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NewTowner

Signature Tower

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Reread that article and you'll see it does still appear to be hidden. He didn't confirm any number with WW only that he "hoped" to have 100 at the end of the month which suggests he has less than that now...Ole Tony keeps moving the cheese on us.

What I was trying to infer is that he doesn't have the 60% he's said he's needed...there's not over 200 sold and he's been keeping it secret. I agree...the 100 number is not a definite...but at least he confirms that he doesn't somehow have the 60%.

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Next time lets not waste 1/2 page of posts pondering over the Nashville city paper.

isn't that what a forum is for?

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isn't that what a forum is for?
That's a good question. I would suggest that if you find yourself one day where you want to make posts other than the occasional one liner that doesn't add to the discussion at hand you might want a little more substance. This topic is about the signature tower. If you want to discuss the state of the Nashville City Paper I highly recommend that you start a topic about it in the Coffee House.

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That's a good question. I would suggest that if you find yourself one day where you want to make posts other than the occasional one liner that doesn't add to the discussion at hand you might want a little more substance. This topic is about the signature tower. If you want to discuss the state of the Nashville City Paper I highly recommend that you start a topic about it in the Coffee House.

metro, you are really turning me off to this forum. i'm am going to put myself on hiatus for a good while before i say anything that will get me kicked off of urban planet. it was a simple question that i had asked and you of course reply with a degrading remark. it's a shame that you can't handle honest questions without bullying those on this forum.

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And trust me he has a plan B for the giant hole if it does not!

You must have some inside info that I am without. From my perspective it seems he is up to his eyeballs trying to figure out how plan A is going to work. I doubt that has left a bunch of excess time for him to devise a totally new development strategy for that parcel should he be forced to cancel. If the project economics could have sustained a cut I think he would have done that long ago to avoid being in this position today. The marginal cost of adding a floor is much less than the average cost per floor. And the highest non-penthouse floor obviously sells for the biggest premium relative to the average of all the typical floors. So when you consider how those two facts relate to the math (subtracting a small cost figure which is offset by a very large revenue figure) involved in considering a cut to floors/units, you can see how boxed-in he must feel. No, plan B is almost certainly going to be a completely different project. Whether Tony has the capital or lender support to pursue somethin brand new remains to be seen.

Based upon what we know about Tony's activity to date it seems clear to me that he's incurred many million of costs plus the $9 million purchase price of his land. The idea that he would be in a position to gently shift gears, write off $3-4 million of costs and embark on the development of a new building is probably wishful thinking. If I am right and he has essentially bet everything (or more) on the ST getting started then the decision to cancel may ultimately not be Tony's but that of his lenders. I'm sure he's testing all those relationships with the delays.

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I remember him saying last year that if this tower doesn't work than he has a scaled down building to put in its place.

You have to think that before he started this project he knew what he was getting into. There are no other towers over 400 feet (I don't count the spires of bellsouth), there are no other major resedential buildings with such high prices, and there isn't a huge amount of people that will spend the money to locate their residence into this building.

Tony is a smart guy, he understands that he is moving into new territory that he doesn't know how the public will react to it and therefore it is logical to think that he had two plans when he started. Granted plan B is not necissarily thoroughly planned out, but nonetheless it is there.

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You must have some inside info that I am without. From my perspective it seems he is up to his eyeballs trying to figure out how plan A is going to work. I doubt that has left a bunch of excess time for him to devise a totally new development strategy for that parcel should he be forced to cancel. If the project economics could have sustained a cut I think he would have done that long ago to avoid being in this position today. The marginal cost of adding a floor is much less than the average cost per floor. And the highest non-penthouse floor obviously sells for the biggest premium relative to the average of all the typical floors. So when you consider how those two facts relate to the math (subtracting a small cost figure which is offset by a very large revenue figure) involved in considering a cut to floors/units, you can see how boxed-in he must feel. No, plan B is almost certainly going to be a completely different project. Whether Tony has the capital or lender support to pursue somethin brand new remains to be seen.

Based upon what we know about Tony's activity to date it seems clear to me that he's incurred many million of costs plus the $9 million purchase price of his land. The idea that he would be in a position to gently shift gears, write off $3-4 million of costs and embark on the development of a new building is probably wishful thinking. If I am right and he has essentially bet everything (or more) on the ST getting started then the decision to cancel may ultimately not be Tony's but that of his lenders. I'm sure he's testing all those relationships with the delays.

