Signature Tower

[satalac]

very interesting. looks like there is some light at the end of the tunnel. not sure what i'd like to see built more, signature or wes. and pardon my ignorance, but what is the tower that they are talking about on 12th. i think i remember hearing about it, but does anyone know the specs?

[jice]

So does this mean there could possibly be a Regions sign at the top of Signature Tower and/or WES??

BTW, here is the 12th & Demonbreun thread..

http://www.urbanplanet.org/forums/EAKIN-PA...ers-t36479.html

[satalac]

So does this mean there could possibly be a Regions sign at the top of Signature Tower and/or WES??

BTW, here is the 12th & Demonbreun thread..

http://www.urbanplanet.org/forums/EAKIN-PA...ers-t36479.html

i would hope not for the signature. especially with the spire being such a main focus of the design. wes would be a more likely place for a sign.

and thanks for the link!

[Hankster]

This is certainly interesting news. I have often wondered who has shown interest in anchoring office space in Signature Tower. I also wonder how Tony is coming along with the redesign of his tower. I'm hoping we will hear more within a month or two.

[smeagolsfree]

If this is true, then this is what I suspected when I first heard the news that a company was looking to take 8 or 9 floors. My guess however was 1st TN. either way there is a possible financial partner. I am not going to hold my breath until the building is open for business and Ming Wang is in the Penthouse, especially the way things have been going around the rest of the country.

[nashvylle]

Well I do know that Ming Wang bought the 5 million dollar penthouse if that makes you feel better (but you might have already known that).

I hope Regions moves into Signature Tower. I think that would be great.

[smeagolsfree]

Well I do know that Ming Wang bought the 5 million dollar penthouse if that makes you feel better (but you might have already known that).

I hope Regions moves into Signature Tower. I think that would be great.

Thats why I said it actually more in jest than anything. I really want this tower but with current economic conditions, I just dont have a lot of faith that it will be built. With all of the unfinished towers around the country and the difficulty in obtaining financing, I have been turned sour that this project or any of the major projects will be started for another 5 years at least. I hope I am so wrong, but we have not seen the worst of this economic turn down, IMO. All we need to take us over the brink is a large scale natural disaster, such as another Katrina or a large earthquake in CA or on the New Madrid. And that is not to mention all of the economic factors that at this time are uncertain or the fact there could be another terrorist attack. Yes, I suppose this is doom and gloom, but lenders are looking at all items that could trigger trouble in the near future. Our economy was strong before, but has been hit with a lot in the past few years.

FYI, we recently took a show of hands at one of the past forum meets for those that think the Signature would be built and maybe one person gave in a 50/50 shot. So there is a lot of doubt even here right now.

[nashvylle]

No question there is doubt right now, but I was reading Business Week yesterday and there was an article stating many reasons why our economy might be on the upswing (don't have the article with me so I will need to post them later). One of them stated that hedge funds, not banks, could soon start making loans to companies who have the necessary collateral (hotel Palomar, Regions Bank, 105 our of 200 condos sold). I am, however, an optimist.

Let's all remember-- our economy saw its climax right AFTER September 11th. Dark is before the dawn of the day, so let's hope the economy is changing for the better.

Besides, does everyone really think there will never be another supertall built? Might not be within the next year, but one eventually will get built; and that supertall will get the financing because it has the necessary collateral in place admist all the doubters saying it will not happen. Why can't that be Signature Tower? We wouldn't be talking about a skeptical 400 unit condo tower reliant on flippers... If the convention center is approved, Giarratana could get enough of a loan to start financing with the Hotel Palomar and the office portion leased to Regions Bank, and during that construction hopefully more buyers (who aren't hurt by the economy as much) could buy units during construction making it more like 150-175 out of 200 condos sold.

Who knows, have faith in America to rebound.

[RON-E]

look familiar?

[Titans10]

looks like siggy??? Is that an advertisement or something that is going to be built in Asia??

[RON-E]

thats being built in china, but it looks almost like the siggy

[titanhog]

thats being built in china, but it looks almost like the siggy

there's no way this is a coincidence. This has to be designed AFTER seeing the Siggy sketches.

[timmay143]

The more and more I look at that building in China the more it looks just like the Signature Tower, crazy. I wonder if Tony can pull a Coke Zero commercial for architecture infringement.

