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Ritz Carlton Hotel /Residential (46 stories & 32 stories, 240 rooms, 150 condos, 185 apts,), 560 capacity garage


markhollin

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  • 3 months later...

My guess as to this project is that it may officially be dead. The reason I say tis is you have no less than 4 spec buildings under construction or getting ready to start. Those being Peabody Plaza(fully financed & under construction) , Endeavor (fully financed & under construction), Broadwest  Tower(self financed and about to start), and the first office building at Nashville Yards (which will be built on spec and able to self finance).

Sorry to be the bearer of bad news, but the facts are brutal and this is a brutal business. Other reasons are that Mainland has never done a project of this caliber and they are using a very expensive architect.

 

I will venture to say that Baker Donelson will be looking for new digs as I am sure there is a clause in the lease agreement that if construction has not started by a certain date, then they have an out.

 

The only thing that can save this project is an announcement of a new tenant and VERY soon.

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2 hours ago, smeagolsfree said:

My guess as to this project is that it may officially be dead. The reason I say tis is you have no less than 4 spec buildings under construction or getting ready to start. Those being Peabody Plaza(fully financed & under construction) , Endeavor (fully financed & under construction), Broadwest  Tower(self financed and about to start), and the first office building at Nashville Yards (which will be built on spec and able to self finance).

Sorry to be the bearer of bad news, but the facts are brutal and this is a brutal business. Other reasons are that Mainland has never done a project of this caliber and they are using a very expensive architect.

 

I will venture to say that Baker Donelson will be looking for new digs as I am sure there is a clause in the lease agreement that if construction has not started by a certain date, then they have an out.

 

The only thing that can save this project is an announcement of a new tenant and VERY soon.

In the last 3-4 months, there have been a LOT of new buildings announced of various types.  It feels like maybe the fourth wave for Nashville since the Great Recession.  The market (banks, private RE companies, large employers, etc.) will need to see if the city can absorb the new projects (make them profitable) with an eye on the U.S. economy.  My latest readings on the latter topic are that we still have at least 3-5 years of solid growth, both here and abroad.

So, this building may have to wait until the fifth wave of development for Music City.

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The little I know about the selection of One KVB by Baker Donelson is that they choose the building for its Amenities AND location. For decades they had been landlocked and otherwise inconvenienced every time there was an event which required lower Broad to be shutdown. They do not want to be back in the tourist and traffic quagmire. Also, they liked the ease of access to I40/I65 from Lafayette.  They will stay with One KVB unless it is absolutely clear it will not get off the ground in time. Bottom line, I seriously doubt they will move to Peabody Plaza, Nashville Yards is a possibility if they can fix the dreadful traffic situation (exacerbated by the rarely used bike lanes on the Church Street viaduct), I can see Broadwest in play first and then Endeavor.

BTW One KVB also has a large accounting firm....I think they really on need one more major lease to start.

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3 hours ago, smeagolsfree said:

Other reasons are that Mainland has never done a project of this caliber and they are using a very expensive architect.

By expensive architect I am assuming you mean they have expensive taste? The cost of the architect is factored into their overall budgets, so if they chose a firm that has a higher percentage take of the total construction cost, well thats on them and I would get the delay, but economics would say that they would more likely than not pass that extra cost onto the lease holders. This would be a new, state-of-the-art building that will command top dollar for everything @nashville_bound mentions. The architect plays a role in the cost, but the architect also answers to the beholder and in this case the beholder is the developer.

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I sure hope you are right Todd. The other company has never been officially announced yet either. I do want this project to succeed, but they need to move quickly as time is running out IMO.

1 minute ago, Bos2Nash said:

By expensive architect I am assuming you mean they have expensive taste? The cost of the architect is factored into their overall budgets, so if they chose a firm that has a higher percentage take of the total construction cost, well thats on them and I would get the delay, but economics would say that they would more likely than not pass that extra cost onto the lease holders. This would be a new, state-of-the-art building that will command top dollar for everything @nashville_bound mentions. The architect plays a role in the cost, but the architect also answers to the beholder and in this case the beholder is the developer.

Skidmore, Owings, Merrill are not cheap. I have heard they are trying to redesign this project to get the cost in line, but again we are just having to wait and see. Not a peep out of the developers on this one either. 

It would be a statement building at that location.

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19 minutes ago, Bos2Nash said:

 

FWIW, While not the best building in the world, one could argue that this SOM designed building for Boston's seaport is a very unique type of building 

seaportbuildingoma.jpg?w=420&h=236

 

That building looks like The Joseph on steroids. 

