West End Summit update

[william]

Friends,

I have placed a call to Palmer & Company and will stay on top of this to get an update on WES. The Doorman of Poetry and I continue to ponder what might happen with this prime site. And, yes, the Doorman is correct. This is a large piece of property that is not generating a penny in revenue for Palmer & Company. In addition, the company is paying, obviously, significant property taxes.

I have gotten to know two people at Palmer and Co. and they are good, decent folks. I do believe the company is sincere in its efforts to develop the site.

More to follow.

William

[Hankster]

Friends,

I have placed a call to Palmer & Company and will stay on top of this to get an update on WES. The Doorman of Poetry and I continue to ponder what might happen with this prime site. And, yes, the Doorman is correct. This is a large piece of property that is not generating a penny in revenue for Palmer & Company. In addition, the company is paying, obviously, significant property taxes.

I have gotten to know two people at Palmer and Co. and they are good, decent folks. I do believe the company is sincere in its efforts to develop the site.

More to follow.

William

We await your report with bated breath! I'm hopeful they'll be able to land that Hotel that's been rumored for there. If they can get that, I think they can add some retail and residential, and the whole thing will fall right into place.

[william]

We await your report with bated breath! I'm hopeful they'll be able to land that Hotel that's been rumored for there. If they can get that, I think they can add some retail and residential, and the whole thing will fall right into place.

Hankster,

The word is P&C does, indeed, wants a hotel anchor. I think it's safe to say that something will happen to the property in 2006. Either P&C will move forward with a development of some type or the company will attempt to sell. It will not simply sit with no update for the entirety of 2006.

Hope things continue to brew in Chattanooga.

William

[doormanpoet]

I do want to get an update soon. I'll talk to William again to see if he has heard anything.

[Onyte9]

I may be wrong but I do believe they were taking core samples today on the WES site. I'm pretty sure thats what they were doing, either that or drilling for oil.

[doormanpoet]

William spoke to them today. They are not core drilling, they are going to do some grading and leveling. That was all they would say for right now.

[ATLBrain]

I'm sure I don't have to qualify what I write here as subject to rumor and from me who lives 200 miles away. But my information comes from a very good source.

Palmer is talking to a local, fast growing bank that needs space. In fact, the chief of this bank (and I can't recall the name) has other property on WE which has been proposed for a 12 story HQ. Word is that they're trying to find common ground so that they don't compete. I'll keep you guys posted on what I learn from my buddy.

[Designerbee]

Hello everyone:

I was looking for the old WES thread but I couldn't find it. I'm working for the design firm that has been hired to do the hotel. We're working with Atlanta architects Cooper Carry for the hotel/ condo tower.

As far as I know, everything is up and running again. Our project manager is meeting with the architect tomorrow to talk about scheduling.The project was put on hold for several months while Palmer secured a hotel anchor. The hotel is going to be an Intercontinental and contemporary in style.

I've been spending the past few days working on the space plan for the first level public spaces and the second level meeting/ ballroom space. Its going to be an exciting space!

The hotel is to have a restaurant, retail, spa and the upper portion will be condos. We're planning the layout of the condos but they will be finished out by the tenant/ developer.

I believe Cooper Carry is doing the office tower as well but we aren't working on that so sadly, I don't have any info about that for you.

I'll keep everyone updated as news comes in.

[Kheldane]

Woah! I thought this project was dead, and now here are two posts indicating that it was just dormant. This could be good.

Hey ATLBrain - What's the other 12-story tower you're talking about? Any idea where it will be? So you're saying there will be a West End Summit and another 12 story tower going up on west end somewhere?

[nashscan]

Hello everyone:

I was looking for the old WES thread but I couldn't find it. I'm working for the design firm that has been hired to do the hotel. We're working with Atlanta architects Cooper Carry for the hotel/ condo tower.

As far as I know, everything is up and running again. Our project manager is meeting with the architect tomorrow to talk about scheduling.The project was put on hold for several months while Palmer secured a hotel anchor. The hotel is going to be an Intercontinental and contemporary in style.

I've been spending the past few days working on the space plan for the first level public spaces and the second level meeting/ ballroom space. Its going to be an exciting space!

The hotel is to have a restaurant, retail, spa and the upper portion will be condos. We're planning the layout of the condos but they will be finished out by the tenant/ developer.

