Signature Tower

[Richard Lawson]

Pricewise, I consider Adelicia comparable to Signature Tower. Do you have any specific information as to how sales are going on that one?

Adelica is sellling for on average $3325 per foot. Last week, they had 40 of 186 left. But they are holding back 30 until after topping off at the end of the year.

[atlrvr]

Adelica is sellling for on average $3325 per foot.

Wow!!! That makes Trump International Hotel and Tower in NYC look like a steal.....sorry, couldn't resist.

Assuming that you meant $325, that seems really reasonable for high-rise construction, considering that is now the Charlotte midrise norm, with high-rise (except Novare) starting at $350 psf. Hopefully prices will stay reasonable for a while, because the relative value is needed to bring enough people to really reach critical mass.

[Skyscrapergeek]

When you stated 120 reservations, I got excited because I assumed they were additional since the total was below the 125 shown before. However, the 120 is indeed correct as shown on the site today. That means that some reservations fell out. Is that due to the check being promised but never recieved? I did notice that some units that were not reserved earlier are listed as reserved today, the most noticeable being the 64th story penthouse. Wow! I'd like to become friends with whoever that is.

You're right Hankster, the reservation of the 64th floor is significant. It represents a more substantial commitment as it will be a custom build and will go further to help with the financing itself. Very good news actually.

Btw, this post is in no way meant to be insulting or degrading to anyone. However, it does lack humor...well, now it doesn't.

[Hankster]

Btw, this post is in no way meant to be insulting or degrading to anyone. However, it does lack humor...well, now it doesn't.

I knew you couldn't complete a post without throwing a little humor in. Thanks for keeping true to form.

[Skyscrapergeek]

I knew you couldn't complete a post without throwing a little humor in. Thanks for keeping true to form.

Oh, and Tony has updated his Giarrantana site to include some of the new info and renderings (same ones that are on the Sig site). Doesn't he know that Sig is dead?

[titanhog]

Is it still 200 reservations before the Sig project can begin construction?

Also...went to Chicago last weekend and went up to the top of the Sears Tower. Really cool to see how dense the city is...plus, with Sig only 400-500 feet lower, I can start to imagine what it will be like up on the top floor.

[Skyscrapergeek]

Is it still 200 reservations before the Sig project can begin construction?

Also...went to Chicago last weekend and went up to the top of the Sears Tower. Really cool to see how dense the city is...plus, with Sig only 400-500 feet lower, I can start to imagine what it will be like up on the top floor.

Tony's site lists a total of 390 units. Everyone is guessing that it needs to be 50%. That is one reason why selling the penthouse floors are so important. They will obviously pay for more of the building than the smaller units. As it is, a good 30% of the tower is reserved. That is a very good start.

[cheeriokid61]

Okay, I just checked out the site, and I noticed that the townhouse floorplans are available. Have I finally made an important discovery, or just proved that I am the slowest person on the site?

[Jeeper12]

Wow!!! That makes Trump International Hotel and Tower in NYC look like a steal.....sorry, couldn't resist.

Assuming that you meant $325, that seems really reasonable for high-rise construction, considering that is now the Charlotte midrise norm, with high-rise (except Novare) starting at $350 psf. Hopefully prices will stay reasonable for a while, because the relative value is needed to bring enough people to really reach critical mass.

Despite all the announcements to the contrary I think Nashville projects trying to achieve a $400 a foot average (or more) are going to have a very difficult time securing enough serious contracts to push ahead with construction. I think in a few years we'll see prices sustained at this level but I just don't think we're there yet. Just my opinion.

[nashvillwill]

The townhome floorplans have been on the site for a little while, but if you have an extra million I can have I'd be happy to fill one of them up.

[cheeriokid61]

Eh, no thanks. Someone else can have them. But when are the floorplans for levels 61 and 62 coming out? Are they the same design as 59 and 60 or not? Or are the two levels for the townhomes combined as one, leaving floors 60-62 to be released? Crap, now I've gone and confused myself again...

[jice]

It's not an exact science... and may not be exactly correct... but I counted:

59th -- 2,850,000 x 2 = 5,700,000 out of 11,450,000

16th-37th -- 500,000 x 72 = 36,000,000 out of 110,000,000

40th-54th -- 700,000 x 38 = 26,600,000 out of 84,000,000

55th-58th -- 1,600,000 x 7 = 11,200,000 out of 25,600,000

63rd-65th -- 4,250,000 out of 13,000,000

Total -- $83,750,000 reserved of $244,050,000 = 34.3% reserved

Then there's still floors unreleased yet, and the hotel....

