Jump to content

Signature Tower

NewTowner

By NewTowner
in Nashville

Recommended Posts


  • Replies 2.9k
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Posted Images

Richard Lawson Hamlet

Richard Lawson

Posted
Posted

I think you did hear right. They had originally wanted TIF for this project and then declined those funds. It has since turned into a very upscale project. I may be wrong but I think that is what I remember.

Yep... Tony G. withdrew from the Tif because MDHA was having a conniption over the hotel being adding to it. MDHA doesn't give TIF on hotel projects, even though TG tried to explain that the TIF wouldn't be on the hotel portion. But MDHA didn't see it that way.

Link to comment
Share on other sites
jcoop Whistle-Stop

jcoop

Posted
Posted

Thanks. We are working on sales center related items now.

Always good to hear from you when something like that is being worked on and moving forward.

Any plans to add that rendering from the East bank of the river at night to the website? It's one of my favorites so far.

Link to comment
Share on other sites
  • 2 weeks later...
Hankster Town

Hankster

Posted
Posted

WOW. No replies or posts in SEVERAL days! Where is everybody??

I guess we're all waiting for the next big piece of news on this project. The only thing I can report is that they've added three more reservations on condos between floors 40 to 54 in past two weeks. Current number of reservations are at 145 (assuming that they still have 8 on floors 64 thru 70....they have quit showing these for some reason). I'm expecting lots of news after the sales center opens, and that's scheduled for March 1st, only about 3 weeks from now.

Link to comment
Share on other sites
cheeriokid61 Burg

cheeriokid61

Posted
Posted

Just an update, my mom went to a conference that Tony Giarratana spoke at the other day, and talked with him afterwards. He basically confirmed most of what we know, that groundbreaking is this summer, and they plan on moving in in the summer of 2010. Another thing he said that I didn't know is that the six million dollar price tag on the penthouses is for a huge empty room. I knew it was custom, but I at least thought they would finish it, but no. You have to hire a contractor to finish it for you. He also said that he had to give back money to two of the reservations, who planned on dividing the units and re-selling them. He doesn't want people flipping these. It sounds good that he actually would give back two penthouse units just so that they don't resell.

On a side note, he told her some of the people have bought the penthouses. I know Ming Wang was one of them, but I forgot the others.

Link to comment
Share on other sites
Jeeper12 Hamlet

Jeeper12

Posted
Posted

I think it's great that Tony's confident enough to discourage flipping.

If he's really sincere about discouraging speculators he'll simply increase his deposit from the scant 5% he's suggested to more like 10%-20%. The ultra-affluent buyer he says he's after is used to these levels anyway and it would help him with the prospective lenders.

The Bristol folks and their selling agents give the same indignant "we're not selling to speculators" speeches only to then offer contracts with $5k deposit (about 2%). Seems kind of "tongue in cheek" if you ask me. Increase the deposit amount and you don't have to give the speeches.

Link to comment
Share on other sites
  • 2 weeks later...
Hankster Town

Hankster

Posted
Posted

It may be "back to the drawing board" for a third time for Siggy. Original bids were back in December, then they came out with revised drawings. Those bids were updated recently and were even higher than the 1st round bids, not the direction they were hoping for. It's looking pretty dim for the July 1st groundbreaking. Remember that groundbreaking was originally set for 01/07, then moved to 03/07, then changed to 07/07. Who knows now if it will even happen in ??/07.

:cry: Construction costs are literally "through the roof" these days. This is very distressing news in my opinion. If costs are too high to offer enough projected profit for Giarrantana to obtain that critical construction loan, it may not matter how many units he can presell. Raising prices from the current very high levels will make sales considerably more difficult. My biggest hope is that the numbers will still work at these latest construction bids. Tony G. is innovative, and if there is a way to make this work, I'm sure he will find it. Still, my optimism for this project has taken a "big hit."

Link to comment
Share on other sites
Jeeper12 Hamlet

Jeeper12

Posted
Posted

It may be "back to the drawing board" for a third time for Siggy. Original bids were back in December, then they came out with revised drawings. Those bids were updated recently and were even higher than the 1st round bids, not the direction they were hoping for. It's looking pretty dim for the July 1st groundbreaking. Remember that groundbreaking was originally set for 01/07, then moved to 03/07, then changed to 07/07. Who knows now if it will even happen in ??/07.

I'm certainly not shocked to hear that. Most developers will tell you that, generally speaking, the more ink you put on the plans the more it's going to cost. And while value engineering exercises have often born fruit in the past it's much more difficult to net savings these days because the months that it takes to go through the VE process allows your prices on just about EVERYTHING else to go up significantly. So, you take one step forward and two steps back.

I think it's showtime for Tony; at this point he's going to have to lock his deal down based upon his current costs and push his prices to whatever it takes to get him to a bankable margin. If he punts again to the architects I think it's over because he's going to find that the sub market will start to spend less and less time on it padding their numbers to be safe which only adds to the misery.

When's the grand opening of the sales center anyway ? I had heard March 1.

Link to comment
Share on other sites
Jeeper12 Hamlet

Jeeper12

Posted
Posted

That is interesting given they are taking reservations for units. Were the final prices for these units left open-ended?

Metro, the context of my point about it costing more was that it would cost the developer more. If the developer left himself some room he could move ahead without having to go back to the buyers. It remains to be seen whether Tony has "room" but Hankster made a fair observation that if he is without a sufficient cost cushion he'll probably have to increase his prices. Which gets to your point: his reservations are non-binding so he can raise prices anytime he wants. However, doing so, especially when sales are slow to begin with really undermines his credibility with buyers and probably wouldn't be expected to improve the outcome.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.