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Signature Tower


NewTowner

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I'm going to go ahead and bite the bullet on this one and consider it dead... Or at least on life support. Honestly though, I would rather nashvillians spend their time and energy on infastructer rather than more buildings. Plus, considering just how bad wall street has gotten and with the news over the weekend, Tony G. is going to have a nightmare of a time getting a huge proposal like this financed. It's too great of a risk and risk isn't in banks' vocabulary anymore.

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I concur with many on this board. It's looking more and more likely that this tower will not be built. At the risk of beating a dead horse, the credit crunch and the housing market the way it is, financing is not likely going to happen. Throw this in with several high profile projects in my city of residence (Charlotte), and you have a number of unfinished or unbuilt projects. If TG had kept it to originally 55 stories, would it have been built? Finance, cost of materials, housing market downturn? Yes, no, maybe? Not me or anyone could prognosticate. The most import thing is to get through this current economic crisis and see what happens a few years down the road. The rest will take care of itself.

I wonder if Wachovia will play hardball with Tony an repo the land if he doesn't come up with financing. With Wach's current financial problems, it wouldn't surprise me the least if they did if they think they can get more for the land.

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  • 2 weeks later...

So...if it's dead...and Tony can find a way to keep the land, will he try to build this or something else there in the future?

Maybe, but the kind of financing available for these kinds of projects, and I mean financing that individuals can get to buy them, has fundamentally changed in this country over the last few weeks. Mortgages will now be limited to those who can actually afford them and who have a rather significant down payment to put down on a unit. No more 105% financing.

Unfortunately this will have the effect of doing a level set on what people are able to afford and this means it is going to be very tough to put together a project that can justify the prices required to put up a skyscraper.

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I think that's very true for skyscraper condo buildings. Monsoon, as you have said on the Charlotte board, I have no idea why any bank is financing The Vue...

Signature Tower is now a mixed use building. It got 105 sold contracts in this economy, I believe those were "true buyers". What Tony needs is to sign a large tenant to lease the office space. With the condo section decreasing to 200, a signed tenant would really help ensure financing (especially with the convention center enabling the need for the hotel section).

I hope he can find a keep the land and find a tenant and financing.

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  • 2 weeks later...

With the great day in the stock market today, I hope the economy will get back on track. Tony needs to focus on signing that anchor tenant. If the convention center passes, I believe lenders will be more willing to finance a tower with an anchor tenant and in an area where a brand new convention center is being built. Work Hard tony, get this done.

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Not to be a pessimist, but I don't think Wachovia is in any mood to foreclose on property right now. They are trying to sell themselves, and are trying to write down as little value as possible. I don't think getting an extension would be that hard, especially if Wachovia didn't have a buyer lined up to take the land off their hands.

Also, the stock market having a bump yesterday is only an indication of the extreme volatility in the market at the moment, and I can't imagine that anyone thinks we are now in a period of recovery.

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  • 1 month later...

Interesting video on the Tennessean's archives of Tony Giarratana. I suggest everyone to watch it.

Here is the link to the changes for Signature Tower. The article states that ST will be a completely different design; however, Tony states that ST will have "the same great architecture, a little bit shorter, but a completely different mix of units. None of the floor plans will survive the redesign."

http://tennessean.com/article/20081203/BUSINESS02/812030404\

Here is the video link: http://www.tennessean.com/apps/pbcs.dll/se...ory=special0113

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He says he is looking to build a condo of 90-100 3500 sq ft units, instead of 400-600 1500 sq ft units. This is going to be a substantially different building if he manages to get it built. Tony is going to be challenged to implement these new plans. I was at Myrtle Beach this weekend and was simply taken back by the number of high rise ocean front luxury condos where work had simply stopped and the building sites abandoned. In many cases there wasn't even enough money to even take down the cranes. Some of these buildings have been sitting like that for months deteriorating as the salt air invades these unfinished towers. I've never seen anything like it.

It is interesting however to see him admit what we have known here for quite some time.

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not really surprised. kinda sad the height has been reduced, but i don't really like having the tallest building outside of nyc and chi that never happened. it's not like we're just banned forever from getting another tall one like that (though it might be a loooong while). will he get this new one off the ground? he needs a lot less buyers now, but he is looking at 90 very wealthy buyers. guess we can't really speculate any more until we see the new designs. let's hope it still has a classy look to it and blends in with downtown. honestly a 700-800 ft tower would make me happy.

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I think enlarging the units is a good decision. These are not spaces for young singles or families just starting out, but more for middle-aged and older folks who have "made it." Many will be moving out of larger-than-average homes and will have lots of furnishings and other stuff they'd like to hold on to. In an economic downturn, exclusivity must be more narrowly defined to make the sale. Big AND cool, not just cool.

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I think enlarging the units is a good decision. These are not spaces for young singles or families just starting out, but more for middle-aged and older folks who have "made it." Many will be moving out of larger-than-average homes and will have lots of furnishings and other stuff they'd like to hold on to. In an economic downturn, exclusivity must be more narrowly defined to make the sale. Big AND cool, not just cool.

exactly, there are simply too many condos on the market geared more towards the young professional right now. signature does not and should not compete with these. these are true luxury condos, and one sign of true luxury is having space. this new redesign should take care of that issue.

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Speaking of videos.. this one is pretty dang cool... !

I found it a while back, dont think its linked publicly on the website.. and im not sure if we're supposed to even have access to it.. but anyway.

http://signaturetowernashville.com/flash/predators.swf

I assume this is the video that is played at Predators games, that people have talked about??

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Speaking of videos.. this one is pretty dang cool... !

I found it a while back, dont think its linked publicly on the website.. and im not sure if we're supposed to even have access to it.. but anyway.

http://signaturetowernashville.com/flash/predators.swf

I assume this is the video that is played at Predators games, that people have talked about??

I believe that there may be one other video that is played at the begining of the games. I haven't had the opportunity to go to any games this season, but I went to a few last year, and I remember seeing that vid, and I think there might have been one more....Its a shame they've lowered the height of the building, but I still want to see it be built. It will dramatically change the skyline of nashville for the better.

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well, they actually quit using that intro video at the beginning of this season. Last season Signature tower was a pretty big sponsor. They even had an enormous banner on one of the support columns that is inside the main part of the arena. But this season, the banner is gone, and the video is gone. The new video is funny actually. It makes Nashville seem like it has hundreds of blocks of a grid-like, mid-rise neighborhood.

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