Coke Zero real estate commercial

[satalac]

what, that's crazy. you act like china sees a design, then steals it and makes a cheaper one. that would never happen. oh wait......

[smeagolsfree]

TO get back on track here, there is an article in the NBJ this week saying that the developers of the Signature and WES are delayed but not deterred. I have not been able to read the entire article yet as it is for print subscribers. I will give you an update as soon as I can read the article unless someone has a subscription and can beat me to the punch.

[nashvylle]

Thanks for the update smeagolsfree. That's encouraging. Hopefully we can get both someday soon.

[smeagolsfree]

According to the NBJ, Tony is still planning on doing this tower. A quote; "When will we finish?" "Three and a half years after we start." Some of his partners want him to scale the project down. But, he is confident he will get the financing to move forward and that the financing will be in place before long.

Walker Matthews of RC Mathews Contractor said that the Siggy and the WES will be built close to what both developers have planned.

As for WES. ASP said he is wanting a 60% occupancy before its starts even if its 30,60 days or a year out.

[monsoon]

While this article doesn't refer to The Signature Tower specifically, it does discuss the pre-construction condo market and what has happened to it over the last year or so. It's in reference to the towers that stopped work that I mentioned above and the fact that in at least one of them the buyers appeared to have lost their rather substantial deposits. It is going to be very challenging for any condo tower to get off the ground for the foreseeable future.

[titanhog]

While this article doesn't refer to The Signature Tower specifically, it does discuss the pre-construction condo market and what has happened to it over the last year or so. It's in reference to the towers that stopped work that I mentioned above and the fact that in at least one of them the buyers appeared to have lost their rather substantial deposits. It is going to be very challenging for any condo tower to get off the ground for the foreseeable future.

I think that's the main reason Tony is now trying to include the "Office" portion of the Siggy and limiting the condo portion to just 200 units. He knows he won't be able to sell the 400 and may still have a hard time just selling the 200.

Personally...I think he has about a 50/50 chance of still pulling this off.

[smeagolsfree]

As far as I know, no one has lost a deposit on the Signature yet. If they did I think it would make news around here. Tony is an honorable fellow from what I have seen and he will do what ever he can to get the Signature off the ground.

Giarratana said"the money is out there to be invested, but most investors are looking for low-risk places to put their funds until the market settles down."

If he does have a bank interested in office space and it is Regions then he may have an easier time getting it done..

[FromParkAveToTN]

I read an article the other day that said the south-east region of the United States is the fastest growing region in the country right now in terms of corporate growth and relocation. I think that once the election year is over and the housing crisis' dust begins to settle, I think we'll start seeing some progress in the building sector of the economy again. I don't think our economic condition will last too much longer. I believe the worst is behind us and with the new housing laws that will be coming into affect, we will see less of these mortgage problems. I have a feeling that Signature Tower and WES will get built. There too much money already invested in both projects.

[nashvylle]

I pray that you are right!!! Come on Giarratana and Palmer companies!!!

[satalac]

while i hope that you are right, i'm still leary about the economy getting going again. inflation is looking better and there are some laws that are being passed to help with the mortgage debacle, but there are still some issues that concern me. for one, oil. if what just happened can happen that quickly, it can, and probably, will happen again. another scary thing....russia and iran are becoming closer and closer. these two countries control 22 million barrels of oil passed through the lines a day. needless to say, politics abroad don't really give me the greatest confidence. that being said, i'm ready for an economic upswing and to see those dang cranes up in the air!

[jice]

while i hope that you are right, i'm still leary about the economy getting going again. inflation is looking better and there are some laws that are being passed to help with the mortgage debacle, but there are still some issues that concern me. for one, oil. if what just happened can happen that quickly, it can, and probably, will happen again. another scary thing....russia and iran are becoming closer and closer. these two countries control 22 million barrels of oil passed through the lines a day. needless to say, politics abroad don't really give me the greatest confidence. that being said, i'm ready for an economic upswing and to see those dang cranes up in the air!

All the more reason to build and utilize skysrapers and other urban projects that don't require so much gas guzzling!

[satalac]

All the more reason to build and utilize skysrapers and other urban projects that don't require so much gas guzzling!

ahhh, i like the way you think!