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Buckingham Gulch Tower 38 Floors, 450+ ft., 345 residential units, 4,900 sq. ft. retail


Paramount747

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There is the occasional lurker on here who actually is "in the know" and only posts when there's something significant to share within their realm of expertise/influence. As much as I hate to give bad news any credence,  I also hesitate to write it off completely, given past experiences on this board.

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1 hour ago, TNinVB said:

I noticed all those posts on SSC as well. If I didn't know any better I'd think that person is the same someone who alway used to post doom and gloom posts on here. I understand being realistic but seriously!

Just read those posts and must say they appear quite similar to posts by someone who has posted here frequently in the past. I believe he is on hiatus from this site right now. 

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5 hours ago, NashRugger said:

It's exactly who everyone thinks it is, who's on hiatus from this site. What other member that was on here would post small, almost pointless "updates" or personal feelings on threads that haven't been active in a while.

 

Haha...well, that certainly explains things then.  I didn't want to jump to any conclusions, but the similarities were definitely there, so I had my suspicions. 

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4 hours ago, smeagolsfree said:

My take is that they want to finish Aertson first before this one starts. Remember there is also a 500 unit project in Cane Ridge that is being done by BHam, and it is under construction as well.

That would certainly make sense.  I mean, they released a rendering, they acquired all appropriate approvals from metro, they purchased the lot...no reason to believe they aren't serious about moving forward with this once they are finished casting the other irons they've got in the fire.

Edited by BnaBreaker
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8 hours ago, Leif said:

FWIW I went to the Gulch Residents Association meeting last night and Freddie O'Connell (Metro Council district 19 rep) mentioned hearing this project was not active.

What constitutes an "active" project?  Is there prelim work that indicates it is "active"? 

The company even mentioned opening that tower (when?) in 2019 (wasn't it?). 

 

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Yes, there were many people who thought the Aertson was dead because nobody had heard anything.  I would bet the journalists in Nashville don't have contact with them like they do with the Nashville based developers, so nothing gets leaked until they are ready. 

IIRC there was a fairly low quality rendering released and then nothing until they announced the new design and name and   that construction was imminent. 

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There are tons of delays in most all of the projects. They include a lengthy Metro approval process that can last more than a year with all the hoops a project has to jump through. If they are in a redevelopment district, then there are more hoops. Also if a project has to be rezoned or get a variance..... the list goes on.

There are also financial delays. I would say they present to a number of lenders  who say yea or nay and the ones that say yea have to work the interest rate into the budget of the project. ML Brumby can probably shed more light on this, but this is a guess on my part.

Now there may have to be redesign of a project due to poor soil conditions, location of utilities and relocation of utilities. NES and Metro water are way behind because they just cant keep up as the the codes department. They may have to wait up to six months fro a permit or at the minimum three months.

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I wish I knew more about the financial intricacies of large projects like these, however I do have a couple of friends in the biz. Two are developers of large projects, such as a huge athletic complex in north Georgia.  And two run large construction companies (one based in Nashville).  So I guess I pick up knowledge like many of you through industry folks.  I've heard from them that a construction loan is a necessary evil whereby the developer's risk rises as the lender's decreases over the construction of a building. 

It is my sense that the development of a large building is very fluid all the way up to completion, and that would include the financial (construction loan) risk to the lender.  A construction loan is by nature short term and is designed to share the risk between developer and lender. I have written into small builder contracts considerable "out clauses" to allow refinancing or calling the loan and incremental loans conditional on things like zoning approval. However, I don't think they've ever been used.  In the cases I've worked on (very few) the Letter of Intent from a lender got the ball rolling, and collateral that the builder put up was enough to secure those early uncertainties.  In the event of spikes in interest rates before or during construction, a letter of understanding/intent would spell out those conditions (collateral calls; cash infusions; private funding, et.al.).  As far as the interest rate(s) over the lifetime of a building, I imagine the large projects are like the small ones I've seen which do amortize the interest in the overall capital expenses of the project.  

I would imagine Mr. Hayes would have a lot more on this. He might have insight to share on those public incentives (PILOT and TIF) that are often used on large projects. 

Edited by MLBrumby
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16 hours ago, timmay143 said:

IIRC, it seemed like it took awhile to get Aertson going.  Then all of a sudden, BAM, there is this behemoth near Vandy.

You aren't kidding. The lady and I went for a ride in the jeep last night. Topless of course (the jeep, not the lady). We were coming down 21st from Charlotte and as soon as we crossed West End, BOOM! There she was. We both said "Holy $hīt" at the same time. 

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  • 2 months later...

Here is a Buckingham Tower diagram I found online today:

Buckingham Tower schematic, Fall, 2015.png


Here is a view of where the tower will eventually protrude, on the right side of the photo where the cell tower is located. It will be a little more than twice as tall as the Icon Condo Tower in the center of the shot.

Buckingham Tower location, Feb.jpg

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  • 1 month later...

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