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Harried by creditors and lashed by lawsuits, the developers of Trump Tower Tampa have sought the haven of Chapter 11 bankruptcy.
Though SimDag-Robel LLC has yet to give up on building the 52-story condo tower, the bankruptcy all but ensures the luxury skyscraper is a long shot.
Bankruptcy papers filed Tuesday mention debts of up to $50-million spread among more than 200 creditors. Among the biggest: Colonial Bank, which holds a $3.2-million mortgage on the building lot at 111 S Ashley Drive, and New York tycoon Donald Trump, owed more than $1-million in overdue licensing fees from SimDag.
SimDag bankruptcy attorney Jeffrey Warren said clients Jody Simon and Frank Dagostino will try to maximize the value of the lot for creditors. They include dozens of condo buyers who placed 20 percent deposits on units costing from $700,000 to $6-million.
"It could be a sale, it could be development of Trump Tower Tampa," Warren said. "The filing of the bankruptcy doesn't stop any of the other activities."
Chapter 11 was the crowning blow to three jarring years for Trump Tower Tampa. Trump formally launched the project in early 2005 when he rolled into Tampa with his new bride on his arm. A licensing deal with the New York real estate big shot would give the 190 units instant clout. In return, Trump would get half the profits.
But as SimDag pressed bankers and investors for a $200-million loan, the Florida condo market was collapsing. Construction deadlines passed, and buyers, many of them speculators keen on quick returns, began to drop off.
The partnership fractured in May 2007 when Trump, frustrated by unpaid licensing fees, sued SimDag. The parties are in mediation.
Tuesday's bankruptcy filing listed creditors with the 20 largest claims, but a more exhaustive list is due in about two weeks. SimDag has already refunded half of some buyers' deposits.
[Last modified: Jun 23, 2008 01:37 PM]
Comments on this article
by Roger
Jun 23, 2008 1:37 PM
Who in their right mind would try to build a 52 story ultra luxury condo next to a bridge on a lot more suited for a 10 story office building. It was doomed from the start.
by Kayihan
Jun 20, 2008 4:20 PM
I admire Mr. Trump for his energetic approach in the Building market A similar guy who entered big deals on financing houses in Turkey just took his life 2 weeks ago because of bankruptcy.
I wish D. Trıump will not fall into
such situation.
Regard
by FL Cracker
Jun 20, 2008 9:30 AM
trump tower - tacky tacky tacky. glad it failed. who the heck would want to live in a building named after a pursed lip, combed-over poser? tampa doesn't need glitzy vegas style trash like this, anyway.
"small town mentality"? i call it good taste!
by AL
Jun 20, 2008 9:30 AM
Any kind of business based on speculation comes with an 80% failure possibility. It is not because we have "a small town mentality". It is only greed.
by Barbara
Jun 19, 2008 1:53 PM
If it's too good to be true, it usually is. This certainly has nothing to do with the mentality of a town. It has everything to do with the greed of a group of developers and speculators.
by Harold
Jun 19, 2008 10:01 AM
Only in Tampa could a project like this fail. We need to get over ourselves, Tampa Bay is not a world class area. Tampa/St.Pete have a small town mentality. Nothing big will grow here.
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