Signature Tower

[it's just dave]

The first was the unveiling of the new model. I got the notice about that some months ago, and then this one. Maybe I'm just not invited to all the parties anymore.

[eastsider]

Just heard a report on Fox News that says Shaquile O'Neal is an investor in an upcoming tower in Miami that will be the tallest residential tower south of NY. Are they now building one taller than Siggy?

The O'Neal Group is investing in the Metropolitan Miami.

The project, referred to as the Met, was launched in fall 2003 with construction of the first phase beginning about a year and one-half ago. It includes more than 1,100 residential units, including the 866-foot Met 3, the latest phase of the project which will be the tallest residential tower south of New York. The project will also include an office tower, luxury hotel, entertainment complex and the area

[franktown]

I guess they're still counting it as the tallest because, as much as we think Siggie is a done deal....to many people, many places it's still in a very conceptual phase. As well, it sounds good to tell people 'well you're buying a condo in the tallest residential building south of New York....' it would kinda ruin that if they said, 'except for that Signature Tower in Nashville, but you'll be the tallest for a year!'

[Hankster]

I guess they're still counting it as the tallest because, as much as we think Siggie is a done deal....to many people, many places it's still in a very conceptual phase. As well, it sounds good to tell people 'well you're buying a condo in the tallest residential building south of New York....' it would kinda ruin that if they said, 'except for that Signature Tower in Nashville, but you'll be the tallest for a year!'

I think the fact there is a hotel in Signature tower no longer makes it a candidate for the tallest residential tower in the U.S. even though the highest floors are residental. Someone please correct me if I'm wrong. The MET 3 is listed at 866 Ft. I don't know if the highest floor is right at the top or not. Signature Tower is 1,052 (1,057 possibly) ft and the spire is approximately 200 feet high. That makes the highest floor right around 850 to 860 Ft.

[Dale]

Met 3 is 866 to the roof.

[Skyscrapergeek]

I think you're right Hankster. I don't believe ST qualifies as strictly residential.

Btw, I now count 70 floors plus the two floors that appear to be two levels. That makes roughly 74. Is this correct Charles?

[Plasticman]

I think you're right Hankster. I don't believe ST qualifies as strictly residential.

Btw, I now count 70 floors plus the two floors that appear to be two levels. That makes roughly 74. Is this correct Charles?

Where do you go to count the floors? I've been to Sig website but haven't dwelled there other than seeing that cool video.

[Lady Celeste]

Hmmmm, I just got an invitation to a special preview of Signature Tower. Lunch will be provided. Nashville City Club. 20th floor, SunTrust Building. October 9th.

Will I miss this? No. Will I geek out? Gosh, I hope not.

Oh dear. What to wear, what to wear....?

Lady Celeste, if you're out there anywhere...HELP!

Well I got my invitation as well. I would love to come and will make every effort to be there. I'm sure it is going to be a class act presentation.

What to wear....wow...great question. I am a St John sort of girl so I will probably wear something from that line. Comfortable, sophisticated, yet elegant and understated.

I would suggest the same for you. Heavens no, not St John, lol....but something comfortable, sphisticated, yet elegant and understanted. Rule of thumb...which I'm sure you are already aware...it's best to be a little bit over-dressed than wrongly under-dressed. Being that this is a city club...and I'm sure they are all the same no matter the city...I would suggest that you some smartly dressed. Nothing too flashy or dare I say trendy as some of the youngsters online seem to favor. You want a classic look...like Mr Giarratana. Everytime I see him in official photos, he is always so smartly dressed.

At any rate, units on the 5th St side appear to have the views that are most pleasing to me. I just love having the river in view. Unit 6404 is pretty nice. I like that one. I'm sure my sons would get a kick out of having a stadium in their view. They are all four and under but I'm sure as teenagers they would like that. Combining 6401 and 6404 would make for a really nice residence.

To be quite honest, I'm surprised that more units have not been reserved. While the prices are at a premium for most units- in this market, this could be a once in a life time chance for the Nashville market. Not that I'm saying no other highrise residential buildings will be built, but the views, the architecture of the building, coupled with the height and the hotel Palomar (which will probably extend services to the residents of the building) appear to be a win win situation. Time will tell I suppose.

[uptownliving]

I love this tower and certainly hope it happens...but assuming that he needs half of the condo units under contract to get the bank loan to build this...and assuming he is still targeting a Jan 2007 ground breaking...then the next 3 months he will have to execute perfectly to reach those goals.

[Guest]

uptownliving

I agree that Tony needs to close strong to reach his self-imposed goals. A point that maybe Charles can clarify is if he needs to sell 1/2 half of the units or 1/2 half of the loan value. Since the unit prices vary greatly closing some very expensive penthouses may count as more than one unit but I am only speculating.

