Signature Tower

[Nashvegas06]

Sounds like there is going to have to be a redesign anyway. Maybe these additions could make the Tower happen. Also wouldn't the same type of company that could afford office space in a tower like the Sig, also be the kind of company that would require $400 a night hotel rooms?

[ATLBrain]

maybe a new tower would look more in-line with the rest of Nashville's skyline. I realize I speak totally out of ignorance of the future of this project. It always struck me as beautiful, but too tall (for any place!).

[grouthaus]

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."

Give me a break. Don't be that cliche "I always knew it wouldn't happen" person. It is/was no secret that Signature Tower is extremely ambitious, and Tony's going to bust his tail to make it a reality. If it doesn't happen, we'll all know why of course. Real estate is not rocket science.

[bnaflyer]

Give me a break. Don't be that cliche "I always knew it wouldn't happen" person. It is/was no secret that Signature Tower is extremely ambitious, and Tony's going to bust his tail to make it a reality. If it doesn't happen, we'll all know why of course. Real estate is not rocket science.

Feel free to look back at my comments, postd here, when this project was announced. I did always think this project was a pipe dream. And a lot of people posting here were absolutely convinced that it would happen. I mean, a lot of people didn't seem to realize how ridiculous it was to believe that the tallest residential building in the world would be built in....Nashville. That's not just "ambitious." The exponential cost of such a tall building made it very questionable from the beginning yet a lot of posters reacted very angrily to any suggestion that this project might not succeed.

The reason the project isn't goign to succeed is because it was unrealistic, amateurish and poorly conceived. I don't think that was obvious to a lot of people on here, who wanted it to succeed and therefore ignored its inherent flaws.

[Flowers]

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."

good post. i could not agree more.

[Flowers]

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?

just go to the fox news website and click on the video link. the video interview is much longer than what was on the news. i wuz suprised to see tony desperately begging for buyers at the end yet still bragging about one upping atlanta all in the same interview. seemed odd to me.

[nashscan]

Feel free to look back at my comments, postd here, when this project was announced. I did always think this project was a pipe dream. And a lot of people posting here were absolutely convinced that it would happen. I mean, a lot of people didn't seem to realize how ridiculous it was to believe that the tallest residential building in the world would be built in....Nashville. That's not just "ambitious." The exponential cost of such a tall building made it very questionable from the beginning yet a lot of posters reacted very angrily to any suggestion that this project might not succeed.

The reason the project isn't goign to succeed is because it was unrealistic, amateurish and poorly conceived. I don't think that was obvious to a lot of people on here, who wanted it to succeed and therefore ignored its inherent flaws.

It may or may not succeed, but amateurish and poorly conceived are not good adjectives. Have you been to the sales center. Tony put a staggering amount of detail and foresight into this project.

[Flowers]

It may or may not succeed, but amateurish and poorly conceived are not good adjectives. Have you been to the sales center. Tony put a staggering amount of detail and foresight into this project.

it seems not everone agrees. grouthaus, a local broker recently posted this on nc.

I bet if we gathered up all the bets from people who don't think this is going to happen, we'd be able to buy the rest of the unsold units and actually make it happen.

BTW, final design plans for the hotel doesn't mean a thing.

I hate being a naysayer; I'm just very much frustrated with the sales job they've done on this project. I had one of my best out of town clients reserve a unit the day after it was announced and he bailed immediately after coming to town to visit the sales center. I think there was a bit too much expectation that the project was going to sell itself. At the luxury product level, that just isn't the case. People with lots of money absolutely demand to be SOLD. They'll buy all day long because they have the money, but they must be SOLD that luxury experience. The sales team on the 11th floor of the old SunTrust building just hasn't created the right experience.

[monsoon]

^That was a very good point made by that agent. I mentioned earlier that I thought the model looked as if it was constructed out of stuff found in Home Depot and this just doesn't work in this price range. It could be the very reason that we have seen reservation numbers not move or go down and of course the condo market is much different than it was a year ago.

