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TWELVE Hotels and Residences


TowerRooster

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Apparently not.

Novare has been remarkably quiet on this project, considering they originally implied they'd start by year end. But who knows, Novare doesn't sell before construction, so maybe they'll start things this winter and are just quietly doing their chores until then.

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  • 3 weeks later...
  • 2 weeks later...

Odd...the building permit application for the foundation has been cancelled.

Novare's website has updated the start date as 1Q 2007, so I assume things are still on track, just slightly delayed. This is the project I'm most excited about after Wachovia and The Vue.

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I wonder if they've changed their expectations of the market now that Furman has started selling a condo-hotel tower, which is presumably a similar market.

There've been so many changes and announcements lately I could see it both getting smaller and getting bigger. They are just 2 blocks from the new office tower for BofA, so that would be a factor for them to increase the size.

Or maybe the 6th iteration of the 12th version of Levine's plan calls for a different orientation.

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Could it be that they are wanting to move on the Duke site first??? Maybe Novare is sensing that the momentum on S Tryon would be nice to ride first, THEN build Twelve.

A2

(my fingers are tightly crossed that this is not outright cancelled :( )

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From my observations of Novare, other proposals only make them work hard to "get their shovel in the ground first". What's seems to be putting the pinch on a lot of developers is the continuing rise in the cost of construction materials. In Atlanta even a development such as the St Regis, where 44 of 50 condos starting at $2.5 million are under contract, had to be delayed because of this. That would be my guess as the reason for a redesign and resulting delay.

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Thought I would jump in ya'lls little conversation here. Unfortunately construction materials are escalating about as quickly as they have at any point since the hurricanes. Fuel surcharges have backed off a bit, but we still cant keep a firm price on steel, copper is through the roof and the recent acquistion of Rinker concrete has made the concrete pricing considerably less competitive. Here in Florida we are experiencing a 2-3% escalation each month on all of our high rise projects still in pre-con.

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