Signature Tower

[monsoon]

.....Charles and a few others on this board are well connected and know the real story. Until I see something in black and white in the media, I for one laugh at the silly rumors people put on this board.

For those of you who claim to be in the know and personally connected to the developer, and we have just had several posts like this now, why don't you give us an accurate status on where this project stands? I have some questions:

• Is construction financing dependent upon a certain number of units being reserved?
  
• If so, how many units are required and how far is the project from meeting that goal?
  
• Is there a go/no go date on reservations? ie. if there are not enough reservations by a certain date, will the project be canceled or scaled back?
  
• Has a financial partner signed up to join the project? In the newspaper interview, the developer said he was looking for one. Presumably to help get the thing off the ground.
  
• What city help is forthcoming? Again in the newspaper article, this was indicated as a need.
  
• Have any building permits been applied for yet?
  
• If the project is scaled back what are the options?
  
• Is the grocery store still in the plan?
  
• Is the hotel still in the plan? What options do they have for backing out?
  

I think the answers to these questions would go a long way to dispel the speculations that have taken place in this thread. This is a web forum and at least some associated with the project have used this forum as a platform to talk about the project and advertise their own involvement with it. So it's not to be unexpected that others will use this forum to question the need, appropriateness, and plans for that project, given the lack of any significant details beyond some renderings and numbers from the sales website. If you are unwilling to share any information, and I understand why that might be, then the relationship that you might have with the developer is fairly irrelevant for the purposes of this thread. It does not put you on any higher standing than someone who questions the viability of this project especially when referring to others as "silly".

BTW, People continue to mistake us for a skyscraper booster website which we are not. It's my opinion the building of super tall skyscrapers, especially in a city that has no need for one, does little to enhance the livability of a city and in fact hurts it in the long run. I might think differently about this tower if they had at least put an observation deck and/or restaurant at the top, so it engages the public more, but since this feature is lacking I don't hold it in high regard. This is my opinion, and I recommend that others not take it personally.

[gaushell]

LOL. Well at least it is clear that much of the negativity disguised as not believing the project will be built has to do with not liking the project. Thank you for stating that. That probably explains some of the others too.

Just because people want to know, doesn't mean they have the right to.

Many of these questions, show a misunderstanding of the process as related to construction and finance of a large project. .... I'm sorry, but for the most part those questions show a lack of understanding construction, financing and even business in regards to large projects. Or you know that many of these can't or won't be answered, so you hope it will further your desire to have it not built.

You want all of the answers and the reality is, you aren't going to get them until the developer is ready to release them.

[monsoon]

LOL. Well at least it is clear that much of the negativity disguised as not believing the project will be built has to do with not liking the project. Thank you for stating that. That probably explains some of the others too.

I don't think it should be a surprise as this is nothing that I have not stated before and you have even commented that I should keep my opinions to myself. You complain about the negativity, yet here you are in your first sentence attempting an insult before you even get started.

Just because people want to know, doesn't mean they have the right to.

Indeed, but the people who claim to be in the know don't have any right to question others when they come here making claims that can't be verified and expect them to take everything said at face value. Remember it is you that post here with your firm very prominantly displayed, so expect questions on anything that you post.

Many of these questions, show a misunderstanding of the process as related to construction and finance of a large project. .... I'm sorry, but for the most part those questions show a lack of understanding construction, financing and even business in regards to large projects. Or you know that many of these can't or won't be answered, so you hope it will further your desire to have it not built.

This thread is months old. Thank you for finally getting around to infoming us on how wrong everyone has been on the discussions that have taking place over that time and that you have participated in. You can't criticize others here if you have not been willing to tell us what we have wrong. In addition I am the administrator of an urban discussion website that we make available free of charge to everyone who would like to find out more about these projects. I have never claimed to understanding of how this project is being financed but I am asking the questions of how. You have listed yourself as an architect for this project, so I would expect that you might want to clear up our "mis-understandings".

You want all of the answers and the reality is, you aren't going to get them until the developer is ready to release them. Thank you. This is what I stated earlier. The bottom line is this project will not be built unless there is enough money in reservations to build the project. In your long diatribe, that is the only fact that you have confirmed and the only one that really matters.