[dxartist]

Maybe I can put a reverse curse on the project. A few years back on the Charlotte thread until late last year, I was one of many who predicted and drummed The Park would never be built. I even put a tombstone on one of my posts to reiterate my stance. Well, as it turned out, I was wrong and project is currently in construction. Maybe this will be the raindance that will help Signature get going.

So here goes.

"This project is dead, and never will be built."

On a more serious side, what is going on with the site preparations and the ground breaking date? Not heard anything about it since mid-August.

[titanhog]

One thing's for sure...as far as momentum goes, this project is sorely needing some...and in the upward direction. How many delays until a project is normally considered hopefully lost? January will be a one year delay.

[uptownliving]

I checked the Nashville building permits site and the Signature Tower is still alive. The building permit for it's foundation is being reviewed and is estimated to be complete in mid November. Anyone can check out the site and it is updated daily. If the developer decides to cancel the project then it will show as cancelled on the building permit's site.

Look up the Signature on this site using the address of 501 Church St

http://permits.nashville.gov/kivanet/2/per...cfm?fa=dspladdr

[barakat]

I watched the unedited Fox 17 video [about 30 minutes] linked from the Sig Tower sales team's recent email, in which Tony says it will be built, and will not be reduced in scope. He didn't give a real time frame, but said things should be moving by the end of the year.

[Nashville_maestro]

I can confim that ("Q: What is that chance that this project will not get built? A:No chance at all." He goes on to explain why but the gist was that they have already spent too much money getting where they are today to quit. Quitting isnt an option for them. Scaling it back isnt either for other various reasons). I was beginning to have some worries about this project as I have not seen any ads in the Scene or Tennessean and there hasnt been any change to the site itself... then that video goes to explain that they are doing a massive new campaign (yet more money spent) and that they are still on track. What I predict will happen: the project will be delayed but will EVENTUALLY get built... not on time of course but it will get built. I feel that once it does get finished it will inspire a whole new set of buildings. Nashville has such diverse archatecture (Old: parthanon, customs house, union station Somewhat new: Life & Casualty tower, batman building Modern: Icon, veridean, Encore, and Signature tower if it gets built). I hope Signature tower happens before the year ends but I kind of doubt it. I'm looking to early next year for a groundbreaking.

[elvigy]

I hope it gets built as I think it's a really beautiful building. But I have to point out that it's Tony's job to say it will get built. If he even hints that it won't, the whole thing will fall apart from a financing perspective. People will begin to back out of the reservations he has now and getting new reservations would be exceedingly difficult. Most people would rather put their money on "a sure thing" particularly in the current housing climate.

With each delay, and subsequent explanation of the delay, I think the chances of this getting built edge further into "not gonna happen" territory. As of right now, I'd put a 70% chance that it's not getting built.

This is all IMHO. Please don't take it as anything else.

[ATLBrain]

I feel the same way as Elvigy. If Giarratana made the comment quoted by Maestro above (something to the effect that he has too much money in this project to abandon it), that is a really bad reason to keep going. Back when I was in business school... on the first day of my first class of my first year, the prof said that "sunk costs" are not a good reason to stay in a venture. If this is Tony's reasoning, then I'd be afraid to be investing with him in this project. I just can't help but think that this ship has sailed. When it was a smaller project and the flames of DT condo living were just getting hot, it seemed much more of a viable project to me. Six months ago, I still had faith that something would come of this project, but I think Giarratana's timing is way off at this point. Did he get distracted with his other projects? Was this one too big of a bite to chew?

[monsoon]

I can't imagine that any developer who is trying to sell out a $350 Million+ tower would ever say on camera there is a possibility the tower would not be built.

