daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old September 24th, 2008, 08:54 PM   #621
g-man430
Registered User
 
g-man430's Avatar
 
Join Date: Jan 2006
Location: Greenville, SC
Posts: 8,238
Likes (Received): 144

Developer battles to keep tower project
Developer Tony Giarratana is trying to bargain for some more time for his Signature Tower project.

The Nashville high-rise developer, who grabbed attention across the Southeast two years ago with his proposal for a 70-story condominium and hotel at Church Street and Fifth Avenue North, said he is trying to work out new terms for the mortgage on the land on which the tower would stand.

The talks come as Giarratana faces an Oct. 30 deadline on his $11.5 million loan with Wachovia bank on the property. That loan has already been extended twice, he said.

"We're discussing the rate, the loan-to-value and the term itself, the length of the loan," Giarratana said. "I can't share details right now."

As part of the talks, Wachovia officials have contacted some potential investors to ask what they would pay for the 1.2-acre site.

The discussions could be a sign that Wachovia is preparing to foreclose on the property, or they could indicate that the bank is trying to figure out the property's current market value as part of its negotiations with Giarratana.

Giarratana bought the property for $9.1 million in December 2005, according to records filed with the Davidson County Register of Deeds.

A Wachovia spokeswoman declined to comment, citing customer privacy rules.

Already on hold
Lenders have already been weighing in on the Signature Tower project.

In May, Giarratana said the building's design was headed back to the drawing board because potential financiers were not buying into his concept of a luxury hotel and condominium that at 1,057 feet would have been the tallest building in the nation outside New York City and Chicago.

But these latest negotiations show that it's not only the type of project that's being rethought. It's the value of Nashville real estate itself.

At $170 a square foot, Giarratana's price for the Signature Tower lot far exceeds the $117 a foot that office developer Eakin Properties paid in June 2005 for 1.2 acres next to Ryman Auditorium.

That's where the SunTrust Plaza building, downtown's
latest office tower, now
stands.

The valuation also is nearly triple the $60 a square foot that the Marks family paid in October 2006 for some of the land where city officials are considering building a convention center.

"The value of underlying raw land has been impacted negatively; it's about a 50 percent haircut," said Mark Bloom, the Nashville land investor who sold the Markses their lot. "This cycle is playing out a lot longer than anybody expected."

Giarratana has been through financial difficulties before. The real estate slump in the 1980s forced him into bankruptcy, but Giarratana bounced back to open the Cumberland apartment building in 1998. That building would be the genesis of his comeback as a residential developer.

Keeping the Signature Tower proposal alive may require acting every bit as deftly again.

Chas Sisk writes about real estate on Mondays. Reach him at 615-259-8283 or [email protected].
__________________
Visit Greenville, SC
g-man430 no está en línea   Reply With Quote

Sponsored Links
Old September 24th, 2008, 09:10 PM   #622
Hed_Kandi
Registered Usurper
 
Hed_Kandi's Avatar
 
Join Date: Jan 2006
Posts: 6,279
Likes (Received): 12579

I hope this tower it built, it's a real beauty!
Hed_Kandi no está en línea   Reply With Quote
Old September 25th, 2008, 04:20 AM   #623
spectre000
Moderator
 
spectre000's Avatar
 
Join Date: Jul 2008
Location: St. Paul
Posts: 7,904
Likes (Received): 5170

I hope it gets built as well. It's not fair that Chicago and New York get to have all the fun.
spectre000 no está en línea   Reply With Quote
Old September 25th, 2008, 04:23 AM   #624
backupcoolmen
BANNED
 
Join Date: Jul 2008
Location: Charlotte
Posts: 173
Likes (Received): 6

will it be built?
backupcoolmen no está en línea   Reply With Quote
Old September 25th, 2008, 11:07 AM   #625
xXFallenXx
Registered User
 
xXFallenXx's Avatar
 
Join Date: Jun 2007
Location: Temecula, CA
Posts: 3,859
Likes (Received): 170

^ My spidey sense says no.
xXFallenXx no está en línea   Reply With Quote
Old September 26th, 2008, 01:35 AM   #626
Mplsuptown
Registered User
 
Mplsuptown's Avatar
 
Join Date: Sep 2002
Location: Minneapolis MN
Posts: 2,168
Likes (Received): 713

Let it die.....go with dignity.
__________________
I ain't got time to breed

*And Major D., just leave the angry man's post up. - spectre000
Mplsuptown no está en línea   Reply With Quote
Old September 28th, 2008, 06:25 AM   #627
Ice Storm
Ice Storm
 
Join Date: Sep 2008
Location: Nashville
Posts: 25
Likes (Received): 0

I highly doubt this will happen. Mr. Giaratanna was overly optimistic. The wealthy in Nashville live out in the suburbs. Nashville does not even have enough retail, movie theaters, restaurants etc... to support such a tower.
Ice Storm no está en línea   Reply With Quote
Old September 28th, 2008, 06:45 AM   #628
Ice Storm
Ice Storm
 
Join Date: Sep 2008
Location: Nashville
Posts: 25
Likes (Received): 0

Mr. Giaratanna had hoped to land Regions, or First Tennessee Bank as an office tenant. He then hoped to sign on Kimpton Hotels. The current USA economy is in shambles. I wish he had stayed with the original 55 story 700 foot tower. It was more realistic for Nashville. Nashville does not need a 70 story 1057 foot tower. We need about 20 more 300 foot towers to fill up about 20 surface parking lots in downtown.