[Jeeper12]

uptownliving

I agree that Tony needs to close strong to reach his self-imposed goals. A point that maybe Charles can clarify is if he needs to sell 1/2 half of the units or 1/2 half of the loan value. Since the unit prices vary greatly closing some very expensive penthouses may count as more than one unit but I am only speculating.

If Tony is as far along as he says he is the goals should no longer be self imposed. He apparently needed to "project" his equity and deposit requirements when he began the reservation process in the spring but he should have those commitments firmed up by now. Given the housing crash occuring around the rest of the country I think interested buyers will want some assurances that Tony has a clear handle on the specific hoops he must get through to get started. Articulating the specific steps that remain at his luncheon will go along way to quieting his critics. On the other hand, if the gathering is simply another ceremonious affair that's more fluff than substance I think the skeptics will start coming out of the woodwork.

[Plasticman]

If Tony is as far along as he says he is the goals should no longer be self imposed. He apparently needed to "project" his equity and deposit requirements when he began the reservation process in the spring but he should have those commitments firmed up by now. Given the housing crash occuring around the rest of the country I think interested buyers will want some assurances that Tony has a clear handle on the specific hoops he must get through to get started. Articulating the specific steps that remain at his luncheon will go along way to quieting his critics. On the other hand, if the gathering is simply another ceremonious affair that's more fluff than substance I think the skeptics will start coming out of the woodwork.

As always jeepers12, your optimism shines like a black hole. Let's be positive about this thing. If it gets built, great. If it doesn't, both the city of Nashville & Tony will lose some credibility as a major player in downtown development, one of the finest pieces of highrise architecture will be lost, but life will still go on.

I still think it will be a go.

[monsoon]

First keep in mind in what I am getting ready to say is occuring when for the first time, the median price of home in the USA has fallen for the first time since 1995. Definately not good for real estate developers.

I don't think the success or failure of this tower will make one iota difference in the perception of Nashville as a place to do business. It will probably sunder the developer, but honestly most of the country believes this is a foolish project as there is absolutely no need for a tower such as this in Nashville. There is no need for a tower such as this anywhere in the USA except for possibly NYC.

Note again that I said "need". This tower is instead catering to "wants" and there is a huge difference between the two. Unfortunately the timing of the Signature is coming along when the period of unlimited excess in luxury housing is coming to an end and the people are coming back to reality that spending these kinds of sums on a place to live is a really bad gamble. Many of these kinds of places have been built because people have had the mistaken idea that housing can continue to rise 3-10x faster than incomes in this country forever. Of couse it can't.

If the number of reserved units is no longer rising, this means the local market has been tapped out of people who actually want to live there, and the expected investors, flippers, and speculators have not shown up to take the rest of the units. As mentioned above if the developer does not meet the requirements set forth by the bank, he will not get a construction loan because they are absolutely going to make sure they are not the ones left holding the bag in this deal.

My recommendation for anyone reading this is to hold off on getting involved in these kind of projects. The best time to buy a condo in a project such as this, in the USA, is after it is built and the flippers try to get rid of their properties. This is especially important in these days of falling real estate values.

[Guest]

Metro

What you say makes a lot of sense but in Nashville the flippers that inked Viridian units two years ago are stil going to make a windfall profit in the next month or two. It is all about timing. Many bought at the $180's per sq ft and will sell at $270-300 per sq ft.

[chris holman]

I think its ironic, being that this is only my opinion but when this tower was only 55 stories there wasn't even half the doubt that the tower was going to be built out there and that's when Tony had close to 500 units in the tower. But nobody talked about if Nashville needed this tower then.

Tony has redesigned the tower added 10 floors for a hotel reduced the number of units of the tower, and in the process set records for the amount of feet the tower would be and getting national attention for its new height.

But now there is so much doubt out there. How ironic

[Skyscrapergeek]

I prefer the word "demand" over "need". If there is demand for Signature Tower it will sell and be built. If not, it won't.

[chris holman]

I prefer the word "demand" over "need". If there is demand for Signature Tower it will sell and be built. If not, it won't.

Your right.

[Hankster]

I think you're right Hankster. I don't believe ST qualifies as strictly residential.

Btw, I now count 70 floors plus the two floors that appear to be two levels. That makes roughly 74. Is this correct Charles?

I was amazed to see that the tower is now listed at 70 floors on the signaturetowernashville.com website instead of 65. When they first unveiled the new design I counted at least 70 floors and was a bit miffed that the count wasn't 70. I think they're now counting two story residences as two stories instead of only one.

I, for one am supremely confident that this project will be built. I can't wait to point that fact out to all the pessimists and naysayers out there when they break ground. Remember, there is STILL a shortage of downtown housing in Nashville.

[Hankster]

I was amazed to see that the tower is now listed at 70 floors on the signaturetowernashville.com website instead of 65. When they first unveiled the new design I counted at least 70 floors and was a bit miffed that the count wasn't 70. I think they're now counting two story residences as two stories instead of only one.

