Ritz Carlton Hotel /Residential (46 stories & 32 stories, 240 rooms, 150 condos, 185 apts,), 560 capacity garage

[smeagolsfree]

Not totally dead, just half dead. Let's say on life support. Not quite dead yet!

 

[Luvemtall]

Oh Smeags , you can’t leave us hanging like that!! 
 

[PillowTalk4]

Hope springs eternal in the human breast.  

[nashville born]

Count me as one who's still hoping!

[chc3]

Well, the rendering is still on the wraparound fence!

[markhollin]

Further trouble for the developers on this project:

Oakworth Capital Bank of Alabama is suing RC Nashville Development Partners LLC and Tim Morris (the owners of the property), claiming the defendants failed to make the required payments on a $10 million loan. Morris is the managing member of the LLC, which includes no other investors or individuals.

The lawsuit notes the note matured and was payable on Aug. 9, with the defendants having failed to make the required full payments and now in default.

Oakworth is seeking $10,470,772.90 and interest, according to the suit.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/ritz-carlton-project-faces-financing-snag-as-bank-sues-developer/article_d56330b6-7809-11ee-ad3a-67466a6e47ad.html

[Luvemtall]

It’s time for the Ritz folks to find a new development partner!! There’s still many major projects that I’m sure would love to have a luxury brand like this to be part of their project 

[MLBrumby]

I know very little about this, but this suit may result in forcing Tim Morris to sell the land. It's been mentioned that he's overextended. If there's still interest in being there at Ritz Carlton, then they may see fit to proceed with a new developer on this site. I doubt Ritz will be involved in any of these financial settlements. Unless they're talking with another developer (e.g. White Lodging) this one may be resurrected.  That site is crying for a hotel (not sure about residential). Anyone here on UP have any insight about the condo market in downtown Nashville? 

[BnaBreaker]

54 minutes ago, Luvemtall said:

It’s time for the Ritz folks to find a new development partner!! There’s still many major projects that I’m sure would love to have a luxury brand like this to be part of their project 

Exactly... I'd say if anything this actually increases the chances of the Ritz eventually getting built... perhaps with a different design and different development partner, but built nonetheless... hopefully!

[Azarat]

2 hours ago, BnaBreaker said:

Exactly... I'd say if anything this actually increases the chances of the Ritz eventually getting built... perhaps with a different design and different development partner, but built nonetheless... hopefully!

I believe this is the same lot that  the 30 story 1KVB was suppose to be built several years ago, please correct me if I'm wrong. This property, IMO, should have been developed years ago. It's sad it's still  vacant .  Possibly if they were to remove the eyesore "Sticks" something good might happen

[Argo]

9 hours ago, Azarat said:

I believe this is the same lot that  the 30 story 1KVB was suppose to be built several years ago, please correct me if I'm wrong. This property, IMO, should have been developed years ago. It's sad it's still  vacant .  Possibly if they were to remove the eyesore "Sticks" something good might happen

What does that have to do with a developer being able to get the interest rate he can afford to sign for?

Edited November 1, 2023 by Argo

[Azarat]

34 minutes ago, Argo said:

What does does that have to do with a developer being able to get the interest rate he can afford to sign for?

The part about Sticks was a joke.

[Luvemtall]

This particular case , has nothing to do with current interest rates. It’s doors should have been opening soon, they dragged their feet way to long and it bit them in the rear. If they were a stable and healthy development team from day one , this project would have been adorning our skyline today. Argo, you need to get over this bad habit of pessimism and blaming everything on the current political situation. Which your obviously trying to portray as we can all see though your guise.

Edited November 1, 2023 by Luvemtall

[jjbradleyBrooklyn]

This is too bad. But I don't think many are surprised who have been eagerly watching and awaiting news about the Ritz Carlton project.

The Ritz Carlton in Nashville makes perfect sense--and I would think the brand still has strong interest in Nashville, and this may open the door to partner with a reputable developer with deep pockets and deep experience to get the job actually done.

Do we think the Ritz winds up being built in another location? Perhaps Beaman, Reed, the East Bank or even the Nashville Yards site? 

The options seem wide open. 

 

[Luvemtall]

Absolutely, I hope that Ritz still believes in Nashville and doesn’t give up pursuing interest in a high class project here. All those sites mentioned above are good candidates for them, and also my personal opinion is with the Tishman Spayer Development. That’s a well established, Deep pocketed, and stable company that is looking for a statement landmark building here in the heart of the city.

[Binbin98]

How is the edition hotel doing? I know it’s a bit off topic but the edition is apparently owned by the ritz Carlton brand, so if that’s built I suppose Nashville will have a ritz Carlton kind of brand sooner than later.

though I believe the actual ritz Carlton will end up in Nashville at some point as well, they just need to find the right developer. The four seasons is in Nashville and that’s arguably the best luxury hotel chain in the world in my opinion.

[CandyAisles]

14 minutes ago, Binbin98 said:

How is the edition hotel doing? I know it’s a bit off topic but the edition is apparently owned by the ritz Carlton brand, so if that’s built I suppose Nashville will have a ritz Carlton kind of brand sooner than later.

though I believe the actual ritz Carlton will end up in Nashville at some point as well, they just need to find the right developer. The four seasons is in Nashville and that’s arguably the best luxury hotel chain in the world in my opinion.

EDITION and Ritz Carlton brands are owned by Marriott.  Marriott considers both to be a part of their luxury collection.  This deal should not effect the EDITION's new direction.  Marriott doesn't have much to do with the development of either project...just allowing the "branding".

[markhollin]

NBJ with coverage of the lawsuit:

https://www.bizjournals.com/nashville/news/2023/11/03/ritz-carlton-developer-lawsuit-10-million.html

[RonCamp]

Word on the street is the Ritz project may head to another urban location instead of the KVB Roundabout site. 

[downtownresident]

2 hours ago, RonCamp said:

Word on the street is the Ritz project may head to another urban location instead of the KVB Roundabout site. 

Would not be surprised to see this land at the Tishman Speyer site. 

[Luvemtall]

39 minutes ago, downtownresident said:

Would not be surprised to see this land at the Tishman Speyer site. 

That has been my thought since the obvious death of the M2 deal. Teaming up Ritz-Carlton with Tishman Speyer should make for a quality product. Let’s keep fingers crossed for this project to pan out. Truly speculative, and just a thought, but tantalizing!

[PaulChinetti]

Where is Tishman Speyer?

[downtownresident]

54 minutes ago, PaulChinetti said:

Where is Tishman Speyer?

133 KVB site. Full block from KVB, 1st, 2nd and Peabody. Plan is for twin 49 story towers. One condo/hotel and one residential. 

[WebberThomas4]

Apologies if this has already been posted, but the Ritz Carlton signs are off the fence at the roundabout location. 

[smeagolsfree]

I may know where the Ritz new location is but it is speculation but I cannot reveal the location without revealing the project and developer if it is where I suspect it is. I will say it would not be far from the original location if this pans out. A project was supposed to be announced very soon and the brand may have abruptly changed now. The original branding would have been exceptional as well.

All I can say is we will know when we know and I may not know until the news hits the media. These folks have money too.