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Signature Tower

NewTowner

By NewTowner
in Nashville

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Flowers Unincorporated Area

Flowers

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does any of that matter if he can't sell the units or get financig ? i have been lurking at up for over a year and with this one it seems like there is always a diversion offered from the tough questions. if you read the papers or watch news credit is drying up like enever before. why would this project be the exception because it is large and complicated ? i think not.

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TopCat Unincorporated Area

TopCat

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I can only imagine what it must be like to work with Metro on such a large project. The bureaucracy issues must be outrageous.

Actually, after having worked with Code officials all over the country, I'll take Metro anyday. They know what they are doing, and don't play games. Always very helpful, always very nice, and I have yet to find one that doesn't give a damn. So for our tax dollars, we are getting a great deal.

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Plasticman Hamlet

Plasticman

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does any of that matter if he can't sell the units or get financig ? i have been lurking at up for over a year and with this one it seems like there is always a diversion offered from the tough questions. if you read the papers or watch news credit is drying up like enever before. why would this project be the exception because it is large and complicated ? i think not.

Regardless of the credit slowdown, in the end it is all about the lender's feelings about whether this is too risky to back up the project. Additionally (correct me if I'm wrong) it would seem it is the companies who delve into sub-prime mortgages that are having the biggest problems right now. While the impact reverberates across the lending market as a whole, this type of project I wouldn't think would ever be assigned to such a low end backer. Even if TG doesn't make the self-imposed number of units, that may not mean he can't get financing because DT condos in this city are a relatively new idea and unlike many cities, it is unclear if at this early stage in the condo game, Nashville could be considered even close to saturated. If financing does occur and the project breaks ground with only 140 or so units sold, you can bet it is because the financiers are certain that enough people in the area will snatch up these units after it begins to rise.

Plus the majority of units are not necessarily for the rich. At 400,000-500,000 dollars, they are well out of my price range but interested parties would not have to be affluent to afford one.

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Hankster Town

Hankster

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Actually, after having worked with Code officials all over the country, I'll take Metro anyday. They know what they are doing, and don't play games. Always very helpful, always very nice, and I have yet to find one that doesn't give a damn. So for our tax dollars, we are getting a great deal.

I'm sorry about sounded too negative about the Metro codes department. What I meant to say is that they have to look into so many things that the whole process must be very difficult and taxing from the developer's perspective. Still, I have no doubt that the Metro is doing their best to lead them through the process the best they can. Metro government is nevertheless a bureaucracy and the many steps and approvals probably take longer than most would like. It's those delays that probably seem "outrageous" to some.

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Plasticman Hamlet

Plasticman

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I did notice they cite an opening of 2010 for the tower. Is this time consistant with the time that has been assumed in this thread? That would suggest that we may not see a ground breaking until 2008. (+/- 12 months)

I believe 2009 was the early original date but 2010 has been the projected completion date for several months.

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Plasticman Hamlet

Plasticman

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After going to the Signature website today, the "residences" section which normally shows how many and which units are reserved now doesn't show that. As you click on each division of the tower you will find they've hidden the reserved info and replaced it with descriptions of the units in that area of the tower.

Not sure why that is unless either Tony is tired of everyone trying to read between the lines based on his reserved numbers or he is preparing to update the numbers or change something about them. I would venture the latter and that this is likely temporary.

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Plasticman Hamlet

Plasticman

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fox news reported tonight that tony has lost his contractor but that he says it will still be built.

I entered "Signature Tower Nashville" via Google News plus went to Fox News website and couldn't pull anything up about that from either place. Was it a local Fox affilliate or network? Could you provide a link to the news report?

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Rural King Town

Rural King

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^Go to Fox 17 website and look at its video list - they have a rather long video interview with Tony listed at the top currently.

In the interview he states that he cut loose his general contractor due to an inability to work out issues between the project's scope and its budget with the contractor - so he is currently inverviewing for a new general contractor. He also cited the current financial market as a delaying factor, but he believes the market will improve in the next few months. Made it sound like October would be the time-frame when things might get back on track.

