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


markhollin

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28 minutes ago, donNdonelson2 said:

Ride share services and businesses such as Zipcar make it much easier to deal with urban life without the cost and inconvenience of car ownership. Lack of a parking garage shouldn’t be a substantial hindrance to marketing the units in this building.

I don't know....if I'm spending $1 million + on a condo, I'm going to own a car, and I'm wanting it conveniently near me. My snooty friends from Franklin aren't Ubering into town and are not going to be thrilled to park at the Library. I know Tony's considered these things, so he must not view them as an issue. It will depend on who he's aiming to attract. I could see a rival building coming in - with parking, and height and hurting the project.

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I absolutely think you need to have at least one parking space per unit.  Is this building for sale condos or rentals?  If high end condos or even high end apartments people are still going to have a private vehicle.  Sell the parking spots with the units and let the market decide who wants one.  But to build a building that tall and undoubtedly that expensive with no parking in a  city with limited transit options in my opinion is pure fantasy.  This would not work even in Charlotte with our light rail or any major city in the south.  Even all the Miami condo towers have parking!

Edited by KJHburg
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44 minutes ago, KJHburg said:

I absolutely think you need to have at least one parking space per unit.  Is this building for sale condos or rentals?  If high end condos or even high end apartments people are still going to have a private vehicle.  Sell the parking spots with the units and let the market decide who wants one.  But to build a building that tall and undoubtedly that expensive with no parking in a  city with limited transit options in my opinion is pure fantasy.  This would not work even in Charlotte with our light rail or any major city in the south.  Even all the Miami condo towers have parking!

The lot size is too small for a parking garage. 

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16 minutes ago, nashvylle said:

The lot size is too small for a parking garage. 

Then the garage or some parking should be incorporated into the building on first couple floors above the ground floor or in a garage below.  I just don't know how it would be viable without any parking.   One tower never built in Charlotte was proposed on a very tight lot and it was  going to have a car elevator that would bring the vehicles to the level of the units.  That was proposed and bandied around for a few years then 2008/2009 came and it was never built and never talked about again.  A 30 story hotel is going up on that lot now and it is under construction with no parking but leasing spaces nearby with valet.  But that is a hotel very different from a residential tower where people would bringing up groceries etc. 

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I realize it's an added expense, but it's also a tremendous asset... not only as an amenity, but also in an increasingly crowded city.  Not exactly a fair comparison, but in NYC parking spots go for thousands of dollars per month. Plus, if/when Mr. Giarratana wants to sell the building, will the lack of parking be a liability?  Pondering this, I can't help thinking he is being strategic and ultimately wants to buy the adjacent property (I believe he owns the vacant lot just to the north of that). If you were the owner of that solitary building, would you want a 60-story building to go up right next to it? I'm thinking there's more to play out on this one. 

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I think it could work. Garages are EXPENSIVE to built.  Especially expensive if they are below grade and require blasting.  If he builds this without a garage then he can price the units at a lower point and still be profitable to sell. I have no doubt there will be parking available; it just may be off site. Along with the condo fee, owners could choose to pay $200 per month for a parking spot and valet service to the front of the building. 

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43 minutes ago, Hey_Hey said:

I think it could work. Garages are EXPENSIVE to built.  Especially expensive if they are below grade and require blasting.  If he builds this without a garage then he can price the units at a lower point and still be profitable to sell. I have no doubt there will be parking available; it just may be off site. Along with the condo fee, owners could choose to pay $200 per month for a parking spot and valet service to the front of the building. 

Yeah...let's not forget Tony's parking lots all over downtown.  He'll come up with something creative.   Parking nearby.  Valet service.  If you pick up groceries, there will probably be a concierge service to help you with the bags.  I'm sure everything will be covered to make all of the questions one may have a non-issue.

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19 hours ago, Nash_12South said:

I don't know....if I'm spending $1 million + on a condo, I'm going to own a car, and I'm wanting it conveniently near me. My snooty friends from Franklin aren't Ubering into town and are not going to be thrilled to park at the Library. I know Tony's considered these things, so he must not view them as an issue. It will depend on who he's aiming to attract. I could see a rival building coming in - with parking, and height and hurting the project.

From my experience, if the people have a car, they can lease a space in one of the many parking garages nearby. The valet amenity will ultimately have an agreement with a neighboring garage where they will secure a portion of or an entire floor plate of a garage. Garage operators would love this, because it is guaranteed revenue even if the spots aren't being used. Will it be a pain to have to call the car every time they come out? Possibly. But when you are that high of a roller and can afford a unit in a building like this, that is not a real life problem.

7 hours ago, Hey_Hey said:

I think it could work. Garages are EXPENSIVE to built.  Especially expensive if they are below grade and require blasting.  If he builds this without a garage then he can price the units at a lower point and still be profitable to sell. I have no doubt there will be parking available; it just may be off site. Along with the condo fee, owners could choose to pay $200 per month for a parking spot and valet service to the front of the building. 

Agreed, garages are extremely expensive to build. Before leaving Boston I was talking to my manager about the cost of construction (stupid high in the northeast) and a parking structure in the city was costing in between 30K-40K PER SPOT. Putting that into perspective, the 5th and Broadway garage is roughly 780 spots with a reported cost of 32 million. That's almost 41K PER SPOT and that's within a 6 acre lot. I can only imagine how much that would cost on the confined space as the contractor would surely increase their costs for the confined space.

There is an insane garage in Boston the Brimmer Street Garage (story:https://www.bostonmagazine.com/property/2015/11/03/beacon-hill-parking/) where parking spots initially sold for $7,500 bucks, but one has been listed as high as $650,000. $200 per month is extremely cheap for parking. A tower like this, I would expect much closer to $1,000 per spot.

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I can remember looking at the Icon back in 2008 (pre crash, ugh, I got laid off the day I was supposed to close on a loft in Werthan that would be worth a fortune now, sigh). I was looking at a 1 bedroom place, I want to say it was around $160k-175ish and  that didn't include a parking spot which was separate and that you could purchase for $10k.

So I would think it's even more expensive now for parking. 

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54 minutes ago, NashRugger said:

I can almost guarantee had banks not be so skiddish on lending for spec space that that version would be standing today. Folks complain about Signature Tower failing, this design and plan blew it far out of the water than any of the Signature plans ever would've done. One of the most innovative proposals for a mixed-use project anywhere in this country.

Ehhh, to each their own. I know I am in the minority, but I wasn't a fan of this tower. Yes I prefer it over 505CST, but compared to siggy? No way. 

I also don't like how the curves of the building would have been blocked by other buildings. If this building was where 222 2nd Ave is, and the curves could be seen by Ascend Amphitheater, then yes I would like it a lot more. 

Edited by nashvylle
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18 hours ago, nashwatcher said:

How much land does Tony have at the KVB roundabout? He should build the curved tower there! It would be highly visible (not blocked by many buildings) and a real architectural show stopper

He has a parking lot on the nort side of  Lea and I think he has the option on the property between there and the Westin that is the Dismass House property.

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