I believe Cooper Carry is doing the office tower as well but we aren't working on that so sadly, I don't have any info about that for you.

I'll keep everyone updated as news comes in.

Sounds neat! Thanks for the update.

[Lukin]

Wow! Thanks for the info designerbee! I drove by the site a few days ago and was wondering if it was still a possibility. I think this will be such a great project for the area

[Lexy]

^This is news to me. WOW! Thanks a million.

[Hankster]

Wow! This off again - on again project sounds on again. Intercontinental is an excellent hotel chain, and it should be quite a project! With condos slated for the upper floors, I wouldn't be surprised if we'll still looking at about a 25 story project. Very cool news indeed!

I wonder if DesignerBee can comment on about how long the design phase should take. If you can't, I will try to wait patiently for an announcement. Thanks, DesingerBee for the update.

[ATLBrain]

Woah! I thought this project was dead, and now here are two posts indicating that it was just dormant. This could be good.

Hey ATLBrain - What's the other 12-story tower you're talking about? Any idea where it will be? So you're saying there will be a West End Summit and another 12 story tower going up on west end somewhere?

Ugh... I was a afraid somebody would ask me... OK, the bank has a branch located on the same side of WE as West End Summit and is closer down the street (around 18th maybe? Where was Mrs. Winners for years?). There used to be a lingerie shop there way back in the early 90s. I think the bank owns the 50s style tower next door to this branch bank.

It's not one of the old guard big banks. It's an upstart that apparently is well on the way to having $2 billion in assets. Having said all that, don't quote me on the name b/c I sincerely do not remember... but Pinnacle rings a bell. I just checked on the web and (yes) there is a Pinnacle Bank in Nashville. If the bank goes ahead with their plan for an approx. 10-story building, then that would mean that they won't go in with Palmer.

I apologize for the sketchy info, but my buddy was talking so fast and he pointed to the site as he was bringing me back from the airport to his office at Vandy.

Somebody should go up WE and check that location... I'm pretty sure the bank is the one that has the branch there. Somebody should come up with an emoticon that means "out of breath." That's how I feel right now.

I'll try to find out more, but right now I'm in Atlanta.

[Designerbee]

Wow! This off again - on again project sounds on again. Intercontinental is an excellent hotel chain, and it should be quite a project! With condos slated for the upper floors, I wouldn't be surprised if we'll still looking at about a 25 story project. Very cool news indeed!

I wonder if DesignerBee can comment on about how long the design phase should take. If you can't, I will try to wait patiently for an announcement. Thanks, DesingerBee for the update.

The design process including specification and purchasing can take a year - 2 years but the building itself can begin construction sooner - once we complete construction documents. So I'd say that it wont open until at least 2008. Hopefully it stays on track and doesn't go on hold again.

I'll get back to you about the timeline after we meet with the architects this week. I might have more info then.

[NewTowner]

The design process including specification and purchasing can take a year - 2 years but the building itself can begin construction sooner - once we complete construction documents. So I'd say that it wont open until at least 2008. Hopefully it stays on track and doesn't go on hold again.

I'll get back to you about the timeline after we meet with the architects this week. I might have more info then.

Designerbee, I have seen you around in the Savannah forums. I am a Nashvillian who lives in Savannah, so it is fun for me to see you (currently in Atlanta!) involved with a Nashville project. It's a tiny world, and such!

Hey, how will this project address West End? Wide sidewalks, street trees? Or big cut-throughs for automobiles? Will there be a setback after ten stories to help make a nice streetwall? What is the setback in general, anyway?

Sorry for the enslaught of questions...

[Guest]

ATL

Pinnacle was my first thought, they are rapidly growing and seem to be in line for a statement building, great info. I heard that A Palmer already had financing but I think anchor banks like to finance their office buildings.

Designerbee

Thanks for the update, keep us posted!

[ATLBrain]

ATL

Pinnacle was my first thought, they are rapidly growing and seem to be in line for a statement building, great info. I heard that A Palmer already had financing but I think anchor banks like to finance their office buildings.

You're right about banks wanting to finance their own projects. If I'm not mistaken, Pinnacle (that's the bank at that site, right?) has their own plans for a midrise on that corner. I forget what corner that is... it's 18th or 19th... right?