Folks, the fundamentals of this hasn't changed. In order for the tower to be built, the developer has to sell enough units to make the banks happy enough to grant a construction loan. They simply are not going to make a construction loan without this because they last thing they would want would be the owners of a partially built skyscraper. Tony has said this has to be 65% and it appears at this point he simply is not at this goal. (or maybe even close to it).

[ATLBrain]

For all I know, there's a lot more that's wrong with this plan than marketing, but the first thing I question is the marketing. Specifically, I think it's a mistake not to place ads in the national publications like WSJ/Barrons/Forbes et.al.. All one needs to do is look at the pool of potential buyers for these condos... and look at who is buying the multi-million dollar properties across Nashville and conclude that many of them are coming from outside the Nashville region. Just last week, a hedge fund founder from NYC bought an historic home in Nashville for $5 million. I'm not saying that they're necessarily all going to want to live in a loft, but (seems to me) you've got to extend your reach. That's how it happens here in Atlanta. Alex Palmer seems to have gotten that message: I've seen ads for WES in (at least the regional editions of) the WSJ here in Atlanta.

It seems to me that this would be a basic understanding of the market... and the potential of the demand.

[Flowers]

For all I know, there's a lot more that's wrong with this plan than marketing, but the first thing I question is the marketing.

i agree. i've visited sales centers of mega luxury projects in larger cities and the whole presentation seemed much more polished and well executed. and i never thought the smarmy website with church music and then ultra lounge music on the video ever seemed to fit together. the roses, cuff links and champagne glasses seemed much more suited for rich hillbillies with big city lust than for a sophisticated buyer. and who were the grandma and grandpa characters in the other video ? not good imo.

[grouthaus]

I believe that Signature Tower is still a feasible project, but certainly has some hurdles to overcome. My question and task to the Giarratana Development team is, Are you willing to do what it takes to make this succeed? The sales center does need to improve, the marketing effort has been lackluster IMO, and emailing your distribution list an unedited version of the Fox News interview is just rather silly.

I want this project to get built, because I share all of Tony's optimism and enthusiasm about Nashville. I believe in the future of this city. Just GET IT DONE!!!

[Nashville_maestro]

Word up on that. I'm getting impatient with this thing to the point that I'm just like "it'll get built when it gets built" and to quit holding my breath for it (not literally of course). Unfortunately I'm not going to be living here when it does get finished... if ever. I'll either be in boston or chicago (which has some really ugly buildings being built. The spire looks like a giant sex toy.) I would still love to see this happen as nashville is my hometown and I like this city. I still have the faith in this project. This isnt the first time everyone has doubted a girratana project and it wont be the last I'm sure.

[Hankster]

I think what the Fed did today in lowering interest rates a half point may be just what the "doctor ordered" for Giarratana to get this project moving. Hopefully, the move will settle the lending markets enough for him to get the job done.

[cmwheelock]

I find it kinda funny that earlier this year, the signature website was allowing you to see which units were sold. Last time I checked, they removed that option and now people don't have a clear idea of just how many units are available. Seems like they are almost shameful of their inability to get this project done or worse, not wanting us to know any details by covering it up.

Nashville needs facts, numbers, and a clear understanding of what needs to happen for the project to succeed - not generalized answers from Tony Giarratana. I'd love to see the project started like many Nashvillians as it would definitely add to the city's visual appeal.

cw

[ATLBrain]

Actually, Nashville does not need anything when it comes to this project. As for squelching the details via the website, I understand why any developer wouldn't want to reveal too much. For truly interested parties will be compelled to call the brokers regardless. Besides, those units marked as "sold" changed so frequently, that they weren't reliable in the first place.

I mentioned above, that Giarratana should revamp his marketing of this building if he wants to see it become reality. Of course, I make that statement with as spotty information as anybody else on this board has.

[nashvillwill]

i found this interesting. at the Predators pre-season game tonight, they mentioned free t-shirts that would be given away on the night of the season opener. These predator shirts are sponsored by First Tenn. Bank and.......the Signature Tower. kinda strange huh?