It was reported yesterday in the Nashville Business Journal, that Tony Giarratana has revealed his redesign for Signature Tower. Highlights from the article are below:
Tower looks very similar to old design, just 20 fewer stories. Spire basically looks the same, but may be a bit shorter to look balanced with the shorter tower
807 Ft - 50 Stories
Hotel portion expanded from 198 units to 304 units
Office portion - 172,000 Sq Ft
Underground Parking garage reduced from 630 spaces to 360 spaces.
Condo portion - only 50 units all in the upper portion of the tower.
The top five floors will be full floor penthouses.
Total cost $250 Million down from $350 Million for the earlier design.
Construction costs have dropped by an estimated 20%.
Financing is hoped to be obtained in 8 to 12 months.
Overseas investors are being sought.
I would estimate this tower is about 24 floors hotel, 10 floors office, and about 16 floors of condos. If Tony has secured an office tenant and can retain enough of the 105 or so people that signed contracts for the old design, I think there is a real chance he can make a go of this. We'll all have to see what happens. I have always said, that you can't just write Tony Giarratana off. He is very persistant and motivated.
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