Although rezoning has been approved for Signature Tower, which is having a much easier time than the Westin hotel project proposed for a few blocks away, developer Tony Giarratana still has some other hurdles to clear before construction can get underway on what would be the tallest building in the Southeast.

Financing, of course, is a crucial element in order for construction to begin. On Monday, Chicago-based Jones Lang LaSalle, the investment bank hired to raise the money, started its work by distributing a development-financing memorandum to financial institutions. Giarratana expects to close on the financing June 30 and break ground the following day.

The construction date originally was set for this spring. But as projects of this magnitude progress, construction dates can be moving targets.

Another key element is the number of reservations. The target is 60% of the 435 condominiums planned for the tower, or 261, before construction. So far, Giarratana has 140 reservations for a total value of $105 million. The sales office is under construction on the 11th floor of the Suntrust Bank Building downtown and it is scheduled to open March 1.

Last Friday, Giarratana received the architectural and engineering drawings necessary to establish a guaranteed maximum price. He expects Turner Construction to have that completed by the end of next month.

If all goes as planned now, construction is scheduled for completion on June 30, 2010.