Alex Palmer just issued a statement on the heels of the announcement that HCA will not have its Parallon and Sarah Cannon Research Institute subsidiaries be tenants in his long-planned West End Summit.
Though he is known for his always-upbeat demeanor, the developer has placed a robustly (and almost bafflingly) positive spin on the situation given the disappointment he must feel in the wake of the setback.
Here is Palmer's statement in full:
“While we’re disappointed in HCA’s decision, this creates a real opportunity for our company to realize the original vision for West End Summit – to create a Class A office building and four-star hotel on the site.
“We have maintained conversations with potential tenants for the project over the past few months, and there is significant interest. While it took us longer than expected, we were successful in getting financing for the project in place with an excellent team of debt and equity partners.
“The economy is finally on our side. It’s no secret that there is tremendous demand for Class A office space in Nashville, with a less than 5 percent vacancy rate at this time, according to market surveys. There’s also an equally strong demand for new hotel rooms, and our relationship with the Intercontinental Hotel remains intact and solid. They are ready to move forward on our timeline.
“We are in an excellent position to create a development at this site that all of Nashville can be proud of.”
Nashville-based developer Alex S. Palmer & Co. has landed an equity partner to help jumpstart its long-stalled West End Summit project in Midtown, according to The Tennessean.
Palmer will team with Atlanta-based TPA Group to help finance construction of the three-building development, the morning daily reports.
HCA, whose Parallon Business Solutions and Sarah Cannon Research Institute subsidiaries are to anchor two of the three towers, has said it is considering other sites given the uncertainty of West End Summit. In addition, InterContinental Hotels & Resorts is to have a hotel presence in the middle tower. However, the company has since removed the WES site from its website.
Workers were spotted today at the long-dormant West End Summit construction site. A source, who asked to go unnamed, said a handful of men were seen this morning at the Midtown location of the proposed three-tower mixed-use project. Work on WES stalled in the spring after having resumed in late 2012 following a multi-year period of inactivity. Two separate sources have told the Post that WES developer Alex S. Palmer & Co. is believed to be close to resuming full-scale work on the massive project.
Alex. S. Palmer & Company announced today it has selected New York-based Turner Construction Company as the general contractor to build West End Summit, the twin-tower Midtown project slated to start soon.
Preconstruction has already begun and completion of the project is slated for the spring of 2015.
“Turner has a proven history of completing high-end projects on time and on budget,” Alex S. Palmer, president and managing partner of Palmer & Company, said in a released. “West End Summit will be one of the largest private development projects in the history of the state, and it was important to find a contractor that could handle the magnitude of the project.”
Noteworthy recent commercial projects by Turner, which has a Nashville office, include Great American Tower, the BASF North American Headquarters and the Liberty Mutual Headquarters. Additionally, Turner provided construction services for the world’s two tallest buildings: Burj Khalifa and Taipei 101.
Turner Construction Company’s current projects in the Nashville area include work at Vanderbilt University Medical Center, Saint Thomas Hospital, Baptist Hospital and the MTSU Science Center.
With an estimated price tag of $265 million, WES is expected to be silver LEED-certified. Late last year, Palmer & Co. announced that leases have been signed with two anchor tenants: HCA subsidiaries Parallon Business Solutions and the Sarah Cannon Research Institute.
Metro Council members on Tuesday set the stage for a final vote Dec. 4 on the more than $60 million in incentives HCA Holdings is slated to get to relocate the headquarters of two of its divisions to the West End Summit complex. In the process of studying the city's package of goodies, Steven Hale writes, several representatives have begun thinking about how small businesses can be given access to similar incentives.
Citing numbers from the secretary of state, Stites said only 12 out of 9,000 for-profit corporations registered in Davidson County have access to similar Metro offers. He granted that incentives have indeed been given to some of the city’s largest employers, but also argued that the amount of jobs created by such deals represent an exceedingly small portion of the county’s overall workforce.
“It’s not sustainable,” he said. “You can’t continue to do that.”