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W Hotel -- what's the story?


sande07

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According to rumors on this board and elsewhere, an announcement was supposed to have been made in mid March. Needless to say, that hasn't happened. Contrary to a convention HQ hotel downtown, I don't think this project (if it ever happens) is hinging on the outcome of the CC decisions.

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^^ Exactly why I don't believe this one is waiting for the CC decision. I still have not seen anything in the local Nashville media about this project. Maybe it's been on the TV news, as I couldn't have seen that. The company is called Lionsgate... or something, right?

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And if the hotel component is dependant on pre-selling 40 or 50 condos (as most are) that will also take lots of time. We all now know how long it takes to identify, organize and build out sales centers. And then there's the time necessary to actually sell the units.
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If this group has enough capital and loan guaranty strength (and they may) it's conceivable they could skip the presales and move ahead with only an anchor tenant for the office. However, given the relatively unproven market (Nashville) for what they'd be selling (I agree with you it will need to be $500-700/sf to make sense) as well as an untested residential submarket in Nashville (Roundabout) my money has them not putting a shovel in the ground until they have firm contracts on the condos.
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^ I thought you were going to say that maybe they'd take over the Rythm space if that project folded. The scuttlebutt I've been hearing about Rythm from folks at Village hasn't been too positive. Even if they find a way to move forward I wouldn't count on them giving up their sales center with so many units remaining to be sold.

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^ I thought you were going to say that maybe they'd take over the Rythm space if that project folded. The scuttlebutt I've been hearing about Rythm from folks at Village hasn't been too positive. Even if they find a way to move forward I wouldn't count on them giving up their sales center with so many units remaining to be sold.
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