[Plasticman]

I heard today from a pretty good source that Tony's hotel deal is now on life support.

What source is that?

[monsoon]

You want open and honest discussions, then you are going to have to let people voice opinions and frustrations with what they read as well. I have gone out of my way to provide information that would have taken your readers much longer to find in many instances.

So if you would prefer I don't participate or state my opinions, then I will happily leave.

Until the last few days, I was under the impression I was being helpful.

Everyone is more than welcome to express their opinions about this project or present facts on this project. Nobody from the staff has ever said otherwise. If they have, please let me know and I will immediately address it.

The problem is that when someone questions the viability of this project, it is the boosters that become unglued and make unreasonable comments including questioning the motives of the forumer making the comment. That requires us to take actions to clean up this thread. If everyone would stick to discussions on the tower itself, this would be much easier. Until that happens I will continue to police this topic as I see fit. Anybody with a complaint about this, send a PM. Do not post it in this thread.

[titanhog]

Everyone is more than welcome to express their opinions about this project or present facts on this project. Nobody from the staff has ever said otherwise. If they have, please let me know and I will immediately address it.

The problem is that when someone questions the viability of this project, it is the boosters that become unglued and make unreasonable comments including questioning the motives of the forumer making the comment. That requires us to take actions to clean up this thread. If everyone would stick to discussions on the tower itself, this would be much easier. Until that happens I will continue to police this topic as I see fit. Anybody with a complaint about this, send a PM. Do not post it in this thread.

Please keep posting Gaushell!! You are the ONLY ONE giving us TRUE info on Siggy. If you weren't here to stop some of the rumors, we'd be in a pickle.

[Duke32]

Contract drawings are due out this week. Once bids are submitted next month, then we will know if this is a go/no-go deal.

[samsonh]

Gaushell,

I appreciate your honesty in this topic. You add a lot to this forum.

Metro,

I do not believe Tony is seeking financial aid from the city for the tower itself. In fact I never saw where he said that in the article, and brought that up shortly after you first mentioned it. And obviously in the current real estate environment they have the presell or reserve a certain amount of units or dollars before construction starts. BTW I have never mentioned that this site is great. I cannot even imagine the time and effort it takes to maintain and grow. Thanks.

[monsoon]

He did not say it directly. What he did say is that he was looking for community support which I interpret as much. I might be incorrect on that as I don't know how else the community could provide support to build a skyscraper other than paying taxes to do so.

[Jeeper12]

He did not say it directly. What he did say is that he was looking for community support which I interpret as much. I might be incorrect on that as I don't know how else the community could provide support to build a skyscraper other than paying taxes to do so.

I'm sure he still needs routine cooperation on utilities, easements and the like but you don't waste time and money lobbying the Kiwanis club for that. To my knowledge, there are no height, density or other approvals (needing council or planning commission stamps) needed other than MDHA's blessing which they've either already given or would be expected to. Which begs the question: why all the worry about community support at this point ? I think it is a fair question after the article and one that only Tony (sorry Gaushell) can answer. And indeed, at some point he will.

[Guest]

IMO Tony is a marketing whiz that realizes the more people he can sell on the Signature the greater the buzz in and around Nashville and the region. Also Tony has several other projects in development so you never know where a buyer will be found. Like all great companies he wants to promote his products to all that will listen. It makes littlse sense to publicly turn down TIF if you need gov't funds...

[Jeeper12]

It makes littlse sense to publicly turn down TIF if you need gov't funds...

Actually, it makes perfect sense for him to have turned it down. The $12 million on the table would have cost just as much in lost revenue due to the difference between his $550/sf proforma and the $225/sf that he would generate selling 80 units. I'm sure he wants the TIF but he just can't "afford" it; pardon the pun. Hope the math is clear enough for everyone to understand.

[gaushell]

removed

[Guest]

The cost/expense benefit may have been mainly an offset BUT they would have amounted to 12M cash in hand and as such would help any development that was stuggling to meet revenue numbers...

[Dale]

Fair question - you'll have to ask The Tony.

