NASHVILLE | Signature Tower | 1,030' Pinnacle / 810' Roof | 70 FLOORS | NEVER BUILT

[nashVYllebeck]

thank you pablosan. Too many negative posts, your optimism helps.

[Sulley]

I've been optimistic on this one since the Lucien LaGrange days.

[pablosan]

^
Lol

[excel]

Sweet building.

[Hankster]

There are now considerably more than 100 sales contracts for Signature and sales are picking up. Word is that a "good news" announcement will be forthcoming on Monday.

[DMILLSPHOTO]

Originally Posted by Hankster

There are now considerably more than 100 sales contracts for Signature and sales are picking up. Word is that a "good news" announcement will be forthcoming on Monday.

I am most definitely curious as to this, Hankster. Ears and eyes will be peeled on Monday. Might do a drive-by of the lot.

[Northwest]

Originally Posted by Hankster

There are now considerably more than 100 sales contracts for Signature and sales are picking up. Word is that a "good news" announcement will be forthcoming on Monday.

Yes, I sure hope this brings some happiness to all come Monday!

[AZheat]

I just moved to Nashville within the last week. I'd love to see this project happen. The design is great and as other projects move ahead the skyline would be very impressive.

[ariesjow]

Originally Posted by AZheat

I just moved to Nashville within the last week. I'd love to see this project happen. The design is great and as other projects move ahead the skyline would be very impressive.

Welcome to Nashville!

I agree that Siggy would be very impressive. Nashville skyline is transforming and the city is also evolving at the street level. It would be great to see this tower not only usher in a new era for the skyline but put even more bodies downtown.

Here's hoping Monday brings some positive news.

[blueraider86]

He may align himself with five development partners. The hotel portion would be increased and the number of units would be down to 300 instead of 400.

Basically a larger hotel with 300 condos on top. Since the new Nashville Convention Center is pretty much coming to a reality, more hotel rooms are needed and Nashville has an occupancy rate of 72% which is very high compared to the rest of the nation.

Frankly, I am tired of hearing about this tower. It was announced in October 2004, and 3 1/2 years later, no dirt or rock has been moved. This rings true of West End Summit, two towers of 400 feet announced in 2001 and 7 years later nothing but a hole filling up with ground water.

Don't hold your breath people.

[DMILLSPHOTO]

Originally Posted by blueraider86

He may align himself with five development partners. The hotel portion would be increased and the number of units would be down to 300 instead of 400.

Basically a larger hotel with 300 condos on top. Since the new Nashville Convention Center is pretty much coming to a reality, more hotel rooms are needed and Nashville has an occupancy rate of 72% which is very high compared to the rest of the nation.

Frankly, I am tired of hearing about this tower. It was announced in October 2004, and 3 1/2 years later, no dirt or rock has been moved. This rings true of West End Summit, two towers of 400 feet announced in 2001 and 7 years later nothing but a hole filling up with ground water.

Don't hold your breath people.

At least WES has a hole, filled with 10' of water or not, Sig has cars. I do like the idea of more hotel rooms instead of condos, though, it would make the current sales look higher.

[Hankster]

Originally Posted by blueraider86

He may align himself with five development partners. The hotel portion would be increased and the number of units would be down to 300 instead of 400.

Don't hold your breath people.

If what you say is true, this would be extremely good news for this project. Having a larger hotel portion, means fewer condos to sell. Coupled with the fact that he has considerably more than 100 sales contracts now, that could mean he only needs to sell 30 or so more to obtain financing. If he aligns himself with a number of development partners, that should further increase the probability of getting financing. I don't think we will be holding our breath too much longer on this one. The doubters out there on this project have failed to understand the tenacity and will of Tony Giarratana. He will make this project happen.

[tintinex]

I just came back from an awesome weekend in Nashville (first time there). I stayed about a block away from where this proposed tower would be built. It's still an usable parking lot but it's draped with advertisement for the building. I just wanted to say what a perfect location for this tower, and thank you Nashville for an unforgettable weekend. I'll be back many times...

[blueraider86]

Some analysts say it may take years to recover from this sub-prime loan debacle, so in any case Tony may not have any choice but to cancel this tower.

Now, I am not a financial guru by any means but the federal interest rates for banks borrowing money from the government are not reflective or dependent on what mortgage interest rates are. So Tony has two problems:

One: the banks he needs to borrow from have to borrow money and

Two: the home owner/buyer has their rates for borrowing money to buy a unit.

Those two situations are what is holding Tony back. Steel and concrete have skyrocketed, and the condo market has slowed down although Tony claims demand will be high because Nashville is so far behind the curve as it relates to downtown living.

So it begs the question, if cities as much as 5 times the size of Nashville are not building 1057 foot 70 story towers aka... Los Angeles, Houston, Atlanta, Dallas, Miami, San Francisco, than how can Nashville support such an ambitious project?

