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

[MLBrumby]

Just now, smeagolsfree said:

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.

OK... So it's Tishman Speyers!  We know you didn't say it Smeags. 

[FromParkAveToTN]

4 hours ago, smeagolsfree said:

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.

Can they start construction on the current site and then move it to the new location once everything is finalized with the new deal and location?

[smeagolsfree]

11 hours ago, FromParkAveToTN said:

Can they start construction on the current site and then move it to the new location once everything is finalized with the new deal and location?

You have to hire the moving truck.

[PillowTalk4]

I was attending a training course recently and met a woman that works at the Marriott headquarters in Bethesda, MD.   I asked if she knew anything about what is happening with the Ritz Carlton plans in Nashville.  She admitted that she is not in that area of the company but she also said that from what she has heard/read is that a developer is working with Marriott to either take over the Ritz Carlton project or that a developer is possibly looking to build a St. Regis in Nashville.  She also mentioned that there may be interest in building a Le Meridien Hotel in Nashville.  According to her, Nashville and the surrounding area is a high priority region for all Marriott  branded hotels.

[smeagolsfree]

1 hour ago, PillowTalk4 said:

I was attending a training course recently and met a woman that works at the Marriott headquarters in Bethesda, MD.   I asked if she knew anything about what is happening with the Ritz Carlton plans in Nashville.  She admitted that she is not in that area of the company but she also said that from what she has heard/read is that a developer is working with Marriott to either take over the Ritz Carlton project or that a developer is possibly looking to build a St. Regis in Nashville.  She also mentioned that there may be interest in building a Le Meridien Hotel in Nashville.  According to her, Nashville and the surrounding area is a high priority region for all Marriott  branded hotels.

 I will say info is right on the money in regard to what you are hearing and there is MORE to the story.

[Luvemtall]

So are we possibly looking at two or even three different hotels ? We know part of the Tishman Speyer project is slated for a luxury hotel, just what branding? So does the Ritz move over to that project or does it stay in its current location and get a new developer? Or does it move to one of the Rutledge Hill projects and a newly named developer build a St.Regis/ or Le Meridien on the current Ritz site? Sounds  interesting , and promising!!

[Armacing]

19 hours ago, Luvemtall said:

So are we possibly looking at two or even three different hotels ? We know part of the Tishman Speyer project is slated for a luxury hotel, just what branding? So does the Ritz move over to that project or does it stay in its current location and get a new developer? Or does it move to one of the Rutledge Hill projects and a newly named developer build a St.Regis/ or Le Meridien on the current Ritz site? Sounds  interesting , and promising!!

Maybe they are finally going to develop that lot on the JW Marriott campus (that is currently a private park for events) into a real tower? 

[Luvemtall]

That’s a great point! Totally forgot about that parcel, and with the Marriott Autograph about to go  up across from it that would make sense 

[nashville born]

After reading this most recent flurry of comments, all I can think is:

Tune in next week!  Same Bat time.  Same Bat channel!

[smeagolsfree]

No Comment!

[applebees615]

Has to be the Endeavor site if not Tishman...

Edited December 7, 2023 by applebees615

[nashville born]

Somebody go tickle it out of Smeags!

[Luvemtall]

3 hours ago, applebees615 said:

Has to be the Endeavor site if not Tishman...

Are you referring to the announcement of their purchase of the site at 1101 Broadway?

[markhollin]

The would-be developer of the SoBro property long eyed for a two-tower Ritz-Carlton hotel and residential project — already facing a lawsuit from his bank related to an alleged unpaid loan — is now involved in at least four other legal battles.

According to court documents, the lawsuits involve what the plaintiffs contend are late payments from Tim Morris and his companies.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/would-be-ritz-carlton-developer-hit-with-multiple-lawsuits/article_44b012d6-b167-11ee-aa94-2f6bdc37ac21.html

[PaulChinetti]

A buddy sent me this.

 

Edited April 12 by PaulChinetti

[Luvemtall]

At the courthouse foreclosure sale !, wow who would ever want that. They screwed up bad on this one, hopefully Ritz still has the desire to enter this market and return with a better partner.

