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Old February 18th, 2008, 08:49 PM   #541
Plasticman
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Quote:
Originally Posted by elliot View Post
They lopped 100-150 feet off of the height of Trump Toronto (it's now just over 900' or so)... and the thing is finally under construction. The excuse they made was a smoke-screen (elevator issues for such a tiny site), but lethargic sales at those prices was the most likely reason. Nonetheless, the builder must have figured out how to placate those purchasers who paid top dollar to own at those rarified elevations.
Dig a little deeper and I bet a certain % change was allowed in the contracts. And then consider what part changed. Was the building flat roof or did it have a crown of some sort that was lopped off? At any rate the developer couldn't make a dramatic change without re-negoatiating contracts of the top floors.
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Old February 18th, 2008, 09:24 PM   #542
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I don't need to dig deeper... this is a market that is still exploding despite the historical "America sneezes and Canada catches a cold" real estated phenom.

Toronto is building 5 new 5 star hotels and one of them performed poorly... named Trump. What's your point? If I was a Nashville skyscraper geek with a camera at the ready... I'd vote "build it... whatever the height...".
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Old February 18th, 2008, 11:23 PM   #543
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I don't need to dig deeper... this is a market that is still exploding despite the historical "America sneezes and Canada catches a cold" real estated phenom.

Toronto is building 5 new 5 star hotels and one of them performed poorly... named Trump. What's your point? If I was a Nashville skyscraper geek with a camera at the ready... I'd vote "build it... whatever the height...".
Apparently you do need to dig deeper...mostly in your understanding of my statement. My point? I'm not talking about Tornoto's "market". I'm talking about contractural obligations regarding making major architectural changes to a condo tower. If Trump had to change his tower then somewhere along the way the subject of his contractural obligations to his contracted buyers had to surface immediately. It could be he had the ability to make such changes in the contract from the outset. But if he had a unit sold on the 70th floor and now that unit no longer exists, well I would imagine the buyer wouldn't be willing to shell out money for nothing.

My points regarding Signature Tower up in Nashville is based on the premise that the developer has contracts for condos sitting well over 800' in the air. If he shortens the tower (excluding the crown), the very top floor condos dissappear as do his contracts for the now non-existent units. And then with the condo tower becoming less distinctive or unique, the value of even the lower units themselves are reduced which likely nullifies many of the contracts even on floors that do remain.

Now do you get my point?
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Old February 19th, 2008, 02:27 AM   #544
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How small?
not sure.
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Old February 19th, 2008, 02:58 AM   #545
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What ever happened to his hot air balloon? Does he even have a GC on board yet?
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Old February 19th, 2008, 03:09 AM   #546
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Look...I wish that they would build this project. But there is truly nothing happening. Can we shut this down???
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Old February 19th, 2008, 03:23 AM   #547
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The above posters are correct.

For a developer its easier (P.R. and otherwise) to return deposits after expiring all of your options than it is to get locked in litigation with 100 or so complaintants (sp?).

All or nothing.

This project is dead.
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Old February 19th, 2008, 03:50 AM   #548
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This project is not dead.

But this thread should be.
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Old February 19th, 2008, 08:51 AM   #549
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Quote:
Originally Posted by xXFallenXx View Post
This project is not dead.

But this thread should be.
the thread has already been dead and the project is about to die
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Old February 19th, 2008, 08:52 PM   #550
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Thanks for the explanations. I guess Nashville is not ready for a "super-tall" building yet.
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Old February 19th, 2008, 09:45 PM   #551
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Thanks for the explanations. I guess Nashville is not ready for a "super-tall" building yet.
That's the notion I don't understand. "ready for a supertall". If someone has the money and a permit they can build a mile high skyscraper in a cornfield in Nebraska. Plus Signature Tower is a condo tower. If it doesn't get built it has nothing whatsoever to do with Nashville's being "ready" or not. Two 500' condo towers would be just as much on hold, or three 350 footers.

