Here's some more information on the Signature Tower project as reported today in The Nashville Post.
http://www.nashvillepost.com/news/20...e_construction
Here's the artcle's script:
"Signature Tower has more hurdles before construction
Email | Print By Richard Lawson
01-18-2007 1:56 PM — Although rezoning has been approved for Signature Tower, which is having a much easier time than the Westin hotel project proposed for a few blocks away, developer Tony Giarratana still has some other hurdles to clear before construction can get underway on what would be the tallest building in the Southeast.
Financing, of course, is a crucial element in order for construction to begin. On Monday, Chicago-based Jones Lang LaSalle, the investment bank hired to raise the money, started its work by distributing a development-financing memorandum to financial institutions. Giarratana expects to close on the financing June 30 and break ground the following day.
The construction date originally was set for this spring. But as projects of this magnitude progress, construction dates can be moving targets.
Another key element is the number of reservations. The target is 60% of the 435 condominiums planned for the tower, or 261, before construction. So far, Giarratana has 140 reservations for a total value of $105 million. The sales office is under construction on the 11th floor of the Suntrust Bank Building downtown and it is scheduled to open March 1.
Last Friday, Giarratana received the architectural and engineering drawings necessary to establish a guaranteed maximum price. He expects to have with Turner Construction completed by the end of next month.
If all goes as planned now, construction is scheduled for completion on June 30, 2010."
There's lots of real important news in the article. First of all, I don't think that it had been reported that the sales office is already under contruction with an anticipated opening on March 1st. I can't wait to visit the Sales Office. It should be a blast. I really think that sales will be energized once the sales office opens. Which bring to mind, the second and most important (in my opinion) information revealed in Richard Lawson's article. That is that the goal is 60% of the units reserved, not 50% under contract as many had assumed earlier. I don't think they would report that as the goal if they didn't already have feedback from banks that meeting 60% reserved would qualify for the loan, and I know for a fact that Tony Giarratana has already had a number of meetings with various banks to secure a loan for the project. For me, this is extremely significant. I have little doubt that Tony can achieve that number of reservations before June 30th. As I said earlier, I believe sales will really begin cranking in March once the Sales office opens. I wouldn't be surprised if he get the other 120 reservations he needs in 4 to six weeks once the office opens.
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With Atlanta growing as fast as it is and as big of a city as it is becoming, it is perfectly capable of doing so. I'd be willing to bet that by 2010 someone will at least come up with a proposal taller than the Bank of America.
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