his way, Parallon and SCRI would be filling some of his massive spec office buildings down there instead of staying in Davidson County.

LOL... I can see it already... the NBJ has an article in 2025, long after Parallon and SCRI have moved out to Cool Springs

[smeagolsfree]

Ever notice how the trash talking Tennessean never credits another newspaper when the other paper does a story. The NBJ and the. Post give credit where it's due. The Tennesean never!

[dxfret]

Yes Indeed, The Tennessean is once again way behind in reporting on this, and many other local news stories.  They often just copy what other print and tv news covers without much attribution or credit.   

 

A "thrown together" article for sure.  Even the editing is non-existent as shown in this quote from Alex Palmer:  "The InterContinental (hotel) is deal still in place. "

 

If it takes a full year, in a booming city like Nashville,  to pull together financing with signed leases from marquee companies like HCA and InterContinental Hotels, something is seriously wrong.  

 

Alex Palmer seems to be quickly losing all credibility.

Edited September 13, 2013 by dxfret

[nashvillwill]

^^^not to mention TIF dollars from the city.

[samsonh]

You guys have zero idea the work it takes to get a loan of this size. I mean zero.

Learn patience. It's herd mentality reactions like this that take away from real discussion if how to create a better city. Palmer is out there trying to do it. Are you?

[timmay143]

^^^Really?

[arkitekte]

You guys have zero idea the work it takes to get a loan of this size. I mean zero.

Learn patience. It's herd mentality reactions like this that take away from real discussion if how to create a better city. Palmer is out there trying to do it. Are you?

 

Do you have a link that we could read up on to further inform us of this knowledge that you have?

[BnaBreaker]

You guys have zero idea the work it takes to get a loan of this size. I mean zero.

Learn patience. It's herd mentality reactions like this that take away from real discussion if how to create a better city. Palmer is out there trying to do it. Are you?

 

We've been waiting a decade...how is that not patience?   I mean, if AP truly does have his ducks in a row, and is on track to getting this thing built, then great.  If that is the case, I'm willing to wait some more.  But given this project's history, you can't blame people for being skeptical. 

Edited September 14, 2013 by BnaBreaker

[UTgrad09]

Yes, we've technically been waiting a decade...but we have to keep in mind the changes made during that decade. Pre-recession, I'm guessing Palmer was just going to build this as a condo and spec office development. The hole was dug, the economy crashed, and we all assumed it was dead.

 

About a year ago is when the announcement with Parallon/SCRI, which revived the project...but with a shift to office/hotel with some retail. We might as well call this WES 2.0, because it is a different development than the original. It's not as different as say Signature ---> 505, but it's definitely a different animal.

 

 

I am concerned, like others, that it is taking a very long time...but honestly. I don't feel like I've been waiting 10 years. I've been waiting 1 year. Old WES is dead to me. This is new WES. If Palmer can't deliver, that's on him. But I'm not going to throw in the towel until it's announced as officially over (whether that be the in the form of Palmer announcing or HCA announcing). I've said on another site -- we don't know the details behind this and why its not off the ground already. "Unable to secure financing" is still pretty vague. It could be something where tweaks need to be made to the project that take time (and perhaps even Metro approval).

 

Until someone who actually has *intimate* knowledge of what is going on, I'll continue to hold out some hope.

[samsonh]

Timmy, yes really.

Ark, I don't have a link. But I can try to find one. I am certain a little googling can give you the answers you seek.

Bna, yes I can understand people being skeptical. I'm skeptical. But I feel like people on this forum just expect 250m+ projects to be simple and easy. They are anything but. Think of how long it takes to close a home loan. then multiply that amount by 500. that is a ton of someone elses money that must be borrowed. Moreover, I can promise you that Palmer wants this project to happen much more than anyone on this forum. We have a bunch of armchair quarterbacks here, and I guess I have gotten tired of that.

[dmillsphoto]

We've heard things bud. We've heard things.

[arkitekte]

Timmy, yes really.

Ark, I don't have a link. But I can try to find one. I am certain a little googling can give you the answers you seek.

Bna, yes I can understand people being skeptical. I'm skeptical. But I feel like people on this forum just expect 250m+ projects to be simple and easy. They are anything but. Think of how long it takes to close a home loan. then multiply that amount by 500. that is a ton of someone elses money that must be borrowed. Moreover, I can promise you that Palmer wants this project to happen much more than anyone on this forum. We have a bunch of armchair quarterbacks here, and I guess I have gotten tired of that.

 

I was being sarcastic...

[smeagolsfree]

This is one I will not say is dead until APS puts the white flag out. I really think the kink again is raising the needed money to satisfy the lender. After asking several folks, the amount that they bank could be asking down may be 50 or even 60 %. That could be north of 150 million. I do think there is a magic number the bank will be happy with because this is a solid project that they do not want to slip through their fingers either. ASP has said there is news coming soon and I don't think it's dead until he says it is dead.

I am with samsonh. Give this a little time.

I am going back to bed now. Talk to you guys later

.

[ruraljuror]

This is one I will not say is dead until APS puts the white flag out. I really think the kink again is raising the needed money to satisfy the lender. After asking several folks, the amount that they bank could be asking down may be 50 or even 60 %. That could be north of 150 million. I do think there is a magic number the bank will be happy with because this is a solid project that they do not want to slip through their fingers either. ASP has said there is news coming soon and I don't think it's dead until he says it is dead.

I am with samsonh. Give this a little time.

I am going back to bed now. Talk to you guys later

.

Hear, hear

[timmay143]

I just don't understand the negative and blanket statements. How is that constructive discussion on "how to create a better city?"

[RandomHero]

I'm ignorant when it comes to commercial real estate and the financing of large projects but doesn't it seem like HCA would put some skin in the game for financing since this is to become their corporate HQ? HCA does $33 Billion per year in Revenue can't they provide some of the financing to get their own building going? In a market like Nashville you would think they would make money on the deal long term anyways. Why is totally up to the developer to finance?

[dxfret]

NBJ is reporting today that Goldman Sachs is buying two large office buildings near BNA.  It's surprising that Goldman, or other investment banks, have not partnered with Palmer & Co. to provide financing for the West End Summit project.

[dmillsphoto]

#speculation #pressure

 

http://www.bizjournals.com/nashville/blog/2013/09/plan-b-where-hca-might-land.html?page=all

[volsfanwill]

I still hope to see WES.   though 505CST would be great as an option.  But didnt some one on here mention that HCA wanted separate signage for SCRI and Parallon?

[dmillsphoto]

I still hope to see WES.   though 505CST would be great as an option.  But didnt some one on here mention that HCA wanted separate signage for SCRI and Parallon?

Yeah that was me. If do end up at a 505 or Eakin type development, they will have to get over it.

[UTgrad09]

Yeah that was me. If do end up at a 505 or Eakin type development, they will have to get over it.

 

Left Twix, right Twix.

[FromParkAveToTN]

I am so afraid this project is not going to happen. This is my favorite project in a long time. I think the location for these two towers will add so much to the architectural landscape of Nashville. At any rate, I'm scared. Hold me!