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West End Summit update

william

By william
in Nashville

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Richard Lawson Hamlet

Richard Lawson

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Richard, could you boil it down for us? Why is WES in doubt? How much financing does ASP have? How open/public is he being with his WES information? He strikes me as the antithesis of Giarratana (ASP is private and TG takes the PR route to the max). Is that a fair assessment? Obviously, ASP has had much success with other buildings, he would know if he's ready to make a public announcement about WES groundbreaking wouldn't he?

Sorry I hadn't responded to this yet. According to The Tennessean story he has a financing commitment. I give my thoughts on that in another post. Which buildings are you referring to with his success? There's Palmer Plaza built in the 1980s and then a building in Burton Hills, which last year I think for a very nice per square foot price. That indeed is was quite a success. He hasn't been able to get the price he wants for Palmer Plaza. I'm not sure what else he has done around town. He's done some GSA buildings outside of Tennessee. He's not quite the antithesis of Tony G. Tony will give more information in public especially if a reporter asks. Additionally, so far, he's built more in town. The thing is the reporter that annnounced ASP's deal didn't ask all of the questions. (Not necessarily his fault because he hasn't been writing about real estate long enough to ask the right questions.) I did my story for NashvillePost which prompted today's story. ASP's MO is to make a promise of breaking a story with a publication with the idea of getting favorable press and good placement. When I was at the paper, I wouldn't promise anything. The news pages are filled with stories about announced deals that never happed. That's not to say, ASP's won't happen. Many developers in town question whether it will happen that is certain.

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ATLBrain Burg

ATLBrain

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Thanks for the reply. I appreciate your skepticism. I wish there was more of it among your colleagues.

The two buildings you mentioned by Palmer were the only ones I knew of. However, I thought he had sold his Palmer Plaza when I wrote the post above. I recalled that there was a report some time last year that he had a buyer. Doing a quick Google this morning, I read a followup that the sale never went through.

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Richard Lawson Hamlet

Richard Lawson

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Thanks for the reply. I appreciate your skepticism. I wish there was more of it among your colleagues.

The two buildings you mentioned by Palmer were the only ones I knew of. However, I thought he had sold his Palmer Plaza when I wrote the post above. I recalled that there was a report some time last year that he had a buyer. Doing a quick Google this morning, I read a followup that the sale never went through.

He's had the building on and off the market over the years. The last time he had it on was with Trammell Crow's New York Capital Markets Group but pulled it early last year. ASP's office then worked with Trammell in selling the Highland Ridge I and II office buildings.

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hayesmw Whistle-Stop

hayesmw

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He's had the building on and off the market over the years. The last time he had it on was with Trammell Crow's New York Capital Markets Group but pulled it early last year. ASP's office then worked with Trammell in selling the Highland Ridge I and II office buildings.

I bet prospective purchasers were nervous he'd sell the building, then take all the tenant's out to move across the street to the big cool new building. If I bought it, that would definately be a concern if I had lease rollover risk in the next 5 years.

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Richard Lawson Hamlet

Richard Lawson

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I bet prospective purchasers were nervous he'd sell the building, then take all the tenant's out to move across the street to the big cool new building. If I bought it, that would definately be a concern if I had lease rollover risk in the next 5 years.

Probably so. He did that with his Burton Hills buildings. Burton Hill IV was anchored with two tenants from his Burton Hills III. That actually worked fairly well because the BH III filled up pretty quickly.

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Richard Lawson Hamlet

Richard Lawson

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After checking bidclerk I have noticed that the WES has moved back construction to the third quarter of 2006. July at the earliest, September at the latest. I guess Richard stired the pot over there. :good:

The web is an amazing tool. I searched for it and found it immediately. Thanks for the heads up.

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hayesmw Whistle-Stop

hayesmw

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The web is an amazing tool. I searched for it and found it immediately. Thanks for the heads up.

Still, I can't see how this is possible. If they filed for a sky plane exposure vairance today, the earliest hearing would be July correct (meeting schedule and notice provision)? I do not think these typically pass on the first try, which could mean an August variace passing. Just wondering.

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Richard Lawson Hamlet

Richard Lawson

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Still, I can't see how this is possible. If they filed for a sky plane exposure vairance today, the earliest hearing would be July correct (meeting schedule and notice provision)? I do not think these typically pass on the first try, which could mean an August variace passing. Just wondering.

I think you are probably correct. And I think I might have some more fun with it.

Has anyone heard if ASP has a partner on this deal? Does anyone know of other small shops that have pulled off a project of this size?

No one that he has mentioned to anyone

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nashvol85 Hamlet

nashvol85

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I've heard that Oceanaire is going to be part of the project.

http://www.theoceanaire.com

One of the nicest seafood restaurants in the US. Apparently everthing is flown in fresh everyday. I've never eaten at one, but have seen the one in Indy.

Wow...sounds nice. I love seafood, but I don't think I can afford "the nicest"...lol

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Hankster Town

Hankster

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Still, I can't see how this is possible. If they filed for a sky plane exposure vairance today, the earliest hearing would be July correct (meeting schedule and notice provision)? I do not think these typically pass on the first try, which could mean an August variace passing. Just wondering.

According to Emporis, the WES has already been approved. Are they wrong?

Emporis Listing

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Hankster Town

Hankster

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After checking bidclerk I have noticed that the WES has moved back construction to the third quarter of 2006. July at the earliest, September at the latest. I guess Richard stired the pot over there. :good:

I thought it was significant that the Bidclerk announcement calls for 285 hotel rooms in the Hotel portion. Intercontinental is planning a pretty large hotel operation in Nashville.

WES Bidclerk Announcement

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fieldmarshaldj Burg

fieldmarshaldj

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Actually I hope it is scrambled eggs and cheese! I hate fried eggs. After reading Richard Lawson's opinion and after talking with others recently in the hotel world, I have serious doubt. if it happens, it will be a pleasant surprise.

Wow, you really hate that project THAT much ? Of course, I'd rather swap WES for the Hampton Suites Courthouse on the Church Street lot.

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barakat Burg

barakat

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Wow, you really hate that project THAT much ? Of course, I'd rather swap WES for the Hampton Suites Courthouse on the Church Street lot.

Hmm.. so someone needs to mock up the skyline with WES on the courthouse site. I've got some free time, maybe I'll try.

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