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NewTowner

Signature Tower

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Let's hope so! The big thing now is redesigning the sucker so that the office floors will fit. :(

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I hav'nt been on 5th and church in a while but that project sort of reminds me of the WES project. They get our hopes up with putting big boards up advertising yet progress is stalling. It may just be me. I'm a little impatient.

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Well, can you name any projects of Signature Tower's magnitude that are being started right now in this economy? Even the new WTC in NYC is being delayed.

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Well, can you name any projects of Signature Tower's magnitude that are being started right now in this economy? Even the new WTC in NYC is being delayed.

The 50 story The Vue in Charlotte is now breaking ground.

On the other hand there is the 50 story 210 Trade which is partially built where work stopped on it months ago. The rumor being there isn't enough money to build it now. The various developers have filed close to $200M worth of lawsuits against each other. It's an amazing fall when one considers this development connects directly to downtown Charlotte's main light rail station. And then there is The Park which was almost completed, but the bank foreclosed on it saying the developer was $30M behind in payments. Work on it also halted months ago. Both are haunting reminders that highrise condos are not always good ideas.

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Yeah, I like to hop over on the Charlotte forum every now and then and check the cool projects going on over there. Very impressive! Unfortunately I have heard the bad news for some of those developments. I really feel for you guys because we be in the same boat if say Sig gets started then delayed. I would rather it never get started at all. It's kinda like our West End Summit building which people have been waiting on for years! It's just a big hole in the ground, ugh. Maybe Tony can reconfigure the building and pull something off, but who knows about either of these projects? You kinda just have to sit back, be patient, and be grateful for the current progress and development and how it could get better.

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monsoon how long has "The Vue" been a proposal?

I believe it was proposed around the same time as the Signature tower. Maybe about 2-3 years ago. It went dormant for a while under rumors of losing its financing, but they seem to have to have that straightened out now. They did "cheapen" the tower from the original proposal. They did break ground and are now pouring the casings for the foundation. Their website his here.

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That's pretty amazing. Shows how strong the condo market is in Charlotte.

Not really. Two notable projects have stopped construction and it might be years before they are finished, if ever. Trump has apparently pulled his project, and dozens of other very serious proposals are now dead. The Vue has yet to be finished and as the two dead projects demonstrate just because they start pouring concrete, there is no guarantee that it will get built.

Imagine this dead project sitting right in the middle of Nashville. Then imagine two of them.

11-29-07018.jpg

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hmmm that would be pretty bad Monsoon. That's why I'm glad TG has decided to reconfigure Signature Tower. 400 condos in any market (minus Dubai maybe) is a stretch. However, 16 stories of hotel, office space, then 200 condos after 105 had contracts sounds more reasonable (if firms signs lease in office space). Hope it gets built.

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Imagine this dead project sitting right in the middle of Nashville. Then imagine two of them.

Wow, that's incredible, looks more like North Korea than Charlotte (I'm referencing the Ryugyong hotel for anyone confused by this comment).

Is it even economical to leave a building unfinished like that? Seems you would definitely make more money by finishing it and selling the condo's for a small loss rather than loosing 100% of the construction/land costs by letting the building just deteriorate in the elements...

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^To answer that question there is a very infamous tower that was never completed which has stood there for 20 years. You might be familiar with Jim and Tammy Bakker who ran the PTL Club in the 1980s. They sold a time share building which at the time that was never finished because Bakker was sent to prison for tax evasions and there what that whole sex scandal involving Jessica Hann.

This is a photo of the building. It is 21-22 stories and for a long while was the 3rd or 4th tallest building in SC. It sits in SC just south of Charlotte and is still there today abandoned. There have been efforts over the years by various developers who bought to property to finish the building to sell as luxury condos. None of them have worked out and now the local municipality has decided the building is deteriorated too much to be saved at this point. While it was not a causality of the current condo crisis it is an example that sometimes these things never get finished.

DCAO0309.JPG

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^To answer that question there is a very infamous tower that was never completed which has stood there for 20 years. You might be familiar with Jim and Tammy Bakker who ran the PTL Club in the 1980s. They sold a time share building which at the time that was never finished because Bakker was sent to prison for tax evasions and there what that whole sex scandal involving Jessica Hann.

This is a photo of the building. It is 21-22 stories and for a long while was the 3rd or 4th tallest building in SC. It sits in SC just south of Charlotte and is still there today abandoned. There have been efforts over the years by various developers who bought to property to finish the building to sell as luxury condos. None of them have worked out and now the local municipality has decided the building is deteriorated too much to be saved at this point. While it was not a causality of the current condo crisis it is an example that sometimes these things never get finished.

DCAO0309.JPG

Wow! I didn't realize things like that happened very often.

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I like the Signature tower in Nashville. I hope it gets built. Trump Charlotte is also nice its 72 floors and probably over 1000 ft.

Uh okay. I'm glad you like it and hope it gets built, but what does that (Trump Charlotte) have to do with Signature Tower??? LOL!! Honestly?

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Uh okay. I'm glad you like it and hope it gets built, but what does that (Trump Charlotte) have to do with Signature Tower??? LOL!! Honestly?

Plus...in an above post, Monsoon states that Trump has apparently pulled this project in Charlotte. I like the design, though.

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Plus...in an above post, Monsoon states that Trump has apparently pulled this project in Charlotte. I like the design, though.

Trump Charlotte hasn't been pulled yet

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Not really. Two notable projects have stopped construction and it might be years before they are finished, if ever. Trump has apparently pulled his project, and dozens of other very serious proposals are now dead. The Vue has yet to be finished and as the two dead projects demonstrate just because they start pouring concrete, there is no guarantee that it will get built.

Imagine this dead project sitting right in the middle of Nashville. Then imagine two of them.

11-29-07018.jpg

I hear you. Although Nashville dont have any unfinished high rises, we do have a very big hole in the middle of west end.

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Trump Charlotte hasn't been pulled yet

LOL, well it hasn't been announced either. I invite anyone interested to go and read the topic on this tower. News came out in October the rumored tower was dead and that prediction seems to be holding true. Trump has had his share of problems with the tower he is building in Chicago and I don't think he wants to take on another one such as that with this economy.

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I dont see a many large residential towers going up any time soon. If Fannie Mae and Freddie Mac go under, no one will be able t o get a home loan very easily. I dont think the Fed will let them go under but it is going to take some time to see any kind of rebound in the market to allow for single family residential or any large condo towers like Signature and Trump to get built.

I am curious to see what Tony G does as far as a design change to allow for the tower to be built with an office component. I do agree the market in DT Nashville could see a lot more demand in the coming years, but it will be after 2010, IMO.

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I feel like if Tony can get a firm or two to sign a lease, along with keeping at least the 105 sold contracts out of 200 total condos, he could get the financing required. The new convention center should be incentive for the hotel portion, the office component secured, and then about 52% occupancy on the condo (at the start of construction, with more to come as construction continues).

I hope for a large firm lease signing for Siggy.

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I wonder how much he will have to change the design to accommodate the office floor plan?

By the way I like that Trump tower proposal in Charlotte.

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