I, for one am supremely confident that this project will be built. I can't wait to point that fact out to all the pessimists and naysayers out there when they break ground. Remember, there is STILL a shortage of downtown housing in Nashville.

Amazing!!! I've studied the website a little more and discovered that Tony's actually ADDED 5 more floors to Signature Tower. He's adding them in the $1.7 to 1.9 Million pricerange in the 55 to 59 floor area. It seems absolutely inconceivable to me that he would do such a thing if he didn't know he could sell them. By the way, the floors in that part of the building are 12 feet each, so the building height could very well be 60 feet higher than previously annouced. That would make it 1,112 Ft (or possibly even 1,117). Damn!

[ATLBrain]

The best time to buy a condo in a project such as this, in the USA, is after it is built and the flippers try to get rid of their properties. This is especially important in these days of falling real estate values.

You got that right. There are tons of flippers taking a big time bath in south Florida right about now. Fortunately for Nash, I don't think they had even a small fraction of the speculating and flipping that SOFLA has seen. Hey, maybe Tony can take Sig up to NYC if he doesn't get the sales in Nashville. At least it would still get built. But then, it would cost $700 million up there. That will be too bad if it's not built. It really is a stunning design.

[Lexy]

I think it is a go. These massive projects are calculated on chances and variables that are beyond our tiny little comprehensive capabilites. He wouldn't go national with a project unless he intends to build it. End of story. Granted, it may not happen in HIS premature timeline, but it will happen. The ebb and flow of the market is all part of the game fellas. Lighten up a bit. LOL!!!

[ATLBrain]

Keep in mind, they haven't really started marketing the units yet.

[Plasticman]

I think its ironic, being that this is only my opinion but when this tower was only 55 stories there wasn't even half the doubt that the tower was going to be built out there and that's when Tony had close to 500 units in the tower. But nobody talked about if Nashville needed this tower then.

Tony has redesigned the tower added 10 floors for a hotel reduced the number of units of the tower, and in the process set records for the amount of feet the tower would be and getting national attention for its new height.

But now there is so much doubt out there. How ironic

It's almost as if some people mis-associate height with viability. And the hotel is inked...a done deal. That hotel alone could possibly bridge any potential gaps in sales.

And then let's not forget how "ridiculous" it will look. A horrible architectural masterpiece matched by few buildings in the world. And then there's that awful view from the top floors totally unobstructed in all directions for years to come. And then there's the majestic look of the building as you approach downtown from any direction for miles. Nope...who on earth would want that?

Send it to Hotlanta...we'll take her off your hands and park her halfway between Midtown and Downtown.

[GRDadof3]

I was amazed to see that the tower is now listed at 70 floors on the signaturetowernashville.com website instead of 65. When they first unveiled the new design I counted at least 70 floors and was a bit miffed that the count wasn't 70. I think they're now counting two story residences as two stories instead of only one.

I, for one am supremely confident that this project will be built. I can't wait to point that fact out to all the pessimists and naysayers out there when they break ground. Remember, there is STILL a shortage of downtown housing in Nashville.

FYI: Just because ground is broken doesn't mean a project will be finished. There are a number of condo towers sitting half built right now around the country because potential buyers vanished or walked away from $30K, 40K and higher deposits. Just because 50% are sold and the bank gives the OK, the developer has to go back periodically for construction draw requests. The bank can pull the plug on any of these requests if sales aren't there.

monsoon is right, even housing "demand" is made up of people who "want" housing and people who "need" housing. Technically speaking, downtown condo towers are probably 95% "wanters". People who "need" a housing change (transferees for jobs, or people with changes in family makeup like divorce or a new baby) will most likely take the safest and least risky housing investment. They may even sit out the housing market in an area until they get a good feel for it by renting. If there is any "demand" for this tower, it's most likely the wanters, which are getting flakier by the day lately (and not just in South Florida).

Nice design, but I just don't see it happening.

[Dale]

FYI: Just because ground is broken doesn't mean a project will be finished. There are a number of condo towers sitting half built right now around the country because potential buyers vanished or walked away from $30K, 40K and higher deposits. Just because 50% are sold and the bank gives the OK, the developer has to go back periodically for construction draw requests. The bank can pull the plug on any of these requests if sales aren't there.

monsoon is right, even housing "demand" is made up of people who "want" housing and people who "need" housing. Technically speaking, downtown condo towers are probably 95% "wanters". People who "need" a housing change (transferees for jobs, or people with changes in family makeup like divorce or a new baby) will most likely take the safest and least risky housing investment. They may even sit out the housing market in an area until they get a good feel for it by renting. If there is any "demand" for this tower, it's most likely the wanters, which are getting flakier by the day lately (and not just in South Florida).

Nice design, but I just don't see it happening.

Nonetheless, irrespective of your strong opinions, it has the markings of a project which is happening.