Could you imagine if that building was placed where 222 2nd Ave is? Woah is me rant over. 

Edited by nashvylle
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I personally feel that this project won’t be scrapped entirely but will be put in the pending category, sort of like the gulch tower was. It will most likely be built in the next cycle of development rather then this one, as nashville currently just has too many things being built at once.  After all this building has already inked a local financial tenant so it probably will happen eventually In the future, albeit possibly after the next recession.

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SOM is one of the most sought after design firms in the country, yes they are going to be expensive in comparison to smaller firms. They are also a group that is extremely well equipped to take on such a statement building. People clamor for new ideas and different designs (ala Batman and not 505 or the 5th and Broadway buildings), and the best way to do that is to hire a firm that has a reputation for doing it. Look at their work all over North America (1 World Trade Center) and the world and it is clear that if we want an iconic piece of architecture this is an amazing opportunity. I would almost be willing to bet this tower would be a better designed tower than what Tony will put on Church Street (no offense to all who love what Tony will be bringing). The power of design is definitely better than height. 

SOM's percentage fee may be higher than others, but in my opinion, it is worth it. Now if the developer lacks the power to execute such a building, that is a whole other ball game!

FWIW, While not the best building in the world, one could argue that this SOM designed building for Boston's seaport is a very unique type of building 

seaportbuildingoma.jpg?w=420%26h=236&key=66abfac0e82114a4fe7b119f055e3d820df8a9c35cd1c50263d8434c2b803e79

 

Good point, and well demonstrated by that kick-a$$ building design! [emoji913]

 

(Sorry, I can’t help but to like it too!)

 

 

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  • 1 month later...
1 hour ago, urbanplanet17 said:

That's still relatively impressive height.

Assumimg SAP happens, if I'm not mistaken, it would be the 2nd tallest in SoBro.

And that’s also assuming they’re not doing that thing where they claim it’s going to be 475 and it’s listed at 475 but only looks like 350 and is shorter than Pinnacle. 

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2 hours ago, Pdt2f said:

And that’s also assuming they’re not doing that thing where they claim it’s going to be 475 and it’s listed at 475 but only looks like 350 and is shorter than Pinnacle. 

I'm pretty sure Bass, Berry and Sims secretly adds height to the "crown" on Pinnacle during the night to keep anyone from getting a view of the river. :shades:

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On 10/5/2018 at 7:05 PM, KJHburg said:

Armada Hoffler partnered with a developer in downtown Durham NC and recently completed the 27 story One City Center mixed use tower.  It is beautiful.  Retail on ground floor, office lower levels, apartments then condos at the top.  https://www.onecitycenter.com/     It is the new tallest in downtown Durham. 

How tall in height is this building proposed to be?

Plus Armada Hoffler single handily built a new downtown for Virginia Beach including the tallest building in the commonwealth of Virginia

http://vabeachtowncenter.com/

Good thing it wouldn’t like like the Westin here in Virginia Beach. I have to see that monstrosity every day when I walk out my door. 

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On 10/7/2018 at 12:04 AM, donNdonelson2 said:

I’ve stayed in that Westin Virginia Beach. VERY underwhelming.

I couldn’t agree more. Something about all the prefab concrete panels at the top and the metal roof just looks off to me. If it had been done with more glass I think it would have looked a lot better. 

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On 10/5/2018 at 10:53 PM, smeagolsfree said:

If this in fact is true that Armarda Hoffler is back on board, then my theory is they have a second tenant and the need the investment partner to start constuction. Hearing they are in fact back on board.

I have mixed feelings about Armada Hoffler, mainly centering around my experience with their Virginia Beach Town Center. On the one hand, I appreciate that they are at least taking a stab at something resembling urban density and planning in the obscene sprawlfest that is Va. Beach. On the other hand, Town Center is like what a downtown would be if someone described a city to someone from North Dakota who had never left their farm town but played a lot of Sim City as a kid and let them design it. It's nice, but also a little strange in an "uncanny valley" sort of way. But, AH is certainly ambitious and their involvement isn't a bad thing.

On 10/7/2018 at 4:18 AM, TNinVB said:

Good thing it wouldn’t like like the Westin here in Virginia Beach. I have to see that monstrosity every day when I walk out my door. 

You mean you don't like a tall, skinny tower that is maybe a quarter the size of the block plopped on top of a block sized parking garage???

In all seriousness though, I always thought it was such a strange design choice.

 

Edited by Nathan_in_the_UK
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