Hmmmm, NB, you just gave me a counter-thought. I recall that Wachovia was financing ASP's project right? Well, that bank has no current presence in Nashville, right? Hmmmm... so maybe my buddy was completely wrong on this one. Anyhooo, I think with all the growing midsize companies (not to mention all the law firms looking for space), there should be enough demand to fill several towers over the next few years. Somebody just needs to get out there and do it.

[Guest]

You're right about banks wanting to finance their own projects. If I'm not mistaken, Pinnacle (that's the bank at that site, right?) has their own plans for a midrise on that corner. I forget what corner that is... it's 18th or 19th... right?

Hmmmm, NB, you just gave me a counter-thought. I recall that Wachovia was financing ASP's project right? Well, that bank has no current presence in Nashville, right? Hmmmm... so maybe my buddy was completely wrong on this one. Anyhooo, I think with all the growing midsize companies (not to mention all the law firms looking for space), there should be enough demand to fill several towers over the next few years. Somebody just needs to get out there and do it.

That was true but they entered the market with the purcase of First Union and now have a limited presence but there is a Wachovia branch on West End a block from the WES site.

[Hankster]

The design process including specification and purchasing can take a year - 2 years but the building itself can begin construction sooner - once we complete construction documents. So I'd say that it wont open until at least 2008. Hopefully it stays on track and doesn't go on hold again.

I'll get back to you about the timeline after we meet with the architects this week. I might have more info then.

Thanks for the quick response. I look forward to hearing your next update. Hopefully, you get the info you need in next week's meeting.

[cheeriokid61]

I look forward to seeing the design for the Pinnnacle building. I have seen several of their branches around, and they look very modern, especially for a bank. I'm sure they'll come up with a nice looking building.

[smeagolsfree]

I had stated in another WES thread that AP should go ahead and build the mixed use portion of this project and not loose out on the momentum that is growing in downtown. I also said there were a lot of local growing companies that will need a lot of space in the future. None of this comes as a big surprise to me. I know the Doorman was a sceptic and I disagreed with him on this, however I thought maybe they would have scaled this project back a little, but AP has invested way too much money in this to cut his loses and run.

As far as the financial institution, Pinnacle was the first one to come to mind. They are a very fast growing company and have a bright future. Nashville was once know as the Wall Street of the south. Who knows, we may once again close in on that tittle. Caterpillar Financial is right down the street form there as well and they have been showing huge profits for the last several years. I have a friend that works in that building and she said there are almost 900 people working there and its looks to be growing. I wouldn't be surprised if they do not outgrow that building within a few years.

I am sure there are a lot of things in the works we know nothing about and may get surprised over the next couple of years.

[ATLBrain]

I am sure there are a lot of things in the works we know nothing about and may get surprised over the next couple of years.

True. I was living in Nashville when the Bellsouth Building was announced. As far as I know, nobody saw that one coming.

[Designerbee]

Designerbee, I have seen you around in the Savannah forums. I am a Nashvillian who lives in Savannah, so it is fun for me to see you (currently in Atlanta!) involved with a Nashville project. It's a tiny world, and such!

Hey, how will this project address West End? Wide sidewalks, street trees? Or big cut-throughs for automobiles? Will there be a setback after ten stories to help make a nice streetwall? What is the setback in general, anyway?

Sorry for the enslaught of questions...

I went to school in Savannah then moved to Atlanta for this job but I'm originally from Maryland (outside DC). This is my first experience with Nashville so I'm very excited about it.

If you look at the AS Palmer site there is a rendering of the exterior. For the most part, its staying the same. It is set back from the street and the entrance to the hotel is set back even further to allow for valet/drop off and a water feature. It looks to me by the rendering that there will be trees and other plantings too.

No problem with the questions - I'll do my best to answer them.

[Kheldane]

That was true but they entered the market with the purcase of First Union

Wait a minute.....that's not right. First Union sold their nashville banks to FirStar before First Union was taken over by Wachovia. Then FirStar sold out to USBank. The former First Union building downtown on Commerce is Now the USBank building - so the comment about Wachovia not having a signature building still stands. Although, I would have to wonder about the prospects of Wachovia returning to nashville considering they just sold out (when they were first union).