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Signature Tower

NewTowner

By NewTowner
in Nashville

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BrandonTO416 Burg

BrandonTO416

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I hope the final word on the optimism vs. pessimism about Signature Tower should be that yea, there are some hurdles to overcome. They are fairly serious ones, particularly trying to finish selling the condos in a lukewarm real estate market that has developed in the past few months.

The good news is that the hotel partner has already been signed for, and InterContinental is looking to expand here, last time I checked either near or over 100 units were already sold, and the tower again has already been planned for and approved by MDHA. There's no wait for construction once the bank partner and the requirement for the remaining condos are sold.

These are some pretty solid facts about Signature. Its not a tower that is at or below 0% planning.

Just because a banking partner has not been found isn't the biggest hurdle. I imagine Giarratanna is holding out to find a bank that will begin with the fewest number of deposits on file to begin with.

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monsoon Gigalopolis

monsoon

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My take on that is financial partner does not mean a bank to finance a construction loan. Rather a financial partner is someone who has the resources to provide capital to the project. Note they can't use deposits for this purpose because this is not their money until they successfully complete the project. The bank is going to require a certain amount of cash on hand as colateral and apparently the current developer either doesn't have it, or doesn't want to take on the entire risk so he is looking for someone to partner with on this project. This partnership will be responsible for coming up with this colateral for the bank to take on the risk of a construction loan. This protects the bank in case they screw up the project.

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metropolitan Whistle-Stop

metropolitan

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The good news is that the hotel partner has already been signed for, and InterContinental is looking to expand here, last time I checked either near or over 100 units were already sold, and the tower again has already been planned for and approved by MDHA.

SOLD, or reserved....given the fact the deposit is refundable, this may be an important distinction. This speaks to Jeepers comments.

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blokey Unincorporated Area

blokey

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I have a question. Earlier the groundbreaking was moved to June or July, was it not? So now it is back to January/Early Spring?? Also I read somewhere that it had been raised another 5 floors making the total 70 stories. Anybody got the new height mesurement yet?

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Hankster Town

Hankster

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I have a question. Earlier the groundbreaking was moved to June or July, was it not? So now it is back to January/Early Spring?? Also I read somewhere that it had been raised another 5 floors making the total 70 stories. Anybody got the new height mesurement yet?

I never saw any official announcement that groundbreaking was moving to June or July. I think there was a post, without any supporting evidence I may add, that the excavation may not start until about March, and then construction would start in the summer. This project requires an excavation more than 100 ft deep, most through solid rock. This project will be truly "under construction" once the soil begins being removed. The excavation will be a major project by itself, anf if they are ready to begin construction of the underground parking garage by summer, the project would be moving on at a rapid pace.

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gaushell Whistle-Stop

gaushell

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I have a question. Earlier the groundbreaking was moved to June or July, was it not? So now it is back to January/Early Spring?? Also I read somewhere that it had been raised another 5 floors making the total 70 stories. Anybody got the new height mesurement yet?

1057'

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Duke32 Whistle-Stop

Duke32

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I never saw any official announcement that groundbreaking was moving to June or July. I think there was a post, without any supporting evidence I may add, that the excavation may not start until about March, and then construction would start in the summer. This project requires an excavation more than 100 ft deep, most through solid rock. This project will be truly "under construction" once the soil begins being removed. The excavation will be a major project by itself, anf if they are ready to begin construction of the underground parking garage by summer, the project would be moving on at a rapid pace.

I haven't heard that either. Turner had a meeting at their office and told everyone then that excavation was to begin in March and would take 3 months. Actual construction (concrete work) would begin in June. "Groundbreaking" may still take place in January to ramp up more support for the project.

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Hankster Town

Hankster

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I haven't heard that either. Turner had a meeting at their office and told everyone then that excavation was to begin in March and would take 3 months. Actual construction (concrete work) would begin in June. "Groundbreaking" may still take place in January to ramp up more support for the project.

Thanks for the update. There seems to be no meaningful delay at all in the project based on what you're saying. Turner is one of the most respected construction companies in the world. If that is what they're saying, then I'm really excited. There is no reason to pessimistic about the start up of this project, IMO.

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smeagolsfree Gigalopolis

smeagolsfree

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The Signature tower is not going to have a grocery store according to the NBJ now. The hotel company wants the 25,000 sq ft. so that aspect is now dead. The retail portion will now be fronting Church St. There are also plans to put an upscale restaurant at street level too. At least I think that is what the article said. It is in this weeks NBJ.

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