Signature Tower

[uptownliving]

No, I think Tony's real problem is lack of buyers and, more specifically, lack of momentum. The few interested prospects that he has on the line won't wait much longer without feeling very loney and seeking out other options. My guess is he feels like he needs one or two more "legitimite" delays that don't spook the herd but buy him another month or two. Why call channel 4 news with that bit of news ? Probably because he knows that's where he's least likely to have any tough follow up question about sales. They're only looking for 15 seconds worth of information for their newscast.

I think you might be on to something. It is quite common for developers and contractors to go back and forth about price and design...even at this stage of the game. What is not common is for developers to call a tv station to let them know they are going to meet with the contractor because their budget is off by $5M. That to me is rather odd and in all my years of following development they only publically disclose this type of information when the project is about to be cancelled. A recent example I can think of in Charlotte is the Concourse tower...which had 70% of the units reserved...but the numbers didn't work due to a complex parking structure so the developer refunded all the deposits and the story hit the local papers and tv stations. What developer in their right mind would divulge this type of information publically if they are trying to sell units?

[Dale]

Who said that Tony called the station. The news blurb said only that he told the station ...

[uptownliving]

Personally it doesn't matter to me who called who...the bottom line is that Tony knowingly revealed this information to Channel 4. If you are trying to sell units then you don't talk to the local tv station and tell them there is a budget shortfall. Why scare off potential buyers?

[Dale]

Personally it doesn't matter to me who called who...the bottom line is that Tony knowingly revealed this information to Channel 4. If you are trying to sell units then you don't talk to the local tv station and tell them there is a budget shortfall. Why scare off potential buyers?

I don't know. Why would a developer worried about scaring off buyers prominantly feature on his website a reservations ticker programmed to show ebb as well as flow in numbers of reservations ?

[elguapo731]

I seriously doubt Tony called any news outlet to tell them that. Remember folks, vacation news crews looking for a story, something to stand out to get them out of the "B" or "C" team crew. They may have used one line out of probably a decent conversation because it was the most catchy/provacative. As others stated it is probably pretty common to go back and forth and the statement might have been said in passing that they were going back on forth and are $5 million off. We really don't know.

[Hankster]

There is no way $5 Million dollars is going to make or break this project. That's less than 2 percent. I'm an Engineer and if I come in within 2 percent of my budget on a project, people are generally happy. Obviously, they're happier if it's a 2 percent shortfall versus a 2 percent overrun, but happy nonetheless. The only thing that will derail this project is if they don't sell enough condos to line up financing. That's it pure and simple.

[titanhog]

There is no way $5 Million dollars is going to make or break this project. That's less than 2 percent. I'm an Engineer and if I come in within 2 percent of my budget on a project, people are generally happy. Obviously, they're happier if it's a 2 percent shortfall versus a 2 percent overrun, but happy nonetheless. The only thing that will derail this project is if they don't sell enough condos to line up financing. That's it pure and simple.

Exactly. If Tony is saying the groundbreaking or construction is delayed (or cancelled all-together) because of a $5mil cost over-run, I won't believe it. It'll be because of lack of sales.

[titanhog]

Actually, I think it's my third time posting in this thread. But apparently some skipped by, even when my posts were "auspicious".

Do you dispute that real estate salespeople are lazy, use old technology like fax machines, or don't have college degrees, or that website developers work from their homes and let things sit in their inbox for weeks on end? Or was the announcement of the death of this project my hot air, or the developer's?

Never mind, I'll set the example and let sleeping dog lie.

Your prediction that this project is dead may be correct...we'll all probably know for sure very soon. Your comment that real estate salespeople are lazy, technologically prehistoric and high school grads at best is uncalled for. Lumping an entire industry of workers into one pile does nothing but start arguments that most of us on here don't care to weed through.

[GRDadof3]

Your prediction that this project is dead may be correct...we'll all probably know for sure very soon. Your comment that real estate salespeople are lazy, technologically prehistoric and high school grads at best is uncalled for. Lumping an entire industry of workers into one pile does nothing but start arguments that most of us on here don't care to weed through.

You're right, my apologies. There are a lot of fine real estate professionals.

[elguapo731]

Greetings all and Happy 4th.... Just a quick question about the supposed upcoming ground breaking......

Has anyone heard of an actual date or called Tony's office, just wondering. When I drove by the site on Tuesday I saw no signs outside the site that indicated the lot would be closed next week or anytime soon. I would suspect they will give at least a week notification before they close up the lot to begin work...... I guess a groundbreaking doesn't neccesarrily mean work is about to begin.....

[it's just dave]

It seems all bets are currently off until Tony meets again with the builder on Thursday about the shortfall.

[bruceman]

I wonder if Tony was to make Siggy 65 floors instead of 70 if that could make a difference in the cost? I sure hope this tower is built, 65 or hell even 60 stories would be better than nothing at all.

[JerseyBoy]

I wonder if Tony was to make Siggy 65 floors instead of 70 if that could make a difference in the cost? I sure hope this tower is built, 65 or hell even 60 stories would be better than nothing at all. mellow.gif

I think that might make a difference though in all my years in following developers and knowing many myself, this $5 million hold-up just can't be the reason they aren't building. As others have said I think Tony has not sold enough units and is trying to save face in case he goes ahead and builds other projects. I would expect 2 things, 1) this project gets canceled or 2) he reduces the floor count by 5-10 floors. If this does get built it definitely won't be over 1000 feet like initially proposed. Best of luck on this project! (Personally I think 1000+ feet on the Nashville skyline sticks out too much and wouldn't be a good fit, but nonetheless it's a beautiful tower!)