Jacksonville which is on the Atlantic Ocean with amazing ocean views with thousands moving to downtown for that view is not building a tower this size. maybe tony has dreamed too big.

[nashVYllebeck]

blueraider, you're wrong about the contruction and steel prices. In the midst of this "economic" crisis, the steel and construction prices are actually lower than average. The problem that has been holding Tony back is not that he has dreamed "too big", it's because the credit crisis has made bank lenders cautious. A project like this two years ago would have secured a loan with the 40% presales. Now however, the subprime mortgage problems make lenders less risky and they demand 60-70% presales.
Many buyers are waiting to see this project break ground before they buy a condo because for most of those interested, the credit crisis has not affected them. If Tony secures the money to begin excavation, more buyers will come on board.

[Plasticman]

Originally Posted by nashVYllebeck

blueraider, you're wrong about the contruction and steel prices. In the midst of this "economic" crisis, the steel and construction prices are actually lower than average. The problem that has been holding Tony back is not that he has dreamed "too big", it's because the credit crisis has made bank lenders cautious. A project like this two years ago would have secured a loan with the 40% presales. Now however, the subprime mortgage problems make lenders less risky and they demand 60-70% presales.
Many buyers are waiting to see this project break ground before they buy a condo because for most of those interested, the credit crisis has not affected them. If Tony secures the money to begin excavation, more buyers will come on board.

Bingo. You've hit the nail on the head. What many have to understand is that for the upper end condo units - those in the 1,000,000-5,000,000 dollar range, the buyers are likely very wealthy and aren't likely to be waiting on some other home to sell nor are they interested in the interest rates to any degree. What is likely holding some back is just as I've said all along that they are waiting for construction to start rather than tie themselves up in a project that isn't for sure yet.

Mr. Giarrattana's biggest issues are finding a lender who will take that risk and/or selling enough units between now and June before the contracts he has become void. If he can at least get dirt to move the sales would increase just from those on the fence.

And frankly the economy seems far, far worse than it is because of the liberal media's very, very, very biased negative spin put on any financial news. If the stocks are up, the spin is just as negative and forboding as when they are down. I can't watch Brian Williams on NBC news for wanting to reach in the TV and grab his collar and tell him just to give the news without spin. The other night I watched an entire newscast (while holding my nose) and not one positive story was on that whole newscast, not one. Yes the economy could slip into recession. That's has happend throughout history. But public perception drives the economy as much as anything else and this type of negative spin is one major factor that is hurting this economy.

[BnaBreaker]

Originally Posted by Plasticman

And frankly the economy seems far, far worse than it is because of the liberal media's very, very, very biased negative spin put on any financial news.

You really can't help yourself can you? I've said it before and I'll say it again. It's strange to me that you and other Nashvillians rather peculiarly cannot seem to discuss anything, much less the construction of a skyscraper, without throwing in some silly conservative political tidbit that's been fed to you by talk radio. Are you capable of having a discussion without attacking your political counterparts? It's getting pretty ridiculous.

[WonderlandPark]

Originally Posted by Plasticman

the buyers are likely very wealthy and aren't likely to be waiting on some other home to sell nor are they interested in the interest rates to any degree.

What a load of crock. They rich are rich for a reason, they watch their money like hawks. And they do care about interest rates.

[Plasticman]

Originally Posted by BnaBreaker

You really can't help yourself can you? I've said it before and I'll say it again. It's strange to me that you and other Nashvillians rather peculiarly cannot seem to discuss anything, much less the construction of a skyscraper, without throwing in some silly conservative political tidbit that's been fed to you by talk radio. Are you capable of having a discussion without attacking your political counterparts? It's getting pretty ridiculous.

Resist what? I'm making valid points about the media and it's impact on project like this and you know it. The media is leftwardly biased, their reporting is such, they put negative spin on good or bad news as long as a republican president is in office, and the negative financial news has a negative impact on the average person's perspective. This translates into a slower economy which eventually filters to slower condo sales which means the Signature Tower project is on shaky ground. You can't tell me the constant bombardment of bad news has a good impact or even no impact. It isn't the only driver but it does take a turn at the wheel.

Granted, the banks themselves have just as much a hand in it by loaning money to anyone with a heartbeat and now they are suffering for it.

By the way I grew up in Tennessee but have lived in Kentucky and then in Georgia since 1980 so I'm not from Nashville. I just happen to like this project and the boldness of it for a city that size.

Peace

[Plasticman]

Originally Posted by WonderlandPark

What a load of crock. They rich are rich for a reason, they watch their money like hawks. And they do care about interest rates.

Only as far as their effect on the economy and the stock market...NOT on whether they can buy a condo at 5.5% or 6.0%.