Signature gets Purcell backing

[rosen108]

Article in the bizjournal seems to be quite optimistic for Signature Tower Completion in summer of 2009

" Tony Giarratana has altered his plans for the Signature Tower high-rise project in downtown Nashville and expects construction next year."

- 500 units now (down from 700 units)

- no apartments

- Purcell gives support

- Construction might begin as early as next fall

Heres the article:

http://www.bizjournals.com/nashville/stori...tml?jst=b_ln_hl

[GaTechGuy]

Everything just keeps falling into place. Sounds great!

[memphian]

I would like to see the changes to the design. If you look at the old design, the Garage was wrapped with the rental units (I believe). So how is this building going to look now? I must also say that I am disappointed that downtown is quickly becoming a place that only a homeowner can live in. MDHA needs to realize that apartment dwellers are a necessary piece of the puzzle too. One good thing is that the current projects could lead to more high-income residents of downtown therefore spurring some decent retail development. Do you think there is a specific formula of developing a downtown community - which comes first For-sale Units or Rental Units?

[Lexy]

All I can say is WOW! 40-50% is definatly an acheivable number. (Matter of fact, a very close friend of ours is waiting for the pre-sale to start on it so he can get a place there. He will be moving from Dayton, Ohio.) MDHA appears to be behind this project and so does the rest of the city. I say we all grab a shovel and meet down at the site tomorrow and start digging.

[it's just dave]

The money is in the For Sale units is what I've heard so many times. I believe we'll see most of the rental apartments South of Broadway in buildings less dramatic than Signature. $200 million is a lot of money and with sales contracts, it seems the lenders would be more inclined to lend based on the longevity and profitability of mortgages.

Watch for apartments to sprout at Rolling Mill, Thermal, North, and SoBro. That's my guess.

I never was too keen on the garage in the back, even with the apartments surrounding it. It will probably look very close to the rendering...the garage will just be underground. Maybe some greenspace can be made from what's left of the property with the previous garage component altered and moved.

[MidTenn1]

Article in the bizjournal seems to be quite optimistic for Signature Tower Completion in summer of 2009

" Tony Giarratana has altered his plans for the Signature Tower high-rise project in downtown Nashville and expects construction next year."

- 500 units now (down from 700 units)

- no apartments

Probably means a 39 floor building + first floor retail (based on 750 units on 55 floors in the original plan). With a decorative spire, the total height may be 'only' from 550' to 600'.

[cheeriokid61]

I think that many of the 200 units lost were the ones surrounding the garage, which is now underground. It would be difficult to live in a condo seven stories below ground. Not fun.

[sleepy]

I would like to see the changes to the design. If you look at the old design, the Garage was wrapped with the rental units (I believe). So how is this building going to look now? I must also say that I am disappointed that downtown is quickly becoming a place that only a homeowner can live in. MDHA needs to realize that apartment dwellers are a necessary piece of the puzzle too. One good thing is that the current projects could lead to more high-income residents of downtown therefore spurring some decent retail development. Do you think there is a specific formula of developing a downtown community - which comes first For-sale Units or Rental Units?

I think for rehabbing older buildings into residential, apartments come first because of the tax incentives which apply only to rental property. Once those tax incentives run out--5 or 6 years--the developers convert those rentals into condos.

I say that it only applies to rehabs because property taxes are frozen at the pre-rehab level for the 5 or 6 yr. period. So if Nashville is primarily constructing new buildings, I suspect they'll mostly be condos.

I'm only basing these thoughts on the situation in Memphis where most older buildings are being converted from apartments to condos because of those tax breaks which are now expiring and which I think may be governed by state law. Memphis' Vue apartment building (finally on its way) is new construction for affordable apartments, but had to go through a bunch of HUD hoops to make a go.

[rosen108]

Probably means a 39 floor building + first floor retail (based on 750 units on 55 floors in the original plan). With a decorative spire, the total height may be 'only' from 550' to 600'.

I dont know, the article quotes Giarratan, saying "During a press conference with Nashville Mayor Bill Purcell, Giarratana said the 55-story building will have 500 units, all of which will be for sale". It seems to me (well from the article at least) that we are still talking about a 55 story building. But yeah, I was confused to how it would be the same amount of floors with with 250 less units. Maybe each unit will just be bigger?

For what its worth I found this picture on tony giarratana's website (notice the parking garage is alot smaller):

I don't know if it really means anything, but its interesting that the garage is almost completely gone in this picture.

