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Paramount Tower, 65-68 stories, approx. 750', 200 units, $240 million, Church Street Park


markhollin

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4 hours ago, Pdt2f said:

That’s the issue with premium prices for average product. People will pay premium prices for premium product, or lower prices for average product, but they’re not going to pay top dollar to live in a concrete cube with an enormous “AirBnB Hotel” on-site dumping a bunch of bachelorette parties into the common spaces and pool area. 

Exactly. The AirBNB twist they put on it likely stifled a huge amount of demand. People who would be willing to pay the prices they're asking for (hopefully) wouldn't want to deal with the extra crap from drunk tourists.

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9 hours ago, Pdt2f said:

That’s the issue with premium prices for average product. People will pay premium prices for premium product, or lower prices for average product, but they’re not going to pay top dollar to live in a concrete cube with an enormous “AirBnB Hotel” on-site dumping a bunch of bachelorette parties into the common spaces and pool area. 

Agreee completely. A far superior product is 1212, beautiful building that exudes luxury.

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On 10/10/2018 at 2:26 AM, Nathan_in_the_UK said:

Exactly. The AirBNB twist they put on it likely stifled a huge amount of demand. People who would be willing to pay the prices they're asking for (hopefully) wouldn't want to deal with the extra crap from drunk tourists.

My office is near 505 and I see ubers dropping off/picking up AirBnb guests at 505 day and night.     It functions more like a hotel, than a residential building.   In fact, one of my co-workers last week actually thought it was a hotel, LOL.  

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On 10/9/2018 at 9:14 PM, KJHburg said:

^^ According to their website they have plenty of availability of the condos check it for  your self floor by floor  I count 75+ condos available for sale then I lost count. 

https://505condos.com/floor-plans/

Man, to each their own but I just can't fathom someone paying $1.275 million for a 1,300 SF apartment in Nashville unless the amenities added up to the greatest living experience on earth (*). Or even $350k for 555 SF. The pricing is crazy.

 

* Of note, some of those pricey corner units have sold, so there are people out there. Just not sure how many total.

Edited by DDIG
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Minor bit of information here:  I saw Tony in Dunn Brother's coffee last week talking to some unknown person of influence.  So he is still out there in the trenches promoting his developments, which we already assumed he was, but it's nice to see it in person.  I hope he can pull this one off!

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A Metro-owned park at the center of a controversial land swap is projected to be worth $4.62 million if developed into a high-rise, according to a new appraisal, which represents an increase of almost $1 million over a previous evaluation.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2018/10/18/downtown-park-at-center-of-controversial-land-swap.html

 

Full appraisal here:
 

https://www.nashville.gov/Portals/0/SiteContent/MayorsOffice/docs/news/181018-600-Church-Street-Appraisal-Revised.pdf

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So if these are going to be potentially marketed as ultra-luxury condos, then wouldn’t it be more likely to have a taller building requirement? I’m only guessing, as I think that higher-end condos typically have higher ceiling heights than lower-end ones. That could potentially push the height up to that magical 750 feet mark, perhaps?

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Cost of Paramount Tower will be $240 million, and will offer just 200 condo units. 

Giarratana disclosed an estimated construction cost of $240 million and talked about how the age of downtown Nashville condo buyers is trending older — leading him to design a tower without studios or one-bedroom units.

"Each project we've done, the over-50 crowd has grown," Giarratana said.  Comparatively older buyers want (and can afford) more space, even if they are buying a condo after downsizing from their suburban residence.

The smallest unit in Giarratana's planned Paramount Tower would be about 1,500 square feet. About a third of the units would be roughly 3,000 square feet, with another third being as large as 5,000 square feet or more, Giarratana said.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/10/19/why-giarratanas-next-skyscraper-will-only-have-two.html

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3 hours ago, dReAmWiELdEr said:

So if these are going to be potentially marketed as ultra-luxury condos, then wouldn’t it be more likely to have a taller building requirement? I’m only guessing, as I think that higher-end condos typically have higher ceiling heights than lower-end ones. That could potentially push the height up to that magical 750 feet mark, perhaps?

The ceiling heights in Icon are 10' in the lower units and 11' or higher in the top floors.  The ceiling height in Terrazzo is 11' for every floor except the penthouses.

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1 hour ago, titanhog said:

5000 ft condo.  Wow!  I can't imagine what that price will be.

This is what I see as a Terrazzo resident.  This building is full of people in Tony's target market.  They are happy to be in a building this size (only 116 units) at a (relatively) cheap price.

How many units would be in the Paramount?  That is also a key statistic.  Terrazzo is small enough that those who care about their neighbors can get to know everyone.  Neighborhood, community - this is also important.

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Two hundred units I think is what the article said, however they will not be cheap. So if this project cost 240 million,  then the cost to build each unit is an average of 1.2 million. Remember that is cost. Maybe a realtor or builder on here can give us an idea of the sales pricebased on that. I just am not sure how much profit is normal.

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Can we see a rendering already?? I have a feeling it will look like an older style skyscraper with a majority stone exterior instead of glass.

Also, can someone who has the original Signature Tower rendering post it again? The very first one that was a stone exterior. Not the rendering we are all familiar with. 

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18 hours ago, NashvilleObserver said:

Can we see a rendering already?? I have a feeling it will look like an older style skyscraper with a majority stone exterior instead of glass.

Also, can someone who has the original Signature Tower rendering post it again? The very first one that was a stone exterior. Not the rendering we are all familiar with. 

45424338202_81b48bdd03_z.jpg

May be referring to this....an 800 footer that might look good in Chicago, but not n Nashville.

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