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West End Summit update

william

By william
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Richard Lawson Hamlet

Richard Lawson

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I think he does. I honestly think there is a number of things about Alex that we (the public) have no clue about. Especially his finances. LOL!! The man seems like he has many secrets about him.

The zone change went through. He may need more than $50 million. Who knows. Loans for hotels sometimes require more than the standard 20% equity of, say, an office deal. There may be the chance that he builds the hotel first and office tower later. Again who knows. A big insurance or pension fund could come in with the equity. I think, but not sure, that is the type of money used on Palmer Plaza years ago. There's no telling what relationships he has with some of these equity funds advisors. But if someone steps up it's a go.

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Lexy Town

Lexy

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The zone change went through. He may need more than $50 million. Who knows. Loans for hotels sometimes require more than the standard 20% equity of, say, an office deal. There may be the chance that he builds the hotel first and office tower later. Again who knows. A big insurance or pension fund could come in with the equity. I think, but not sure, that is the type of money used on Palmer Plaza years ago. There's no telling what relationships he has with some of these equity funds advisors. But if someone steps up it's a go.

You touch on a good point. I thinnk the hotel should get built first so that he has SOMETHING to show perspective tenants for the office portion. Otherwise, he is just showing them a slideshow on Powerpoint or Excel. LOL!!!

If he can line up the financing (which I think is possible) then I agree about the hotel. It's a go IF he can line up the money. I certainly don't think he has a suitcase with $50 mil. in it waiting for the hurdles to clear. ALthough, that isn't a bad idea you know. LOL!!!

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pturbo Unincorporated Area

pturbo

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Looking at the latest rendering, I would say that it all has to be built at the same time because of the connection. The financing might also require that it all be built at the same time. When I called on one of the ads the WES ran, I was told(yeah, yeah, I know) that they would be built at the same time.

We'll see. I will be happy to see some equipment out there before Thanksgiving. I'm hoping that the amount of money that Palmer has in land cost, interest, engineering and architecture will drive the cart forward. If the gov't bodies aren't going to stand in the way, then I'd be fighting my way to a real world ground breaking - and not just some corny deal with a shiny silver shovel either. :)

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smeagolsfree Gigalopolis

smeagolsfree

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Something to note here. Alex went in front of the Planning Commissions to get a zoning change, not in front of the BZA. Thats why I didn't find it till yesterday afternoon. I am not sure of the power and functions of each entity but i would bet that Richard could explain a little more.

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barakat Burg

barakat

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Glad to see this inching forward. I think it's a good project for the site, but I hope any surrounding development and streetscapes are more neighborhood- and people-oriented.The blocks surrounding this block appear at least to be somewhat easily developable. Pretty much a clean slate if not considering a multitude of individual owners and parcel assembly. Would be a good place for a hub of a downtown/west end transportation route. Should any major revisions to the latest WES images or overall development be expected?

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william Whistle-Stop

william

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Friends,

On the Alex S. Palmer and Co. theme, the company has lost its marketing director, Elizabeth Davidson. Elizabeth is headed to a real estate entity that is, if I'm not mistaken, based in Knoxville and establishing a Nashville office. My understanding is she might be doing some brokering work. Very nice young woman.

Not sure how this will affect the company's efforts to disseminate info. Palmer uses Dye Van Mol for some PR, with the highly professional Andrea Lindsley doing some work regarding WES. I talked to Andrea today, in fact.

Rick Frazier, a Palmer and Co. vet, is overseeing the WES effort. Rick is good man. This project, now at least three years in the making, has surely tried Rick's patience. But he seems as determined as ever.

WW

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Hankster Town

Hankster

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Friends,

On the Alex S. Palmer and Co. theme, the company has lost its marketing director, Elizabeth Davidson. Elizabeth is headed to a real estate entity that is, if I'm not mistaken, based in Knoxville and establishing a Nashville office. My understanding is she might be doing some brokering work. Very nice young woman.

Not sure how this will affect the company's efforts to disseminate info. Palmer uses Dye Van Mol for some PR, with the highly professional Andrea Lindsley doing some work regarding WES. I talked to Andrea today, in fact.

Rick Frazier, a Palmer and Co. vet, is overseeing the WES effort. Rick is good man. This project, now at least three years in the making, has surely tried Rick's patience. But he seems as determined as ever.

WW

I hope Rick's determination results in finally getting this project started. Sometimes patience bears fruit, and the result is even better than anyone ever expected!

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Richard Lawson Hamlet

Richard Lawson

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Richard,

What were the staff recommendations to the BZA for this exception?

Sorry for some reason I'm not getting alerts to this site when responses are posted. There were no recommendations to BZA just planning comish. Those are in the story on our site.

Friends,

On the Alex S. Palmer and Co. theme, the company has lost its marketing director, Elizabeth Davidson. Elizabeth is headed to a real estate entity that is, if I'm not mistaken, based in Knoxville and establishing a Nashville office. My understanding is she might be doing some brokering work. Very nice young woman.

Not sure how this will affect the company's efforts to disseminate info. Palmer uses Dye Van Mol for some PR, with the highly professional Andrea Lindsley doing some work regarding WES. I talked to Andrea today, in fact.

