1010 Church Street (60 story/750', 500 unit residential tower, 7 story/60,000 sq. ft. YMCA addition), $350 million

[Luvemtall]

Seems like there’s an extra amount of staging going on in the pit. Haven’t noticed that much supplies and equipment there for other floors, wonder if there’s more trades coming on board that are contributing to that? 

16 minutes ago, MontanaGuy said:

Wednesday afternoon, still working on the fifth floor.

 

[mattbhadley]

From Nash Biz Journal, posted earlier today: 

"Tony Giarratana has secured the funds to build Nashville’s tallest tower.

Giarratana today closed on $232.2 million in construction financing for 1010, a 60-story condo and apartment tower near downtown’s YMCA.

Little Rock, Arkansas-based Bank OZK is providing a $172.3 million senior loan and New York-based Related Fund Management is providing a $60 million mezzanine loan for development of the mixed-use tower."

 

https://www.bizjournals.com/nashville/news/2024/04/03/tony-giarratana-construction-loan-nashville-tower.html?utm_source=st&utm_medium=en&utm_campaign=BN&utm_content=NA&ana=e_NA_BN&j=34917560&senddate=2024-04-03 

[smeagolsfree]

Radio silence no longer.

[BnaBreaker]

Well imagine that... the sky is not falling afterall.

[downtownresident]

1 hour ago, mattbhadley said:

From Nash Biz Journal, posted earlier today: 

"Tony Giarratana has secured the funds to build Nashville’s tallest tower.

Giarratana today closed on $232.2 million in construction financing for 1010, a 60-story condo and apartment tower near downtown’s YMCA.

Little Rock, Arkansas-based Bank OZK is providing a $172.3 million senior loan and New York-based Related Fund Management is providing a $60 million mezzanine loan for development of the mixed-use tower."

 

https://www.bizjournals.com/nashville/news/2024/04/03/tony-giarratana-construction-loan-nashville-tower.html?utm_source=st&utm_medium=en&utm_campaign=BN&utm_content=NA&ana=e_NA_BN&j=34917560&senddate=2024-04-03 

Let’s go vertical! 

[markhollin]

Just now, downtownresident said:

Let’s go vertical! 

In the words of Spinal Tap "See my silo risin' high, high, high!" (from "Sex Farm Woman"). 

[Skyscrapergeek]

I hope Tony builds it in “Dubly”. 

[jjbradleyBrooklyn]

 

Awesome news!

So excited to hear this, especially in an environment that is shaky with commercial and residential grand scale developments, in general. 

Speaks to the strength of the Nashville market, and the successful track record of Giarratana. 

 

[smeagolsfree]

Giarratana lands $232.3M loan for Church Street tower | Development | nashvillepost.com

According to the Post it’s the fourth largest residential construction financing closed anywhere in the U.S. to date in 2024.

[markhollin]

More coverage of the construction loan being landed at CityNowNext:

https://citynownext.com/2024/04/04/developer-closes-on-232-3-million-in-financing-for-tennessees-tallest-building-in-nashville/#more-40063
 

[UTgrad09]

On 3/18/2024 at 4:39 PM, Armacing said:

You guys keep posting that but those descriptions of dig & fill with gravel relate to a structure built on soil, not solid bedrock.  You are grasping at straws at this point... All we have to do is use our short term memory to review the process for the 10 other towers built here in Nashville recently and none of them dug & re-filled because that is unnecessary when you are building on solid bedrock.

The tower portion is obviously on hold for very valid economic reasons.  This is called a shadow hold:  On hold without announcing it's on hold.  Amazon tower 2 is vacant and filled with moth balls.  Amazon tower 3 is missing-in-action.  Asurion is still on the skids.  Amazon is still laying people off.  Oracle is on hold.   No corporate relocations in the pipeline because employees can't afford to move and get a new mortgage with higher interest rates.  Commercial real estate in melt-down.  Work from home/ hybrid attendance still going strong.  Alcove needs to fill.  Prime needs to fill.  The new twin towers on Commerce Street need to fill.

Given all of that uncertainty, I wouldn't blame Giarrantana if he decided to wait a year or two in order to figure out just how much residential demand there is on that street corner. 

Now, that being said, I still think he should quickly re-design and start construction ASAP.  Here are the re-design parameters:

1) Bump height up to 750 foot FAA ceiling

2) Double the # of units and cut the square footage of each unit in half

3) Double the price per square foot

4) Sell them all as Condos with no limitations on STR

My thinking on bullet #4 is that if commercial is dead and residential is soft, why not capitalize on tourism which seems to still be holding strong, then later on when people decide to live there instead of rent it out, the neighborhood will convert gradually and organically.

Still on shadow hold?

[Bos2Nash]

1 hour ago, UTgrad09 said:

Still on shadow hold?

[BnaBreaker]

5 hours ago, UTgrad09 said:

Still on shadow hold?

To be fair, I don't necessarily blame him for being skeptical given Nashville's history with getting towers of this height out of the ground, and also just given the overall somewhat shaky office market, which could conceivably have a negative impact on residential tower projects like this.  What threw me a bit though was when he proclaimed that anyone who didn't share his skepticism were "grasping at straws," and the like... I mean they only just finished digging the hole within the past few months didn't they?  It's not like we're looking at some sort of West End Summit situation.   But anyway, I'm just happy to see this rolling along to the next stage.  

Edited April 4 by BnaBreaker

[nashscan]

Sigh… They’re just going to pull all the gravel out of the hole and fill it again…. With cold hard steel!!!

[jjbradleyBrooklyn]

7 hours ago, UTgrad09 said:

Still on shadow hold?

Folks have a tendency to let pessimism rule their thought process. It's easy to go down that road in today's day and age.