He also stated that selling 65% of the units is not crucial if the value of the units sold equals 65% of the the total cost. So if they sell more high end units, fewer low end units would have to be sold for the project to move forward.

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Richard Lawson Hamlet

Richard Lawson

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^Go to Fox 17 website and look at its video list - they have a rather long video interview with Tony listed at the top currently.

In the interview he states that he cut loose his general contractor due to an inability to work out issues between the project's scope and its budget with the contractor - so he is currently inverviewing for a new general contractor. He also cited the current financial market as a delaying factor, but he believes the market will improve in the next few months. Made it sound like October would be the time-frame when things might get back on track.

He also stated that selling 65% of the units is not crucial if the value of the units sold equals 65% of the the total cost. So if they sell more high end units, fewer low end units would have to be sold for the project to move forward.

He cut them loose for sure. I was working on something and didn't know he'd told Fox yesterday. Aaargh... But there's more to the story

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bnaflyer Whistle-Stop

bnaflyer

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It is clear that Signature is very very unlikely to be built. It was always clear (to me at least) that this project was a reach, to put it charitably. The idea that the Nashville market was the right market for the tallest or one of the tallest residential buildings in the world was a little far fetched. The belief that there were enough buyers in an overheated condo market to snap these up was also farfetched. Tony G.'s limited experience as the junior partner in a couple of vastly smaller developments did not suggest that he was ready for this project either, or that he would be able to find lenders. And that was before the complete collapse of the credit markets for residential projects. No lender in its right mind would commit the money for this project in today's environment. It's just not going to happen. The condo boom is over. This project--like Tony's onetime proposal for the site of the horrible Cumberland--will join the ranks of the "concepts never built."

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Plasticman Hamlet

Plasticman

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Well from William's article, we do know he has 100 hard sales contracts. He is halfway to his self-imposed benchmark. That part is some good news because even with the high mark of 142 reservations we all wondered how many were actual sales. Now (if his numbers are true) we know he has 100.

Here is the link; http://www.nashvillepost.com/news/2007/8/3...eral_contractor

I still believe he cannot scale this building back without voiding the contracts he has. In essence if he goes back to 55 stories and 850' or even shorter it will be for all intents and purposes a different building thus the pricing and units will all change.

So IMO it will be all or nothing unless he has a stipulation in the contracts allowing significant design changes without voiding the contracts.

If per the article in October he still has made no progress then even I, an almost ridiculous booster, will lose a lot of faith. If, on the other hand, he has landed a new contractor and sales are going forward (even if not 200) then I would say TG's perseverance will pay off.

It's a wait and see game now.

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dxartist Hamlet

dxartist

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I really wish Tony had kept this building at 55 stories, it would probably be under construction right now. I always though 70 stories was pushing it.

Agreed, 70 stories is pushing it (although it would make one heck of an eye grabber). From the way things are going now, the project will go from indefinite delay to eventually being scrapped.

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Richard Lawson Hamlet

Richard Lawson

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Well from William's article, we do know he has 100 hard sales contracts. He is halfway to his self-imposed benchmark. That part is some good news because even with the high mark of 142 reservations we all wondered how many were actual sales. Now (if his numbers are true) we know he has 100.

Here is the link; http://www.nashvillepost.com/news/2007/8/3...eral_contractor

I still believe he cannot scale this building back without voiding the contracts he has. In essence if he goes back to 55 stories and 850' or even shorter it will be for all intents and purposes a different building thus the pricing and units will all change.

So IMO it will be all or nothing unless he has a stipulation in the contracts allowing significant design changes without voiding the contracts.

If per the article in October he still has made no progress then even I, an almost ridiculous booster, will lose a lot of faith. If, on the other hand, he has landed a new contractor and sales are going forward (even if not 200) then I would say TG's perseverance will pay off.

It's a wait and see game now.

Don't confuse me with William :silly:

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monsoon Gigalopolis

monsoon

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Indeed and normally office buildings have different requirements for floor spacing & loading, facilities, open space and a whole host of differences caused by have a lot more people in the space over a purely residential building. I have not see the actual blue prints but it might require a significant re-design of the building to make part of it suitable as an office building.

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