Rick Frazier, a Palmer and Co. vet, is overseeing the WES effort. Rick is good man. This project, now at least three years in the making, has surely tried Rick's patience. But he seems as determined as ever.

WW

The project has been longer than three years more like 6 plus. The Rally Mitsubishi store sat empty there for awhile. Then the city I think forced demolition.

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Hankster Town

Hankster

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Posted

I know all the talk is about the Westin these days, but I thought I would bump this and see if anyone has heard about any WES items on the August Metro Council/Planning Commission agenda.

I've been wondering about that as well. Any news? Are the Westin, and Bass, Berry, Sims projects likely to end any chances for WES?

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gaushell Whistle-Stop

gaushell

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I was hoping for some type of update as well, its been awhile since we herd anything.

I suspect it is still moving forward. About 2 months ago we interviewed with them to handle the marketing graphics portion. Unfortunately they went with someone else...

So they were still serious then. I would be surprised if it died all of a sudden as the architect was still working on things and they apparently were moving forward with marketing (which will take some time to pull together).

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pturbo Unincorporated Area

pturbo

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I suspect it is still moving forward. About 2 months ago we interviewed with them to handle the marketing graphics portion. Unfortunately they went with someone else...

So they were still serious then. I would be surprised if it died all of a sudden as the architect was still working on things and they apparently were moving forward with marketing (which will take some time to pull together).

Thanks for that. Sometimes I think Palmer is just walking away from this(due to the lack of activity) and I can't tell why. I keep expecting to hear about a stumbling block in the planning commission or maybe see some action out on the site. I guess the best hopes for that are going to be in Dec now. Could be '07 and that would make this a mid-'09 project.

With that kinda time, we could have an UrbanPlanet pot built up enough to buy a unit. :D

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chris holman Town

chris holman

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Thanks for that. Sometimes I think Palmer is just walking away from this(due to the lack of activity) and I can't tell why. I keep expecting to hear about a stumbling block in the planning commission or maybe see some action out on the site. I guess the best hopes for that are going to be in Dec now. Could be '07 and that would make this a mid-'09 project.

With that kinda time, we could have an UrbanPlanet pot built up enough to buy a unit. :D

Or maybe Mr. Palmer should let Tony G build the WES for him. The building would probably be half way done by now. ;)

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pturbo Unincorporated Area

pturbo

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I don't know exactly what Tony's credit limit is these days, but you have to remember that he still hasn't closed on any units in the Viridian, much less the Sig Tower. Even the amazing Tony would be hard pressed to secure financing for the WES while all those closings are outstanding. It's no where close to "money in the bank", so the banks might wave him off until his cash flow picture changes.

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Hankster Town

Hankster

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Thanks for that. Sometimes I think Palmer is just walking away from this(due to the lack of activity) and I can't tell why. I keep expecting to hear about a stumbling block in the planning commission or maybe see some action out on the site. I guess the best hopes for that are going to be in Dec now. Could be '07 and that would make this a mid-'09 project.

With that kinda time, we could have an UrbanPlanet pot built up enough to buy a unit. :D

It would be intersting to see what forum members think about when the project will actually break ground.

3rd Qtr '06?

4th Qtr '06?

1st Qtr '07?

Sometime later in '07?

Never?

I think the project will break ground, but now I'm guessing on sometime later on 2007, maybe Spring 2007.

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smeagolsfree Gigalopolis

smeagolsfree

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I am trying to discover what Metro committee is meeting on the 29th and as of now cannot find where this would be brought up. I know only what the sign said and may have misread the date or they may have the wrong date listed on the sign, but I am reasonably certain that was what I read.

Richard, you may be able to discover if this is a new meeting or an old one with the wrong date. Any info would be great.

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LA_TN Burg

LA_TN

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SP is Special Plan. There is a post somewhere that explains this, but I think it allows the developer to bypass MDHA and requires approval only from city council (although they take MDHA's and others' recommendations into account)

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Richard Lawson Hamlet

Richard Lawson

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I am trying to discover what Metro committee is meeting on the 29th and as of now cannot find where this would be brought up. I know only what the sign said and may have misread the date or they may have the wrong date listed on the sign, but I am reasonably certain that was what I read.

Richard, you may be able to discover if this is a new meeting or an old one with the wrong date. Any info would be great.

I'll check on it. But it got the SP unless there were some conditions on the approval. Aug. 29 is the wrong date for a comish meeting. I can't think of what else it might be.

And for the SP question LA-TN and Hankster. The developer doesn't bypass MDHA. It's a way around the Boarding of Zoning Appeals on skyplane variance. SP gives flexibility on height and skyplane. The planning commission decides on that one, which is far less costly than BZA process, and Metro Council makes the final approval or disapproval on the rezoning.

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hayesmw Whistle-Stop

hayesmw

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I'll check on it. But it got the SP unless there were some conditions on the approval. Aug. 29 is the wrong date for a comish meeting. I can't think of what else it might be.

And for the SP question LA-TN and Hankster. The developer doesn't bypass MDHA. It's a way around the Boarding of Zoning Appeals on skyplane variance. SP gives flexibility on height and skyplane. The planning commission decides on that one, which is far less costly than BZA process, and Metro Council makes the final approval or disapproval on the rezoning.

This site is outside of a redevelopment district, so does not have to go in front of MDHA design review in the same way downtown projects do.

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