A chip off the old block: Trump Tower Tampa site sold at auction

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JULY 17, 2009

Whatever slim hope remained for Trump Tower Tampa vanished this week when Colonial Bank snatched up the 1.5-acre riverfront lot in downtown Tampa.

The tower project, conceived as a 52-story, $300-million condo high rise under license from tycoon Donald Trump, plunged into bankruptcy last year before a single story was built.

A judge ruled in June that tower developer Simdag-Robel LLC had to make good on $5.1-million in debts to Colonial Bank, which financed the $16-million lot purchase in late 2004. In a public foreclosure auction Wednesday, the bank recovered the property at 100 S. Ashley Drive.

Trump Tower Tampa was to have been the tallest skyscraper in west Florida. Trump personally helped unveil the plans in Tampa in early 2005. The 190 units were priced between $700,000 and $6 million. But as the real estate market tanked, developers could never get suitable financing.

By the spring of 2007, Trump had withdrawn from the project and sued SimDag for delinquent licensing fees.

Posted by James Thorner at 3:53:02 pm on July 17, 2009 | Permalink | Comments |

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