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With or without the Siggy tower........

Duke32

By Duke32
in Nashville

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Duke32 Whistle-Stop

Duke32

Posted
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.....the hotel and parking garage will be built as planned with the option of adding the tower at a later date. Construction designs allow for this according to the structural drawings. Today is the day that first round of bids are due, and that's the buzz going around. IMHO it's a very smart move to break the project into two "phases". This way it buys you more time to get units sold and secure financing. Regardless, there will at least be a 14 story hotel on the corner of 5th & Church.

Groundbreaking is still on for 02/2007 and construction slated to start 06/2007. The project has been given a timetable of 104 weeks for total completion including the tower. Pretty ambitious for Nashville's first super tall.

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satalac Burg

satalac

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.....the hotel and parking garage will be built as planned with the option of adding the tower at a later date. Construction designs allow for this according to the structural drawings. Today is the day that first round of bids are due, and that's the buzz going around. IMHO it's a very smart move to break the project into two "phases". This way it buys you more time to get units sold and secure financing. Regardless, there will at least be a 14 story hotel on the corner of 5th & Church.

Groundbreaking is still on for 02/2007 and construction slated to start 06/2007. The project has been given a timetable of 104 weeks for total completion including the tower. Pretty ambitious for Nashville's first super tall.

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nashvillwill Burg

nashvillwill

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Personally I think this plan is brilliant. I don't know much about P.R. or real estate, but it seems like a great idea. I'm sure this isn't a concession. I would guess that the first 12-13 floors (when you account for the garage/utilities/land/and such) is close to half the cost, which might make it easier for T.G. to secure financing for the tower portion. I might be way off, as I said that I have no knowledge about this, but it might be a great plan.

For those of you "in the know" is this a common practice, or is this very unusual?

P.S.- when can we learn about how the contract bidding went?

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Hankster Town

Hankster

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Personally I think this plan is brilliant. I don't know much about P.R. or real estate, but it seems like a great idea. I'm sure this isn't a concession. I would guess that the first 12-13 floors (when you account for the garage/utilities/land/and such) is close to half the cost, which might make it easier for T.G. to secure financing for the tower portion. I might be way off, as I said that I have no knowledge about this, but it might be a great plan.

For those of you "in the know" is this a common practice, or is this very unusual?

P.S.- when can we learn about how the contract bidding went?

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ATLBrain Burg

ATLBrain

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highly unusual to build a partial first and complete the tower later. So I asked my architect brother in law about this. He said it can be done (and has been done ... he thinks in NYC and the Blue Cross / Blue Shield Building in Chicago). Also there have been numerous parking garages built as foundations for future towers (some of which never did get built like in Dallas). He said one way to address the elevators is to leave the shafts hollow. There would be additional costs just b/c it would need to be structurally stronger than a comparable ten story building.

Obviously untrained in this area, I'm still with the guy above who said that this would be a logistical and technical nightmare (not to mention for the guests in the hotel). If Giarratana doesn't think he can get this project out of the ground, he really should rethink the design of the overall building. The sketch above looks rather stark. I do like the flourishes above the entrances. They look like stylized M's, or even a big gaping mouth.

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Jeeper12 Hamlet

Jeeper12

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No this isn't common practice because the foundation, elevator and utility requirements of a 12 story building are hugely different than that of a 55 story building and they can't be added in after the fact. Either it is there or not. It would drive up the cost of the hotel portion immensely and means a big financial risk if the condo tower is in fact not built because that means a lot of it wasn't necessary. I am not even sure how you could build an elevator system in a 12 story building then come back and extend it to 55-60 stories.

What is more common is a project that would have a separate hotel and condo tower if they were not to be built ta the same time. It's my guess if they phase this project then this is most likely what you will see. This will no doubt mean a condo portion that might have the same number of floors as before, but a shorter tower overall.

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barakat Burg

barakat

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I don't know about anyone else, but I'm not going to pay $300/night [or whatever it will be] to stay in a hotel where a tower is being constructed on the roof. The noise will be awful, and I'm guessing crews would work at night. A friend lived in the west side of the Cumberland while the main library was under construction, and the noise [especially throughout the night] was ridiculous and completely unbearable.

I don't see how this proposal carries much if any weight. Gaushell, are you able to contribute and info/opinions?

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Nashvillain Burg

Nashvillain

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I think what Duke32 is suggesting, is that since a hotel deal is already signed, and I guess, loans are set for this portion of the project to get underway, construction will go ahead and start while Tony works on securing the condo portion. Once that happens, construction will proceed as planned with the whole project. I don't think at any point, the hotel portion will be up and running while the tower is still under construction. Tony is banking on getting the condo funding in line well before the hotel is completed.

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