In my experience, it is very important to keep the public buzz going - that support helps encourage buyers, is "free" advertising, and the last thing you want is the politicians thinking there isn't support, because then some of the routine issues become that much more difficult.

It is primarily about sales - public support is a great marketing method. I wouldn't read any more into it, this is a very standard marketing method.

Sounds like good math to me.

[chris holman]

Charles,

Your posts are very much appreciated and very helpful for the continued updates of this tower. There is no reason why anyone should doubt anything that Charles post on this site, since he works directly with Tony G himself he has the most creatable information on this tower available.

I think the tower is a go unless cancelled by the developer himself.

[jice]

Regardless of what anyone says or doesnt say... no one, not even Tony himself, really knows the future of this project at this point in time. Tomorrow could bring a major reservation that allows financing to be finalized... or... a serious setback, such as the loss of the hotel anchor.

All we can do right now is wait, and watch as things progress. Of course there is going to be boosterism and naysaying... I would imagine this happens with every project thats in the development phase. I, for one, tend to simply pass over the comments that have no real meaning to me... and focus on the facts given, the valuable information. We are all entitled to our opinions... good or bad... I hope, however, we can try not to get carried away with them.

Until the last few days, I was under the impression I was being helpful.

You have been nothing but helpful, in my opinion. I appreciate any info you feel you can provide.

[LA_TN]

Deleted, I was very serious above when I said any further topics in this thread are to be directed towards the project and not towards others on this forum, and that complaints are to be sent via PM. Please read the rules once your suspension has concluded.

[GaTechGuy]

Deleted by moderation

Metro M is one of the main admins who has been with the site from the start...I'm not sure if you realize that. It's kinda hard to threaten that he can't participate.

[Plasticman]

IMO - whether you believe the project will go forward, be scaled back, be cancelled or whatever, if you claim to have heard from some "source" any news, that you at least say what that source is. It doesn't have to be specific but it would lend credibility to your claim whether it be negative or positive toward the tower.

[gaushell]

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[Guest]

Thanks Charles for the update. If you have a moment please explain the process from this milestone. Also I thought Turner was already selected as GC so are these drawings for them to get pricing from their subs?

Sorry for all the questions but it is a facinating process.

[Jeeper12]

IMO - whether you believe the project will go forward, be scaled back, be cancelled or whatever, if you claim to have heard from some "source" any news, that you at least say what that source is. It doesn't have to be specific but it would lend credibility to your claim whether it be negative or positive toward the tower.

I assume this post is directed to me...I would have to breach a confidence to reveal the source of my information. I realize that some want instant verification of both good news and bad news about projects. This is not always possible or practical. I also disagree with the assertion in a previous post that only developers and media sources (and hotel employees who know them) can be a credible source of information about a project. In fact, there are scores of individuals (bankers, contractors, subcontractors, engineers, appraisers, etc.) that have "inside" info on these projects. As Gaushell stated, some team members are paid to keep the buzz going regardless of whether there is any substance behind the pr or not. We can't fault them for this but just as we should be skeptical of naysayers there ought to be some skepticism about what the paid advocates have to say as well.

Rather than demand instant verification of all posts I would suggest that forumers use common sense and logic to evaluate posted information. If a poster develops a track record of being "off track" more than "on track" readers should take note. As I have said before, time will answer all our questions and reveal who among us is credible and who is not.

[Guest]

Just curious Jeepers who has been "on track" and "off track" IYO? Besides Charles I have found no credible sources (either way) in this thread. As far as outside this thread I find Tony to be incredibly forthright and sincere when he discusses his projects. Does this mean Siggy is a slam-dunk? No! But very few things in life are certain.

[linclink]

Hey Jeeper12

I think you posted a fair and balanced reply. And I am in no means attacking you. However, a couple months ago we had someone here stating that they had heard from a credible source that the Sig was dead, and that an announcement would be made within 2 weeks. When pressed about it the person said that they had connections with a local Real Estate company. Well, over 2 months later, no such announcement has been made. So I think it is fair to want to know something about ones sources. At the same time, when reliable sources state things, they get called for being reliable sources... and thus biased... its a no-win situation really.

But again, I agree with your final statement.. as I've repeatedly stated on this thread, only time will tell.