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Judge allows bank to foreclose on Trump Tower site

The fading hopes of Trump Tower Tampa just got fainter. A Tampa bankruptcy judge has ruled that Colonial Bank, owed $3.5-million by tower developer SimDag LLC, can proceed with its foreclosure against the project's riverfront lot at 100 S Ashley Drive. SimDag filed for Chapter 11 bankruptcy in June, freezing the foreclosure action. But earlier this month Judge K. Rodney May granted the Alabama bank permission to pursue its case. The 1.5-acre property, which SimDag said is worth at least $15-million, could be seized or auctioned by the bank as part of the foreclosure. Trump Tower was supposed to be the region's tallest skyscraper but could not get a $200-million construction loan.

Judge allows bank to foreclose on Trump Tower site 01/21/09 [Last modified: Wednesday, January 21, 2009 7:25pm]
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