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Old April 4th, 2015, 07:14 AM   #101
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Bummer. I was hoping Nashville would have a new shining star and encourage other cities to follow in their footsteps. At least 550ft is still an option.
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Old April 4th, 2015, 06:05 PM   #102
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While it does suck, Nashville doesn't command the prices yet to justify the former design, but that can happen in due time. That was a significant risk that even the biggest banks wouldn't hedge on, so while we lop some off and get a new 2nd tallest, it'll contain the highest occupied floors in the state.
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Old April 8th, 2015, 02:07 PM   #103
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Excavation work, 4/03


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Old April 8th, 2015, 03:45 PM   #104
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Won't it appear taller on the skyline than the Batman Building ?
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Old April 8th, 2015, 03:56 PM   #105
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Quote:
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Won't it appear taller on the skyline than the Batman Building ?
It might due to the different elevations but it could also pull up even with the Batman Tower lending the skyline a kind of awkwardness.
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Old April 8th, 2015, 07:23 PM   #106
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Quote:
Originally Posted by Dale View Post
Won't it appear taller on the skyline than the Batman Building ?
It should easily appear to be the new tallest to the eye from most angles of the Nashville skyline even with the height reduction. Batman sits on the downslope of a hill and 505 will be at a higher elevation. Think someone on UP said it will look over 600' due to the site elevation.

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It might due to the different elevations but it could also pull up even with the Batman Tower lending the skyline a kind of awkwardness.
I suspect it might look slightly awkward from the very common angle of the Nashville skyline from the Shelby Street Bridge. Maybe this will finally force people to find a better skyline angle that doesn't leave out so much of Nashville's urban development and make it appear smaller than it really is!
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Old April 9th, 2015, 02:48 PM   #107
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Might it draw attention away from the rather bland Snodgrass building that actually looks the tallest from most vantage points ?
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Old April 16th, 2015, 11:29 AM   #108
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Giarratana Moves Forward With High Profile Nashville High-Rise



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High Rise Facilities | April 8, 2015

It’s not only jobs and residents flocking to Nashville: lenders are competing to back multifamily developments in the Music City. Developer Tony Giarratana has secured $47.5 million in key financing commitments to allow his company to move forward with its latest development, to be called 505. Located at the corner of 5th Avenue and Church Street in the heart of downtown Nashville, the multifamily property will be developed through a public/private partnership with the Metropolitan Development & Housing Agency (MDHA).

The 505 apartment high-rise is facilitated by our public/partnership with MDHA, which includes a 99-year lease on 500 spaces in its garage and air rights for a rooftop amenity deck,” said Tony Giarratana in a statement. At 550 feet-tall, it would be the second-tallest building in the city, behind the AT&T Building.

The prime, 505 development site, which Giarratana is contributing to the project, is valued at more than $12.5 million. JLL secured $35 million in mezzanine financing on behalf of Giarratana from Chicago-based LaSalle Investment Management. MDHA has committed an additional $12.5 million in tax increment financing (TIF), which TIF is to be financed by Nashville-based First Advantage Bank. In addition to the mezzanine financing, JLL’s Capital Markets experts, led by Managing Director David Hendrickson, are currently sourcing a $90 million construction loan to complete the project’s $150 million in financing.

“Giarratana and his partners continue to make significant contributions to the economic growth and development of Nashville. First Advantage Bank is excited to be among the partners facilitating the 505 development” says Earl Bradley, CEO, First Advantage Bank.

Designed by Chicago based Solomon Cordwell Buenz, 505 will feature 45 floors with a total of 500 units, the upper third of which are designed to be potentially be sold as condominium residences. Both 505 and the adjacent, MDHA garage will be delivered by late-2017.


[...]


http://www.us.jll.com/united-states/...lle-high-rise/

Last edited by desertpunk; April 16th, 2015 at 11:39 AM.
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Old May 4th, 2015, 08:20 AM   #109
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Still digging ...

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Old May 20th, 2015, 04:40 PM   #110
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Any Funding Updates?

Just curious if anyone has come across any articles about this project moving forward. I know they had a lot of money left to raise for the construction loan but curious to know if they'll be moving forward per schedule.
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Old May 20th, 2015, 06:53 PM   #111
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^ The design was actually approved by the MDHA yesterday and construction will start in November.

http://www.tennessean.com/story/mone...pace/27611589/
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Old June 8th, 2015, 04:39 PM   #112
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Quote:
Originally Posted by ariesjow View Post
^ The design was actually approved by the MDHA yesterday and construction will start in November.

http://www.tennessean.com/story/mone...pace/27611589/
I could be wrong, but MDHA design approval and financing a project are two different things, no? Design approval does not automatically mean the project is financed and construction will begin. They've been guessing at construction dates since the original design in the mid to late 2000s...
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Old June 17th, 2015, 07:05 PM   #113
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Quote:
Originally Posted by TraderF View Post
I could be wrong, but MDHA design approval and financing a project are two different things, no? Design approval does not automatically mean the project is financed and construction will begin. They've been guessing at construction dates since the original design in the mid to late 2000s...
You're correct. We remain unaware of the details regarding the financing for this project and cannot call this a done deal just yet. Much of the confidence about this development this time around stems from a meeting with the developer in November of last year that many of the Nashville development posters were fortunate enough to attend.
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Last edited by ariesjow; June 17th, 2015 at 07:27 PM.
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Old July 27th, 2015, 07:09 AM   #114
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Old September 19th, 2015, 11:27 PM   #115
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This is financed and ready to rise. It will be 543 ft tall and construction starts in November.

http://www.tennessean.com/story/mone...aper/72396140/

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Old September 20th, 2015, 01:14 AM   #116
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Quote:
Originally Posted by desertpunk View Post
Excavation work, 4/03


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Old September 20th, 2015, 01:15 AM   #117
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Quote:
Originally Posted by ariesjow View Post
This is financed and ready to rise. It will be 543 ft tall and construction starts in November.

http://www.tennessean.com/story/mone...aper/72396140/

I'm intrigued by the subtle changes.
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Old October 4th, 2015, 07:37 AM   #118
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Pics of the parking garage construction
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Old October 4th, 2015, 07:38 AM   #119
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Old October 8th, 2015, 04:05 PM   #120
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I'm absolutely thrilled this project is moving forward. Will be keeping my eye out for info related to pricing and particularly if they solidify the top 1/3rd of the building as condos, where pricing will fall. It's reasonable to expect that they start towards the 400 mark - maybe 380K? Just basing this off the sale prices in 1212 where the absolute highest units went for right around 400K even though they are substantially lower in tower height and floor level. Thoughts?
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