BROADWEST (former West End Summit), 36 story Conrad Hilton Hotel/condo tower, 22 story/510,000 sq. ft. office tower, 4 story/125,000 sq. ft. retail/office, 1 acre plaza, 2,500 car garage, $490 million

[MLBrumby]

From the NBJ: "Presently, Alex S. Palmer & Co. is "working directly with InterContinental Hotels Group," Baden said."

 

LOL... When Mr. Palmer was last seen, he was on his knees begging in front of the InterContinental Hotels HQ building.

[titanhog]

At this moment, I actually feel sorry for the guy.  A decade goes by with buildings popping up all around him and he can't get any traction.  He sees on Google Maps that his hole is now called Lake Palmer.  He keeps losing parts of his development (HCA ...hotel developer...).  He had to sell his Palmer Plaza.  He's in the 9th inning with 2 outs and 2 strikes.

[Nathan_in_DC]

At this moment, I actually feel sorry for the guy.  A decade goes by with buildings popping up all around him and he can't get any traction.  He sees on Google Maps that his hole is now called Lake Palmer.  He keeps losing parts of his development (HCA ...hotel developer...).  He had to sell his Palmer Plaza.  He's in the 9th inning with 2 outs and 2 strikes.

 

I'm torn. I certainly don't wish him or his company ill will. Not only is that a terrible thing morally for a person to wish this on another, it's bad for the city for a high profile developer to be foundering as spectacularly as he is.

 

However...he tore down a beautiful landmark building and replaced it with a festering, gaping wound in the fabric of the city. That just makes me angry.

 

I think a lot of that can be marked up to bad timing (luck?) on his part, because he blew a lot of money when the market wasn't there to support his investment. However, a lot of it is also just poor management and bad business practice.

 

In short: I don't feel sorry for him, as he brought a lot of it on himself, but I don't have schadenfreude for him either.

[bigeasy]

It has been a hole so long I think I might be upset when something gets built on it. I honestly don't even remember what was there before haha. Build on Lake Palmer and we lose some lakefront property on West End.

Edited June 18, 2015 by bigeasy

[rookzie]

I'm torn. I certainly don't wish him or his company ill will. Not only is that a terrible thing morally for a person to wish this on another, it's bad for the city for a high profile developer to be foundering as spectacularly as he is.

 

However...

 

I told you your parents made you turn out sort of "decent" (after all).  Guess most (if not all ) of us have vilified him in our minds at least one time or another.   I don't think there might have been so much rancor, had he not been so hell bent to tear down Corinthian Lodge ─ the way he went about acquiring it and then creating a lingering figurative (and literal) void in our thoughts and in the ground, especially to such a protracted extent.

 

I can't recall any other local removal of a "popularly historic" structure in modern times in exchange for a long abandoned-looking large and deep excavation of such proportion as that of Palmer Shores.(Shoals).  At least in my own mind, that's been the most flagrant issue I've had with it.

-==-

[titanhog]

All I've got to say is that there better eventually be something there to make up for tearing down the Corinthian Lodge.

[fieldmarshaldj]

^Popeye's Chicken by Lake Palmer.

[BnaBreaker]

When I think about the hasty destruction of The Corinthian Lodge, it makes me want to dress up like a nun, and follow Alex around town with a bell saying "Shame."  #gameofthrones

[titanhog]

When I think about the hasty destruction of The Corinthian Lodge, it makes me want to dress up like a nun, and follow Alex around town with a bell saying "Shame."  #gameofthrones

Please tell me Alex isn't naked in this scenario?!  We've all suffered enough as it is! 

[rookzie]

When I think about the hasty destruction of The Corinthian Lodge, it makes me want to dress up like a nun, and follow Alex around town with a bell saying "Shame."  #gameofthrones

 

Well,...

He will be taken care of one way or another, even if we're not around to realize it.  He'll be forever haunted for setting on fire the building that was supposed to have become the Chucky doll store.

-==-

Edited June 18, 2015 by rookzie

[smeagolsfree]

From the NBJ: "Presently, Alex S. Palmer & Co. is "working directly with InterContinental Hotels Group," Baden said."