[titanhog]

The tough thing about this is that, IMO, if he built the 1000 foot tower, I think alot of people on the fence would go ahead and buy. It's getting people to shell out this kind of money BEFORE he builds that's the problem. I think once you see the tower in the skyline everyone's gonna want to have a place there and there are some out there that can afford it.

Needless to say, he's gotta have the money up front unless he's got a rabbit in a hat somewhere.

[monsoon]

^What is the reasoning behind that? In the parts of the world where skyscrapers are a necessity, highrise living is not that desirable because it is fairly inconvenient for day to day living and the vast majority of residential towers in the world are less than 40 stories for that reason and I would say that with few exceptions most are less than 25.

[it's just dave]

I can understand the challenge here and it very evident as I drove through Brentwood on my way to a dental appt. and drove through the area to kill time as I was a little early. I drove among jaw-dropping mansions at McGavock Farms and areas nearby with their perfectly manicured streets and enormous homes, endless goods, services and offices a stones throw away, the Williamson County schools practically next door. It's these very people who have the money to spend on expensive downtown real estate. The question became clear as did the problem. As these are the people who can afford skyscraper living, these are not the people who have the urban living mindset. There were pools, Bentley's and Jags all over the place, there were kids playing in extraordinary outdoor areas supervised by collections of coiffed mothers. The commitment to change all of that for downtown streets is very serious business indeed.

There's absolutely no question there are plenty of people around who can well afford the tower, and much more. These houses go on for mile after mile, seemingly by the thousands throughout Brentwood, Belle Meade, Forest Hills, Green Hills and Hendersonville. It's very humbling for an Inglewood boy to see all this up close. The most basic problem is that it's the children of these folks who primarily want to live downtown, and their checkbooks and daddy's are quite on opposite scales.

I would like nothing better than for Signature to be built, but if it's not, perhaps the contingency would be to get back to reality of scale, both physical and financial for this centerpiece property downtown.

[elguapo731]

I believe there was an article some time back that hit on this subject. I appeared that the ones buying a siggy were those who owned in Brentwood and Franklin. They were not giving up their suburban estates they were simply purchasing a siggy as a second home and weekend getaway. Williamson county was by last reports in Sept. of 06, the 11th richest county in the country and the richest in the state. 11th out of 3,142 counties nation wide is pretty impressive.

These are the same folks that Palmer is going after for his condos. While I have no expertise in the area I would venture to guess that some of what was stated above is correct. I would think some folks with the money would purchase once they saw the thing rising. These are by all means luxery condos and IMO will be a status symbol that many will like to tout. Perfect example is Dr Ming Wang (a well known about eye surgeon in the area) he has one of the $5+ million penthouses reserved. This will not be his primary residence but mearly a getaway.... Basically a $5 million toy.

[titanhog]

^What is the reasoning behind that? In the parts of the world where skyscrapers are a necessity, highrise living is not that desirable because it is fairly inconvenient for day to day living and the vast majority of residential towers in the world are less than 40 stories for that reason and I would say that with few exceptions most are less than 25.

I'll tell you what the reasoning is since you've decided over the last 24 hours or so to bust my chops. There are many who would like the view. There are many who would like the convenience of the service provided by the hotel. There are many who would enjoy downsizing. There are many who like downtown and what it offers. There are football players who may want a place for their families to stay on game day. There are hockey players who may want the same. There are those with extra money sitting around that will have to throw money at this project if they believe it's a hot commodity.

You seem intent on being "anti" on this project, even when someone's pointing out that it's gonna be really tough to make this a "go." Is this somehow personal for you? If so, please PM me and tell me what the problem is. Otherwise, your comments about highrises being the inconvenient and less desirable means of living is very, very subjective. Nashville isn't Jakarta.

[monsoon]

^I am only asking for the reasoning behind your statement. No need to take that as a personal attack which it wasn't meant to be. I think that I have made it pretty clear that if there is something going on here that I don't like, you will find out about it. This isn't one of those times.

[Plasticman]

Counted 110 on the site this morning. Yet they are shifting. One of the 15th floor condos has went on "reserve". While true the reservations have dropped, there is a shift which would say while some aren't making good on buying, other newcommers are interestd.

As far as scaling back, I still believe unless the contracts allow for fewer floors with the same price, I don't think it can be scaled back without re-writing the contracts. It could be done but not easily and not overnight.

Overall my opinion is this project is far from dead. Delayed mabe, but not dead.

[chris holman]

Is Tony G short 5 million cash or 5 million in contracts?

[elguapo731]

I appears the 16 - 38 Floor had the drop off as I only conted 56 this timearound where as it had 60 when last counted. My last count was 112 earlier in the week which means the 15 floor got one and a higher floor got some while the cheaper floors of 16-38 lost a few.

It appears there seems to be gains and losses which is good compared to all losses

[titanhog]

^I am only asking for the reasoning behind your statement. No need to take that as a personal attack which it wasn't meant to be. I think that I have made it pretty clear that if there is something going on here that I don't like, you will find out about it. This isn't one of those times.

Sorry Metro...got a little testy...

[planettrash]

Is this a green or LEED certified building?

[barakat]

I just saw a spot on WSMV/4 that said something like "what's the future of Signature Tower?" Story on the 10 o'clock news tonight.