I guess the only way we will know for sure is when it happens. Other than that this is all speculation on everyone's part as this is a private development and as we have seen with other private developments locally, the developer is working on his own time frame and knows what will or won't happen far better than any of us. I am not saying you are right or wrong, just that no one here knows more than the next person. My speculation about a plan B is simply that I am guessing he is trying to think this through as much as possible. I could be wrong. I am sorry I used the phrase "trust me" as I am not a politician. :)

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I guess the only way we will know for sure is when it happens. Other than that this is all speculation on everyone's part as this is a private development and as we have seen with other private developments locally, the developer is working on his own time frame and knows what will or won't happen far better than any of us. I am not saying you are right or wrong, just that no one here knows more than the next person. My speculation about a plan B is simply that I am guessing he is trying to think this through as much as possible. I could be wrong. I am sorry I used the phrase "trust me" as I am not a politician. :)

I'm just hoping he doesn't have to resort to a plan B. :rolleyes:

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Spoken as a seasoned sage. Rewards of aging, huh, Ron?

Not kidding, folks, self-moderating of your posts and comments is critical. Remember before you post speculative thoughts about a company's or person's qualifications and such, remember, this is a publicly accessible forum and remedies do exist which can bite back. Ron's right, let's let this thing fly or not, on its merit, on Tony's experience and faith, on Tony's property. He's not obligated to keep us updated on every move and has at this point, been very generous with his information. He trusts many of us with sensitive information and it's not our intent to let him down. Not now, or ever. Use common sense and caution from now on.

producer, g-town, ron...you all know and have stated that we'll soon see what happens...when it happens. Until then, maybe it's time to watch a bit of tv and let this thing rest for a while.

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And trust me he has a plan B for the giant hole if it does not!

Exactly. We may never know what Plan "B" is because there may never be a need to exercise it, but you're right. There is a Plan B.

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A lot of chill pills will be needed. But I think this is smart, as most projects happen in slow motion. Let us look at this time as window shopping. And if it doesn't happen, Nashville is still one of the best cities in the USA. I talk to so many people that love this city and they don't even know about the Sig Tower.

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In regard to some earlier posts about this, I'm still curious about that group of couples who gathered around the lot and had a picture taken? Has a photo like that appeared in any ads or newspapers? As stated previously, I would bet it is a group of those who have actually signed contracts who were asked to do this for positive publicity. Any other opinions?

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^ I have not seen anything publicly about the gathering. It could have been an event for buyers.

On another note I received an email today from sales.

PIED-A'-TERRE: (fr) a second home in the city which enables its owner to take full advantage of a metropolitan lifestyle.

Stroll to a rich collection of entertainment, sports and cultural venues, or just cozy up inside and enjoy your view.

Every convenience awaits you at your home in the city, with concierge, room service, maid service and soothing spa treatments all at your fingertips.

A limited number of one-bedroom Pieds-a'-Terre are currently available at pre-construction prices from $400,000.

It looks they are on a push at least at this point to tap into the second home market.

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^It's an interesting concept. It does show the developer is still actively trying to market the building and from this I would assume he is still planning to build it.

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Well, I don't know about the final design of the tower but News channel 5 reported tonight that the Airport will have to make some changes in the runway lay-out next month because of the Siggy..

link

http://www.newschannel5.com/Global/story.asp?S=6611725

I think this is the FAA change that some had been reported as being driven by ST. http://www.tennessean.com/apps/pbcs.dll/ar...EWS01/707140343

No mention of any building in this article today other than Bellsouth. FAA is apparently now enforcing a 3 mile clear area around downtown just as they are trying to do throughout the country.

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Here is some good news...

The sales (reserved) numbers had dropped to 98 a few days ago. I just checked and there are now 116 units reserved. While one of the penthouses came off reserve, the main floor areas above 16-38 picked up a whole string of new reservations. It appears the majority priced units are taking off and that is very good news as the penthouses alone couldn't carry the burden.

Let's hope this trend continues.

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Here is some good news...

The sales (reserved) numbers had dropped to 98 a few days ago. I just checked and there are now 116 units reserved. While one of the penthouses came off reserve, the main floor areas above 16-38 picked up a whole string of new reservations. It appears the majority priced units are taking off and that is very good news as the penthouses alone couldn't carry the burden.

Let's hope this trend continues.

This is excellent news, and may mean that Giarratana will actually top 100 sales contracts by the time he breaks ground. Thanks for the heads up.

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Long time lurker first time poster. I came across this article on skyscraperpage.com that states, among other things, that the building is down to 1,030 feet from 1,057 and ground is to be broken in a few weeks. To add some beef to the groundbreaking claim, a poster on skyscraperpage.com stated that a sign at the premier parking lot that the tower is to be constructed on states that all cars need to be moved by July 21st.

Linky

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Thanks for the update and welcome to the boards. That's very exciting that the cars are to be moved soon. Looks like the pieces are starting to come together.

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