[markhollin]

^ ^ ^ Details:

The site's lender, R Squared Properties LLC, gained ownership of the property at a foreclosure sale today at 10 a.m. at the front door entrance of the Metro Davidson County Courthouse.

The company purchased the land for $35 million through a credit bid, which allows a lender to bid the amount they are owed on a property. R Squared Properties was the “highest and best” bidder, according to the deed.

The developer, RC Nashville Development Partners, bought the SoBro property in March 2020 for $35 million. To seal the land deal, the firm borrowed that amount from R Squared Properties LLC.

Public records indicate that the entity, registered to a Gallatin address, is linked to Randy Isaacson. He's one of three children of Ted Isaacson, who founded Gallatin-based ServPro Industries Inc.

Tim Morris is managing principal of M2 Development Partners, which is the lead developer of the local Ritz-Carlton project; RC Nashville Development Partners and M2 Development Partners share an address.

Skidmore, Owings & Merrill LLP, a Chicago-based architect on the project, filed notice of lien on the property on Dec. 22, for nearly $2 million, according to Metro records. Nashville-based Ragan-Smith Associates Inc., an engineer on the project, also filed notice of lien on Nov. 7, claiming an outstanding balance of $20,286.

The status of the Ritz-Carlton project remains unclear. Morris could not immediately be reached for comment on Thursday.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/04/11/ritz-carlton-nashville-tim-morris-foreclosure.html


And at The Tennessean here:

https://www.tennessean.com/story/money/2024/04/12/ritz-carlton-nashville-property-sold-at-auction-amid-legal-disputes/73300909007/


And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/property-planned-for-ritz-carlton-sees-foreclosure/article_872b7cae-f8e3-11ee-887d-1fd1c70fb8c6.html

[smeagolsfree]

This now means the site lender now can pursue the project if they want to. That is sort of what I have heard in the past but who knows if that will be the case. They will have to bring a new development partner on board as well as a bigger financial partner more than likely if they still want to pursue this project.

[MLBrumby]

[jjbradleyBrooklyn]

12 hours ago, Luvemtall said:

At the courthouse foreclosure sale !, wow who would ever want that. They screwed up bad on this one, hopefully Ritz still has the desire to enter this market and return with a better partner.

Yeah, they really messed that up. A small time development team that was trying to move to the next level with such a grand development like this, but couldn't make it happen.

I would think Nashville is highly desirable for the Ritz. They can make very good money in Nashville, and I think it will continue to be attractive to luxury hotels, since more and more folks with money keep pouring into the city.

[PillowTalk4]

This is why I don't get excited with signage... Show me a hole in the ground with a major crane ready to lift the Lincoln logs into place...

[markhollin]

A court has sided against the developer behind the long-awaited Ritz-Carlton in a multimillion-dollar lawsuit.

A default judgment has been entered against Tim Morris and RC Nashville Development Partners LLC in relation to a lawsuit over a financing agreement.

Last October, Alabama-based Oakworth Capital Bank filed a lawsuit against RC Nashville Development Partners LLC and Tim Morris, alleging “their failure to make the necessary payment” on a $10 million loan, according to court documents. The case was filed in the U.S. District Court Middle District of Tennessee at Nashville.

Oakworth is requesting Morris pay roughly $11.46 million “plus attorneys’ fees and expenses equal to $64,255.27, court costs and post-judgment interest,” according to court documents.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/04/22/nashville-ritz-carlton-developer-loses-lawsuit.html


And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/would-be-ritz-carlton-developer-ordered-to-pay-more-than-11-5m/article_7e1f82f4-00f4-11ef-9bcd-a707acc14f27.html

[nashville born]

This one is now on my list of gut-wrenching disappointments with Buckingham Gulch, Circle South, and Gulch Central.

[Luvemtall]

Agreed, and it’s hard to figure out why on those mentioned above. Especially Buckingham , perfect location and conceived at the right time during the highest point of building activity. Same with Gulch Central, now Circle South is just a victim  of” The Curse of The Circle “ I’m not sure if we will ever see that developing. Now the Ritz was doomed from the start, I think most of us knew that, even if we didn’t want to except it. The Developers were way to small to take on such a large undertaking, now if the likes of Hines or Tishman Spayer would get behind it we might have a chance to see a Ritz Carlton Nashville.