But so glad this one is gonna truly get built!

[henburg]

On 3/19/2024 at 8:00 AM, henburg said:

I don't know a lot about economics, but unfortunately this is not the mindset of developers/investors in Nashville at all from what I've seen. Outside of maybe AJ Capital in Wedgewood-Houston and the group behind River North on the East Bank, it feels like most are afraid to be pioneers in this city.

I'm not saying this tower is dead yet either, but I think that a lot of us are trying our best to rationalize and mislabel what is likely a delay. I hope I'm dead wrong on that, but it just feels like I've seen this movie before. It's frustrating too because apparently it's relatively simple to build two towers with an added height larger than one consolidated new tallest in this city.

Alright y'all what do we want to see go up next? Just let me know and I'll speculate that it's being delayed 

 

 

[Armacing]

23 hours ago, UTgrad09 said:

Still on shadow hold?

I would say we haven't seen any concrete poured yet, but I don't want to jinx it because nobody wants this tower to rise more than me.  It's just that I was burned by the signature tower debacle and there's no denying that this tower could have been much further along by now if they had not been slow-walking the construction process.  I hope it rises as fast as possible, but the fear is real!

[Armacing]

16 hours ago, jjbradleyBrooklyn said:

Folks have a tendency to let pessimism rule their thought process. It's easy to go down that road in today's day and age.

But so glad this one is gonna truly get built!

Pessimism aside, I still find your "explanation" for why they filled the holes with gravel severely lacking.  That text you dredged up about using gravel to stabilize the foundation is completely irrelevant to the building conditions in Nashville where practically every tall tower is built directly on top of bedrock.   We may never know the real reason why they re-filled the holes, but if they did so knowing that they were going to start construction soon, it must have been a safety precaution or to create a staging platform for materials used on the YMCA portion of the project.  As far as I recall, we have not seen the foundation holes re-filled with gravel on any other recent projects.   I'm just saying there is a difference between unfounded pessimism and pessimism based on legitimate observations of unfavorable indicators.

If any of you guys on the ground are down there asking the construction crews when the tower will start, please ask them about the gravel filled holes so we can all learn the truth behind this anomaly.

[UTgrad09]

38 minutes ago, Armacing said:

I would say we haven't seen any concrete poured yet, but I don't want to jinx it because nobody wants this tower to rise more than me.  It's just that I was burned by the signature tower debacle and there's no denying that this tower could have been much further along by now if they had not been slow-walking the construction process.  I hope it rises as fast as possible, but the fear is real!

Alternate theory: 

You don't know what you're talking about. 

 

It's one thing to be skeptical. It's another to talk with authority like you actually know what is going on. 

[Rick Dalton]

They weren't slow walking the construction process. They were trying to line up financing in an extremely difficult financing environment. Lining up this loan is an achievement (I work in a similar industry).

[Luvemtall]

A building of this size and grandeur is new territory for this market, I’m sure Mr G had some convincing to do with prospective investors and finance. My hope is that the rising of this tower , breaks down the fears of others to think big and go tall !! Tony pioneered Downtown high rise living in this city, now he can be the pioneer for tall boys

[Armacing]

20 hours ago, UTgrad09 said:

Alternate theory: 

You don't know what you're talking about. 

 

It's one thing to be skeptical. It's another to talk with authority like you actually know what is going on. 

If you want to challenge any of the points I made in previous posts, then why don 't you do it Mr. Expert?

[UTgrad09]

10 hours ago, Armacing said:

If you want to challenge any of the points I made in previous posts, then why don 't you do it Mr. Expert?

I'm not an expert. Neither are you. The difference is that I am not pretending to be. 

I did not have an issue with your skepticism that the tower would get built. I had an issue with your assertion that the tower was on hold and chiding other members for "grasping at straws" when trying to figure out what was going on in the staging site.

Then when beotchslapped with the reality that a massive construction loan has been issued, you still contend that the construction process has been "slow walked." 

You. Do. Not. Know. That. You do not have access to the construction timeline. And furthermore, you are not even in that industry. You are an enthusiast, like most of the other people here. 

The only people that know definitively what is going on with that tower and its scheduled timeline are the members of Mr. Giarrantana's team. 

There are a handful of people on this board whom I would give weight to their opinions on things like construction schedules and the logistics of building and staging 9 figure construction jobs. You are not one of them. In fact, I don't give your opinion weight on any matter, including your favorite ice cream flavor. 

[smeagolsfree]

I think that with all of the financing in place, the lenders will demand that the project be held to the timeline set in place by the developer now with the completion date of 2027. This means they will have to start in the next month pouring concrete to get the building topped out within two years as we discussed at the meeting yesterday. 

Armicing, if you will drag you rear end to the meets like you used to do from the outer dwarf planet of Sedna years ago you would at least get into the conversation. I did you a favor by getting you unbanned and reinstated onto the board so at least show some respect please.

Also, Kevin, please play nice.

[andywildman]

On 4/7/2024 at 8:32 AM, smeagolsfree said:

I think that with all of the financing in place, the lenders will demand that the project be held to the timeline set in place by the developer now with the completion date of 2027. This means they will have to start in the next month pouring concrete to get the building topped out within two years as we discussed at the meeting yesterday. 

Armicing, if you will drag you rear end to the meets like you used to do from the outer dwarf planet of Sedna years ago you would at least get into the conversation. I did you a favor by getting you unbanned and reinstated onto the board so at least show some respect please.

Also, Kevin, please play nice.

Man I love forums. Social media just doesn't deliver the years-long popcorn-ready back-and-forth that forums do. 

Also is 1010 Church the final name? It's a fun callback to 505 but feels a little uninspired for a new tallest.