It is all about the home mortgage crunch and what I consider very gimmicky marketing by the developer. Now he has spent all this time marketing it with balloon rides and free cars that he may not have time to reel in enough buyers before the contracts expire. I hope I'm wrong.
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Old February 19th, 2008, 10:25 PM   #552
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This project may be quiet right now, but it is not dead. Some news that hasn't been posted yet from February 12 (1 week ago):

http://wkrn.com/nashville/news/propo...ays/136142.htm

The video is mostly about an unrelated development in Davidson county outside Nashville, but the last 30 seconds of the video are an interview with the developer, Giarratana, about the Signature Tower. Word is they are still expecting to break ground this spring. Part of the hold-up has been conflict with the FAA over the height of the building, but it seems they are going to allow this building to exceed 300 m as planned.

Don't count this building out just yet. It may be one of the slowest moving project out there, but it is neither on hold nor cancelled. This thread should stay open.
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Old February 19th, 2008, 11:14 PM   #553
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Quote:
Originally Posted by jlh630 View Post
This project may be quiet right now, but it is not dead. Some news that hasn't been posted yet from February 12 (1 week ago):

http://wkrn.com/nashville/news/propo...ays/136142.htm

The video is mostly about an unrelated development in Davidson county outside Nashville, but the last 30 seconds of the video are an interview with the developer, Giarratana, about the Signature Tower. Word is they are still expecting to break ground this spring. Part of the hold-up has been conflict with the FAA over the height of the building, but it seems they are going to allow this building to exceed 300 m as planned.

Don't count this building out just yet. It may be one of the slowest moving project out there, but it is neither on hold nor cancelled. This thread should stay open.
I hope you're right. Some folks on the other forums have said the FAA thing is a smokescreen and that lackluster sales are delaying the groundbreaking. I really, really, hope you are right.
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Old February 19th, 2008, 11:56 PM   #554
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They could lop off the bottom half of the building, and build the top half on stilts. Then those people with contracts would still get their elevations
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Old February 21st, 2008, 03:52 AM   #555
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They could lop off the bottom half of the building, and build the top half on stilts. Then those people with contracts would still get their elevations
Actually, the bottom of the tower is basically a done deal. That is reserved for the Hotel Palomar. With the near 100% probability of a new Convention Center being constructed starting in 2009, the Hotel Palomar is now interested in adding more rooms than originally planned. That means that, if built, Signature Tower will probably have a 20 story hotel at the bottom with 50 floors of condos above that, rather than only a 13 story hotel as originally planned and 57 stories of condos above that. The developer will not have to sell as many condos as before to obtain financing and that raises the odds that this thing can go forward. Based on what I heard, Giarratana needs to break ground on this thing by June, or the contracts already signed go void. It's crunch time between now and then for the project. I beleive he still needs to sell about 60 more units to get financing. There's even the possibility that he would break ground before financing is obtained, financing the prep work (70 foot excavation) out of his own pocket. There are also rumors that he is talking to other developers to partner in the project. Who knows? It will be an interesting next several months.
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Old February 22nd, 2008, 12:13 AM   #556
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Well... This is the most promising bit of information that I've heard in a looooong while. Though promising I won't hold my breath
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Old February 22nd, 2008, 07:23 PM   #557
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Good news.
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Old February 22nd, 2008, 08:19 PM   #558
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they had an article about this a few months ago, i tried to find it, but i couldnt. if anyone can, please post it here.


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Old February 22nd, 2008, 10:43 PM   #559
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Based on the public unveiling today in Nashville, the approved Signature Tower will stand an impressive 65 stories / 1,047 feet tall making it the tallest U.S. skyscraper outside of New York and Chicago. Wow!!
Love the top !
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Old February 23rd, 2008, 12:18 AM   #560
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Actually they've changed the top. I like it even better. Here's the latest rendering:

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