Last edited by Ice Storm; September 28th, 2008 at 06:46 AM. Reason: left out some information.
Ice Storm no está en línea   Reply With Quote
Old October 3rd, 2008, 10:22 AM   #629
Imperfect Ending
Or is it?
 
Imperfect Ending's Avatar
 
Join Date: Apr 2003
Location: Portland, Oregon
Posts: 10,759
Likes (Received): 452

Hahaha GO NASHVILLE!
__________________

Imperfect Ending no está en línea   Reply With Quote
Old October 10th, 2008, 06:47 AM   #630
phillybud
Registered User
 
phillybud's Avatar
 
Join Date: Jul 2007
Location: Philadelphia, Pennsylvania
Posts: 815
Likes (Received): 35

Wachovia Bank is no more ... bought out by Wells Fargo.

I have now arrived at the opinion this will never get built.

This thread ... almost 2 and 1/2 years later and 630 posts ... a lot of wishes and hopes dashed. How sad!

__________________
"Only two things are infinite - the universe and human stupidity, and I'm not sure about the former." -- Albert Einstein
phillybud no está en línea   Reply With Quote
Old October 10th, 2008, 05:53 PM   #631
RON-E
Registered User
 
RON-E's Avatar
 
Join Date: Sep 2007
Location: Richmond, VA/Nashville, TN
Posts: 1,635
Likes (Received): 35

even me, from nashville, do not think this will happen anymore.

it is all in fault to tony g, the developer. it sucks that the crisis happened, but he has wasted so much time on this project, and shown little results from his studies and plans.....


its sad, maybe one day, but not anytime in the near future can i say we will see this in nashville....

that sucks....
RON-E no está en línea   Reply With Quote
Old October 10th, 2008, 10:09 PM   #632
jlh630
Registered User
 
Join Date: May 2007
Location: Atlanta, Nashville
Posts: 150
Likes (Received): 7

This thread needs to be closed. This project has no chance of moving forward in the foreseeable future. I was down at the site yesterday, and all advertising billboards and walls are down. Especially now with the state of the U.S. economy, this project is dead.
jlh630 no está en línea   Reply With Quote
Old October 10th, 2008, 10:46 PM   #633
malec
Rrrraaaaaahhhhhhh!!!!!!!
 
malec's Avatar
 
Join Date: Apr 2005
Location: Cork
Posts: 9,598
Likes (Received): 125

A pity since this tower is so nice.
malec no está en línea   Reply With Quote
Old October 10th, 2008, 10:57 PM   #634
luci203
Registered User
 
luci203's Avatar
 
Join Date: Apr 2008
Posts: 4,129
Likes (Received): 1202

Quote:
Originally Posted by Plasticman View Post
This tower look like Jin Mao to me. To bad is dead.

Maybe someone else will buy the project and build-it.
luci203 no está en línea   Reply With Quote
Old October 10th, 2008, 10:58 PM   #635
The-Real-Link
The-Real-Link!!
 
The-Real-Link's Avatar
 
Join Date: Oct 2004
Posts: 752
Likes (Received): 300

The last I spoke with Giarratana Development, they told me that they are working on extending some contracts for the project. Maybe these land deals and reassessments could be a part of it? I was informed that things would start up again in November.
The-Real-Link no está en línea   Reply With Quote
Old October 10th, 2008, 11:30 PM   #636
Eric Offereins
The only way is up
 
Eric Offereins's Avatar
 
Join Date: Jan 2004
Location: Rotterdam
Posts: 68,615
Likes (Received): 28170

I hope so.
Eric Offereins no está en línea   Reply With Quote
Old October 11th, 2008, 01:12 AM   #637
ALKUN
Registered User
 
ALKUN's Avatar
 
Join Date: Dec 2006
Location: Las Vegas - Tokyo - Honolulu.
Posts: 602
Likes (Received): 18

It was nice.
ALKUN no está en línea   Reply With Quote
Old October 11th, 2008, 01:17 AM   #638
spire1000
watchin you from above...
 
spire1000's Avatar
 
Join Date: Sep 2008
Location: chicago
Posts: 496
Likes (Received): 0

what does probably dead mean?
spire1000 no está en línea   Reply With Quote
Old October 11th, 2008, 01:24 AM   #639
Dale
Registered User
 
Join Date: Sep 2002
Location: Charlotte, NC
Posts: 9,177
Likes (Received): 5505

Quote:
Originally Posted by spire1000 View Post
what does probably dead mean?
Lying in a back alley, bleeding profusely from several bullet wounds.
Dale no está en línea   Reply With Quote
Old October 11th, 2008, 01:41 AM   #640
jlh630
Registered User
 
Join Date: May 2007
Location: Atlanta, Nashville
Posts: 150
Likes (Received): 7

Quote:
Originally Posted by malec View Post
A pity since this tower is so nice.
Yes, very much so. I was looking forward to watching this building grow.

Quote:
Originally Posted by The-Real-Link View Post
The last I spoke with Giarratana Development, they told me that they are working on extending some contracts for the project. Maybe these land deals and reassessments could be a part of it? I was informed that things would start up again in November.
They have been saying "they are working on it" for 2 years, and always give a few months in the future as the date that things will get underway. In the spring, Giarratana was confident the project would be underway by June, but instead they have taken a step back by removing the on-site advertisements. It pains me to say it but there's just no way this thing is getting built.
jlh630 no está en línea   Reply With Quote


Reply

Tags
nashville

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 12:21 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu