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Signature Tower

NewTowner

By NewTowner
in Nashville

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Duke32 Whistle-Stop

Duke32

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Right cheerio. I think you guys would be amazed at how many changes (mostly from the structural engineer) happen before a project starts. The changes don't stop there either. Changes keep occurring throughout the entire project. Encore is on the 6th floor and yesterday the structural engineer sent out more changes for the 7th floor. The 1st set of drawings for the Siggy lacked many structural details (i.e. concrete slabs were shown, but concrete beams were left blank). Hopefully these new drawings will answer all the questions left from the 1st set requiring this 2nd round of bidding.

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Jeeper12 Hamlet

Jeeper12

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So how are sales and funding going for this project. Has Tony G. gotten any closer. I am confident that Siggy will eventually come to light, but passing round three doesn't mean we'll be turning dirt anytime soon. Everyone expected this to pass with flying colors anyway.

According to the NBJ, it "will finally break ground this spring" :wacko: . That writer is so clueless she didn't even realize that such a statement, if true, was more newsworthy and appropriate as the hook for her front page headline than the fact that Girantanna formed 4 LLC's a month ago. You gotta love it...no "the developer plans to", or "developer expects to", just plugs it into the body of an already ridiculous front page story as if it's fact and/or common knowledge to everyone.

To your point 731, the only real news in the News 2 story (if earlier posters had it right) seems to be that the developer is pushing back his expectations to break ground about 6 months.

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Hankster Town

Hankster

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Thanks Richard for the article as well. There's lots of real important news in the article. First of all, I don't think that it had been reported that the sales office is already under contruction with an anticipated opening on March 1st. I had heard on another site that it would be on the 11th Floor of the Sun Trust Bank bldg just as was reported in this article. I can't wait to visit the Sales Office. It should be a blast. I really think that sales will be energized once the sales office opens. Which bring to mind, the second and most important (in my opinion) information revealed in Richard Lawson's article. That is that the goal is 60% of the units reserved, not 50% under contract as many had assumed earlier. I don't think they would report that as the goal if they didn't already have feedback from banks that meeting 60% reserved would qualify for the loan, and I know for a fact that Tony has already had a number of meetings with various banks to secure a loan for the project. For me, this is extremely significant. I have little doubt that Tony can achieve that number of reservations before June 30th. As I said earlier, I believe sales will really begin cranking in March once the Sales office opens. I wouldn't be surprised if he get the other 120 reservations he needs in 4 to six weeks once the office opens.

Thanks again Richard for your report. You've made my day! :thumbsup:

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Jeeper12 Hamlet

Jeeper12

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Here's my update on Sig Tower. It's up for free so take a look.

http://www.nashvillepost.com/news/2007/1/1...re_construction

Richard, what was the value of his building permit for the sales center ? I didn't see that hit your column. Also, I assume he's targeting 60% hard contracts not reservations in order to close his financing. Does he still think he can limit initial deposits for most unit to 5% ? Just curious.

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monsoon Gigalopolis

monsoon

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It's been my experience that banks don't get involved in reservations or contracts when financing a project such as this. Instead they set a $ amount they want to see committed to the project in secured funds before they will give a construction loan. The developer may satisfy this requirement by a number of means including investors putting up money or signed binding contracts for the units. The bottom line is they are looking to protect themselves from losses if they do in fact grant the loan and the project ends up failing for what ever reason.

It's also my experience that on projects this large the banks certainly are not going to reveal their confidential terms with a developer and it isn't in the developer's interest to let them be known either. Generally this is kept secret for as long as possible. So I would doubt that any reports on how many units have to be signed to make this deal happen are just guesses and are not based on any kind of known facts. I would not pay attention to anything "reported" such as this unless it is a direct quote from the developer, and that does not seem to be the case with this report.

I will repeat what has been said many times here. Nobody knows if this project will be built or not. The developer has not tipped his hands on this and until he does, then it's all just guessing. The fact that several here predicted months ago that ground breaking would "definitely" occur in January, and of course that isn't happening, is proof enough of that.

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Lexy Town

Lexy

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I will repeat what has been said many times here. Nobody knows if this project will be built or not. The developer has not tipped his hands on this and until he does, then it's all just guessing. The fact that several here predicted months ago that ground breaking would "definitely" occur in January, and of course that isn't happening, is proof enough of that.

Well you said it. "Predicted" is just what it is....a prediction not a fact. Which means things can change with or without notice. There are many of us, myself included, that are far more in the "know" about this project than many on here would believe, including yourself Metro. Best thing is to just let things keep rolling and be ready for anything later this year! Call it speculation, rumors, guesses, or whatever..but I know what I have been told by the SOME of the people making the decisions about this tower. That, I can conclude, is fact. Just sit back and wait with baited breath.

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Richard Lawson Hamlet

Richard Lawson

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Richard, what was the value of his building permit for the sales center ? I didn't see that hit your column. Also, I assume he's targeting 60% hard contracts not reservations in order to close his financing. Does he still think he can limit initial deposits for most unit to 5% ? Just curious.

Good questions... I went back and looked at notes on the reservations, and he said 60% under contract. So I may have to go back and clarify that. I was having a bit of trouble connecting with him today. But then he said that leaves 121 to be pre-sold. So there seemed to be some interchangability. Clearly, there is a difference between reservations and contracts and upon looking back at it, it's not 100% clear. I suspect me means hard contracts. I'm not sure about the deposits required. I need to circle back around with him on that, probably closer to the opening of the sales office. I can't recall on the building permit. I'm pretty sure I would have seen it.

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monsoon Gigalopolis

monsoon

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Well you said it. "Predicted" is just what it is....a prediction not a fact. Which means things can change with or without notice. There are many of us, myself included, that are far more in the "know" about this project than many on here would believe, including yourself Metro. Best thing is to just let things keep rolling and be ready for anything later this year! Call it speculation, rumors, guesses, or whatever..but I know what I have been told by the SOME of the people making the decisions about this tower. That, I can conclude, is fact. Just sit back and wait with baited breath.

I don't presume to know anything more than what I have stated here and that includes whatever involvement you might have with this project. Unless you are willing to stand up and say that you definitely know this project will be built and that is based on specific facts that have been shared with you from the developer, then your involvement it is really irrelevant for the purposes of discussions on when it will be built.

Using your terminology, you would not believe who does come here to read this website which is why we attempt to keep the discussions here reasonable and not the wet dreams of skyscraper fanbois which has been a problem here.

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Duke32 Whistle-Stop

Duke32

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Unless you are willing to stand up and say that you definitely know this project will be built and that is based on specific facts that have been shared with you from the developer, then your involvement it is really irrelevant for the purposes of discussions on when it will be built.

Sounds like somebody's got a case of the Mondays.

Seriously, I would hope that everyone that has visited this post realizes, including yourself, that nobody knows if or when this will be built if the developer doesn't know if or when this will be built. That is why groundbreaking has moved 6 months from the original date given. Any information I have contributed, including groundbreaking dates, has come from conversations with the project management team from Turner Construction. Any information I get in the future I will also post so we can discuss it. Isn't that what we're all here for?

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Skyscrapergeek Burg

Skyscrapergeek

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you would not believe who does come here to read this website which is why we attempt to keep the discussions here reasonable and not the wet dreams of skyscraper fanbois which has been a problem here.

I'm sorry monsoon, I realize that for the governance of this forum this is your website and you make the rules. However, as you are trying to keep the discussions here reasonable, I find the second half of this sentence completely unnecessary and entirely unreasonable. I believe you are correct in that many professionals read this website. I also believe they would find this type of language as offensive and unprofessional as I do.

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seicer Burg

seicer

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http://www.tennessean.com/apps/pbcs.dll/ar...EWS05/701210390

"The Metro Council approved zoning changes Tuesday that will allow developers to transform two parking lots into soaring buildings: the 70-story Signature Tower, a condominium and hotel building at Church Street and Fifth Avenue North, and the Crown building, a 28-story office and retail development at Demonbreun Street and Third Avenue South.

Construction on the Signature is scheduled to start this summer and take three years. The Crown is still in the design stages, with groundbreaking a year away and an opening planned by the end of 2009."

Article information:

"As boomers, singles move in, the sky's the limit downtown

By MICHAEL CASS

Tennessean [Nashville]

Sunday, 01/21/07"

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