Thursday, December 01, 2005

Signature Tower Developer Needs Pre-Sales For Financing To Start Construction By 2007

Switching what will be Nashville's tallest skyscraper from hotel to residential may have won Mayor Bill Purcell's support for the project, but Tony Giarratana says that he now has to pre-sale nearly 50% of the 55-story building's 500 units in order to secure outside financing to foot the $200 million price tag of the project. The Mayor helped out by providing $12 million in tax increment financing, which allows that investment money to be borrowed against future higher property taxes on the high-rise property to pay for its current development.

Best case scenerio for a view of completed Signature rising on our southern horizon: 2009.

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