RK - I hope its ok that i posted the picture, sorry if its not!

[Lexy]

I still like the render of this, garage or not. I guess it's worth mentioning that I too was a bit confused when I read that about the number of unts being down in relation to the tower height. I hope the city doesn't talk him down to another tower that is 30-something stories and flat on the top like most towers in Nashville. We need something that will stand out and be radically different than what we have been looking at for the last ten years. I still thnk it will be in the 700-800ft range when done.

[MidTenn1]

I dont know, the article quotes Giarratan, saying "During a press conference with Nashville Mayor Bill Purcell, Giarratana said the 55-story building will have 500 units, all of which will be for sale". It seems to me (well from the article at least) that we are still talking about a 55 story building. But yeah, I was confused to how it would be the same amount of floors with with 250 less units. Maybe each unit will just be bigger?

Yeah, you're right. I didn't read the article. Looks like it is still in the 700' to 800' range. The spire seems to be a little shorter than before.

[Lexy]

^ Now that you mention it, it does appear a bit shorter than the last. Hmm.......wonder why? (not that I am complaining or anything)

[Rural King]

If he can get it built in the 600-700ft range it will be superb for the image of the city IMO. A tower over 700ft tall would be down right spectacular.

[Onyte9]

Sounds good. I orginally was thinking along the lines of it would be much shorter but after reading a few posts and looking at the pic it dont seem like it will be too much shorter. 700-800 range would be amazing.

[Lexy]

^ It's still at 55 stories though as far as we know. I didn't read where it would be less.

[memphian]

hey in the pic above you can see the parking lot at Church and 2nd. I am going to stick with my desire for a 30+ story building. I think it would anchor the East side of Downtown nicely. Maybe something with a punch of color. Anyone else notice how the Viridian blends right into the fabric of Downtown?

[cheeriokid61]

Note the lighter glass at the bottom of Signature where the garage used to be. Could this mean that there will be something different there, or is it unsignificant?

[memphian]

Note the lighter glass at the bottom of Signature where the garage used to be. Could this mean that there will be something different there, or is it unsignificant?

That may be just a reflection of nearby buildings for the rendering. I do see a pool now there (I don't remember seeing that before). I am happy with this new design. No worries from me.

[Lexy]

After watching the report on the news tonight this is what is known about the project. It is STILL 55 STORIES! It has its next meeting with city officals in December. And I personally believe that it will be built. The fact that it's not costing the public a dime is one of the big reasons the city, IMO,will sign off on it offically in December.

[smeagolsfree]

In case anyone wants the Channel 4 artocle, here it is. Also I noticed the rendering wiothout the garage on the website a while back. I thought that was a little odd. Makes since now.

http://www.wsmv.com/Global/story.asp?S=4179912

[Hankster]

Oh, I'm soooo excited!!! With Purcell's approval, I think this baby's on the fast track! This is truly a "Signature" project for Nashville.... one that makes a real statement for the city. The design looks basically just like before to me, except without the parking garage attached. I think the loss in units will stem partly from the loss of the apartments which surrounded the garage and partly from larger condos overall. I suspect there will be more condos with the larger floorplans than were in the earlier design. Having to sell 40% to 50% of only 500 units is another big plus, too! I'm willing to bet that he'll be able able to reach his sales target in no more than a couple of months. This is the kind of project that people will be rushing to get in. Yeah, I'm pumped!!!

[smeagolsfree]

Interesting the news has said 500 units and the website says 600 with the new rendering. I guess we will have to wit and see what the final design is. Either way, they will need to sale between 250 and 300 units before construction. With the way the downtown housing market is, that will be very doable very fast.

[Nashnoize]

Yeah, this is great news. I can't imagine that there will be too much of a problem selling 40-50%. This is Nashville's first prime time residentual "major city" tower. Many people would love to boast that they live in the Signature. The apartments will come once it becomes even more chic to live downtown, and yeah SOBRO would be the more likely spot for those. AHH, I feel that I can finally say that this WILL be built. Thanks Bill.

[Kheldane]

Fan-freaking-tastic!!!

I'm glad to see this looking more possible!

[Skyscrapergeek]

Something occured to me today as I was on Briley Pky. The renderings for Signature's facade look a lot like the Highland Ridge Tower at Briley and I-40. I mean as far as glass and other surfaces. What do you guys think? I'd attach a picture but I'm not sure what is legal. I don't have one that I've taken.