Representatives of the three companies comprising the partnership couldn't be reached at GlobeSt.com's publication deadline. But brokers who have worked with the firms tell GlobeSt.com on condition of anonymity that plans for the Park Tower office structure aren't set in concrete.
"If they strike out by year end (on finding an anchor), I wouldn't be surprised to hear they are planning to put up a hotel instead," a construction industry official familiar with the area's mix of assets, tells GlobeSt.com.
Park Tower is proposed near the under-construction Museum Tower condominium complex. Insignia/ESG is working with Centennial Hill in trying to find a major tenant.
Construction industry estimators tell GlobeSt.com that Park Tower's hard construction cost will be about $42 million or about $150 per sf.
Centennial Hill Development Partners is comprised of Selig Enterprises, Harold A. Dawson Co. and Southeast Capital Partners.
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