What can I say... I'm bored

[Hankster]

It's not an exact science... and may not be exactly correct... but I counted:

59th -- 2,850,000 x 2 = 5,700,000 out of 11,450,000

16th-37th -- 500,000 x 72 = 36,000,000 out of 110,000,000

40th-54th -- 700,000 x 38 = 26,600,000 out of 84,000,000

55th-58th -- 1,600,000 x 7 = 11,200,000 out of 25,600,000

63rd-65th -- 4,250,000 out of 13,000,000

Total -- $83,750,000 reserved of $244,050,000 = 34.3% reserved

Then there's still floors unreleased yet, and the hotel....

What can I say... I'm bored

Thanks for doing this. I had considered doing this also, but now I don't have to. I believe your numbers are "in the ballpark". 30% of the units have been reserved representing 34% of the dollar value. As soon as Tony G. hits 50% of the dollar value he should be where he needs to be to get financing. Basically all he needs to get there is about $40,000,000 more in reservations.

[cheeriokid61]

Does he need 50% in reservations or 50% in actual sales to get financing?

[Jeeper12]

Does he need 50% in reservations or 50% in actual purchases to go financing?

He'll need 50% of his sales in CONTRACTS not reservations and I think his presumption that a future lender will accept 5% deposits (on $400-700/sf sales) is more hopeful than realistic.

[jice]

I noticed while driving by yesterday... the Sig model at the Cumberlands doesn't appear to be there anymore, as best as I could tell. The room that used to house it had a sign in it to lease I believe. It's been a while since i've been down that way... so this may be nothing new.

[gaushell]

I noticed while driving by yesterday... the Sig model at the Cumberlands doesn't appear to be there anymore, as best as I could tell. The room that used to house it had a sign in it to lease I believe. It's been a while since i've been down that way... so this may be nothing new.

That was really just a temporary location for a kick off party. The model has been moved to Giarratana's corporate offices as that is where they meet with people to process the reservations.

The website is intended to be the Virtual Sales Center. There will be much more added to it over the next few months.

[Hankster]

That was really just a temporary location for a kick off party. The model has been moved to Giarratana's corporate offices as that is where they meet with people to process the reservations.

The website is intended to be the Virtual Sales Center. There will be much more added to it over the next few months.

Can you give us a heads up as to when you plan to post the new renderings and the new video?

[gaushell]

Can you give us a heads up as to when you plan to post the new renderings and the new video?

Will do.

[FromParkAveToTN]

I just wanted to say congratulations to Nashville for getting such a beautiful building. I hope it becomes a reality.

[Hankster]

I just wanted to say congratulations to Nashville for getting such a beautiful building. I hope it becomes a reality.

Thanks a bunch. We're all really excited about it. Hey, welcome to the forum!

[Hankster]

The word on the Charlotte forum is that the Wachovia project will be formally announced in July. There were rumors flying that it might be over 1000 Ft. However, the word is that it will be a glass tower without a spire, 46 stories, and somewhere between 700 and 800 ft. It has a top a little like the Batman Building without the "ears". There is also a 30 story residential project next to it. This is great news for Charlotte, and I congratulate them. I really thought this one might eclipse Signature Tower in height and really start a supertall boom in the South. This project is an absolute lock to be built because it's a bank building and the financing is certain. Of course, the Sig Tower is not a lock quite yet. Here's hoping the tall skyscraper boom in South extends to both Charlotte and Nashville with the formal announcement of construction on Siggy in about 7 months.

[Skyscrapergeek]

/\ Yeah, that is a nice looking building. Does kind of favor Bell South. Looks a little like an electric razor. It will look great in their skyline. Comparison to ST was amusing. I still love that original First Union design. They should have borrowed that one.

[UrbanCharlotte]

It may reach 900 feet, eclipsing BofA, and is already UC. Anyway, this is the Sig Tower thread, and I was wondering how many units have already been reserved?

[Skyscrapergeek]

It may reach 900 feet, eclipsing BofA, and is already UC. Anyway, this is the Sig Tower thread, and I was wondering how many units have already been reserved?

The latest numbers were updated a week or so ago and 120 of the 390 units were reserved. That included the 64th floor penthouse. gaushell is going to let us know when the new illustrations and video will be coming out.

Congrats on the Wachovia tower. Very nice.