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

[WillTitans]

New to urbanplanet. Great information here, you guys really do a great job of staying on the ball of what's going on around town. 

 

In regards to WES, there must be some interesting discussions going on between HCA and different developers. If HCA ends up going downtown because another developer was able to make it all come together, that would be a pretty impressive steal.

[arkitekte]

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!

I personally don't think WES will be built, but what I'm afraid of is HCA winding up chilling in an office park somewhere and not in a tower in or near downtown.

[dmillsphoto]

New to urbanplanet. Great information here, you guys really do a great job of staying on the ball of what's going on around town. 

 

In regards to WES, there must be some interesting discussions going on between HCA and different developers. If HCA ends up going downtown because another developer was able to make it all come together, that would be a pretty impressive steal.

 

Welcome to the forum! And yeah, I agree - reading that headline would be a heckuva point of pride if a developer snakes the deal from ASP. Especially so if they take the IC Hotel portion, too.

 

But for now, it's Alex's deal and he has some serious decisions to make and needs to do so in a hasty manner. Luckily, we are a hot market for real estate right now so a partner should be easy to find. 

[smeagolsfree]

Right now I am hearing mixed signals. Most of the people that know ASP think it will be built. I am not sure. As I have said, until ASP pulls the plug, then its still alive. The one thing I am happy about now is the pressure that is being put on both HCA and ASP to either do it or not. We talked about this at the last meet. Pretty much all of the BS is now hitting the fan and the ball will have to roll or heads will roll soon. My feeling is that ASP wants 100 % control over the project and that is why he may be fighting bringing an investment partner on board. This is his dream project so to speak. This again is speculation in my part and I have never met the man.

 

Also in the NBJ, there is a poll about this getting out of the ground and only 11 % say it will with the two current flagship companies . Most think it will not happen.

[FromParkAveToTN]

I wonder why these types of projects/towers spring up so quickly in a city like Atlanta; whereas, it seems like in Nashville it takes an act of congress to get things built. The city has TIF on the table, HCA has agreed to be the tenants, but yet this can’t get done.

[barakat]

It's amazing you have a site prepped and ready to go, Turner as the contractor, two anchor tenants AND a high-end hotel signed, and still have trouble building the thing.  I look forward to a thorough report on the difficulties with this project, whether or not it gets built.

[UTgrad09]

I wonder why these types of projects/towers spring up so quickly in a city like Atlanta; whereas, it seems like in Nashville it takes an act of congress to get things built. The city has TIF on the table, HCA has agreed to be the tenants, but yet this can’t get done.

 

I wondered that, too, until I remembered that Atlanta was more than 3x larger than Nashville.

[smeagolsfree]

A little more info from channel 2.

http://www.google.com/url?sa=t&rct=j&q=west%20end%20summit%20news&source=web&cd=4&ved=0CDQQFjAD&url=http%3A%2F%2Fwww.wkrn.com%2Fstory%2F23458442%2Fw-end-summit-negotiations-delicate-hca-stays&ei=OrE5UurYOpHU9QSvpoHQBA&usg=AFQjCNH9PbPZeFA_ka5yYjJ-m66kihy-cA&bvm=bv.52288139,d.b2I

[nashvillwill]

So indeed, it appears that Palmer needs an equity partner. Any word on how the bidding process is going for Turner?

[Leif]

So indeed, it appears that Palmer needs an equity partner. Any word on how the bidding process is going for Turner?

I read that as there *is* an unnamed equity partner and this is now a pissing match between the two parties over terms.

[satalac]

I read that as there *is* an unnamed equity partner and this is now a pissing match between the two parties over terms.

That's how I read it too. Of course I don't know the details, but it must be pretty bad if these terms with the equity partner are the only thing holding this up. Is it worth possibly losing it all based off of what the partner is wanting? I really hope it's not pride getting in the way.....

[smeagolsfree]

My gut tells me this is going to work out. Maybe Highwood's could be the EP.  Will have to wait and see. The good news is one source is secured.

[MLBrumby]

Recent record sales of downtown office buildings have got to be a huge incentive to a potential EP.

[timmay143]

Well at least that is a little insight on the deal. I feel a little bit better about it getting done now, albeit, behind "schedule."

[Hey_Hey]

Did anyone notice workers at WES today?  There was a blast at 12:05 this afternoon that I heard in my house, and the only two places that have been blasting recently were Belmont and WES. Obviously WES has been quiet for quite some time.  From what I can tell Belmont has been done blasting for at least 2-3 months. Hopefully it was WES since that would indicate some movement.

[samsonh]

Belmont just finished blasting the last few weeks. Artisan looks like it could be blasting, not sure though.

[captainwjm]

Did anyone notice workers at WES today? t.

No equipment or signs of recent activity this afternoon.

[MLBrumby]

This cannot be good for Alex Palmer and his Summit proposal (I've decided to refer to it as merely a proposal now)... 

 

http://www.bizjournals.com/nashville/morning_call/2013/09/palmer-tweaks-west-end-summit-lien.html

 

I couldn't find the Tennessean link. 

[dxfret]

It's been one full year since Alex Palmer & Co., HCA and Metro Government announced plans for the West End Summit site.  

 

One year later no construction and the same big hole in ground.  

 

http://www.westendsummit.com/pdf/hca-parallon_announcement.pdf

[smeagolsfree]

Tennesseean article

http://www.tennessean.com/article/20130926/BUSINESS02/309260064/Plans-massive-West-End-Summit-tweaked?odyssey=tab%7Ctopnews%7Ctext%7CBusiness

[dxfret]

A $1.88 million lien on the West End Summit property by a company that did the excavation work last spring is definitely not a good sign.  

 

Alex Palmer & Co. must have some serious financial problems.

Edited September 26, 2013 by dxfret

[dmillsphoto]

Swallow pride. Get co-developer. Get the hole filled and get something on that lot. 

 

Lien amount announced at $1.88M.

[WillTitans]

Can Metro condemn the property and then give it to another developer?

[nashvillwill]

My guess on why AP is so reluctant to get a codeveloper on this is that he already has so much time and money invested, that he is barely treading water for a profit. Any profit sharing may put him in the red. I could be way off base though. Just guessing.

[BnaBreaker]

My guess on why AP is so reluctant to get a codeveloper on this is that he already has so much time and money invested, that he is barely treading water for a profit. Any profit sharing may put him in the red. I could be way off base though. Just guessing.

 

Makes sense to me...though if he fails to get this out of the ground a second time, it could damage his reputation to the point where in the long run, he would be much, much deeper in the red.