 

LOL... When Mr. Palmer was last seen, he was on his knees begging in front of the InterContinental Hotels HQ building.

I think he may have been on his knees praying to win the Power Ball and Mega Millions lottery.

[dxfret]

Without doubt, Alex S. Palmer ranks as the most failed "developer" in the history of Nashville.  He's been shamed and disgraced.  He is loathed by practically every individual and firm that has ever attempted to do business with him.  HCA was very smart to walk away from him.  

 

With Nashville totally booming all around him, he continues to be nothing but a total failure.  

[samsonh]

Yes I thought for certain the HCA deal would save him. I have my doubts he will be able to develop this property at all.

 

Headlines like this are not good:http://www.tennessean.com/story/money/real-estate/2015/02/06/bill-adair-joins-jll-alex-palmer-co/23011673/

 

 

My guess is that he has to sell the site in the next few years. He is getting older and I do not see him being the dynamic force needed to develop this site. Sad

[BnaBreaker]

Yeah, I think it's past time Alex just swallow his pride, cut his losses, and sail off into the sunset with whatever dignity he has left and just enjoy his life as best he can.

[bigeasy]

Honest question but HOW did this fail? I just can't fathom how even with tenants it would fail. Could he not get the financing for it? I just don't understand how it would take so long for nothing to happen, then HCA can get so much done so quickly at the new site.

[Vrtigo]

Honest question but HOW did this fail? I just can't fathom how even with tenants it would fail. Could he not get the financing for it? I just don't understand how it would take so long for nothing to happen, then HCA can get so much done so quickly at the new site.

 

And how in the world does it continue to flounder? Surely he's received fair offers for the land and has had plenty of opportunity to walk away.

 

I can't imagine anything that could ever happen here that would have enough positive impact to resurrect the poor man's reputation.

[Paramount747]

This development was first announced in 1998. I remember the renderings on the internet. They looked like two Wynn towers out in Vegas. I cannot tell you why this failed, but quickly going through the list in my head , since 1998 There have been a minimum of 22 buildings of 100 feet or taller built or being built in downtown, The Gulch, and Vandy/West End.

 

He could not have been one of those 22? That is a lot of construction in 17 years for any mid size city.

 

22 Buildings is a lot of financing. How did those developers get financing and he did not? 22 buildings got financed and his did not? I have no idea.

[MLBrumby]

Apparently, his reputation as difficult to work with is correct.  I have two friends who run two different construction companies.  They say (in their own ways) that your reputation is everything in that business (not unlike most).  If you have a rep as someone who is not trying to nickel-and-dime your clients... someone who understands the needs of the clients (over your own self-interests)... and is driven by quality, then people will choose you over someone who has the shiny new object (or premium site on West End).  The result is that Nashville simply passed on Mr. Palmer's prime site.  Someone will buy it someday, and something will go there.  Pretty sure it will not be Palmer. 

[NashRugger]

If he can't get anything built in perhaps the biggest boom in the city's history, he never will. We are one of the hottest markets in the country, folks want to live here, visit here, and invest here. Our airport is adding more flights and new airlines every year with continued increasing and record numbers. High tech companies are beginning to look our way because the Silicon Valley of California and now even Austin are becoming too expensive, so they look elsewhere. Overall, it's still fairly affordable to live here compared to other metro areas our size and significantly larger.

 

It's time to walk away and sell the land, Palmer. 

[titanhog]

We have to consider him toxic at this point.  I don't think anyone's going to touch him.

[MidTenn1]

I would think that if some relatively successful developer took over the property, we would see a ground breaking within the year. And it would be a mixed-use comparable to what was proposed 13 years ago. 

[Paramount747]

In any case, whomever develops this needs to do so quickly. If I were a property owner around this site, I would be very upset if my property values went down because of it.

[FrankNash]

Rubenstein and Partners will get this done sooner rather than later IMO. This isn't their first rodeo.

[UTgrad09]

Rubenstein and Partners will get this done sooner rather than later IMO. This isn't their first rodeo.

 

It wasn't Lane Frost's first rodeo when he rode 'Takin' Care of Business'.

[smeagolsfree]

The three p's. Pitifully Poor planing, plus an extra P for pride.