Make us your home page
Instagram
Tampa Bay

Trump Tower Tampa developers file for Chapter 11 bankruptcy

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.

Trump Tower Tampa developers file for Chapter 11 bankruptcy 06/18/08 [Last modified: Monday, June 23, 2008 1:37pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Record $417 million awarded in lawsuit linking baby powder to cancer

    Nation

    LOS ANGELES — A Los Angeles jury on Monday ordered Johnson & Johnson to pay a record $417 million to a hospitalized woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene.

    A bottle of Johnson's baby powder is displayed. On Monday, Aug. 21, 2017, a Los Angeles County Superior Court spokeswoman confirmed that a jury has ordered Johnson & Johnson to pay $417 million in a case to a woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene. [Associated Press]
  2. Superior Uniform acquires Los Angeles-based PublicIdentity

    Corporate

    SEMINOLE — A subsidiary of Seminole-based Superior Uniform Group has acquired Los Angeles-based branded merchandise company PublicIdentity Inc.

    Superior Uniform Group CEO Michael Benstock
[Courtesy of Superior Uniform Group]
  3. FBI warns of spreading W-2 email theft scheme

    Personal Finance

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms — scams that can put staffers' Social Security numbers and other critical information in the hands of thieves.

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms.
[McClatchy DC/TNS file photo]
  4. Walmart expands grocery delivery service in Florida markets

    Retail

    TAMPA — Walmart is formally launching its grocery delivery service in Tampa, the company announced Monday, as it expands its delivery test into Orlando and Dallas. Five locations around Tampa are offering delivery for online grocery orders.

    Walmart is expanding its grocery delivery to Tampa, the company announced Monday. | [Times file photo]
  5. Marina at Hudson Beach poised to become 24-unit condominium-hotel

    Business

    HUDSON — One of the mainstay businesses at Hudson Beach is poised for redevelopment into a 24-unit condominium-hotel.

    The owners of Skeleton Key Marina in Hudson have filed preliminary plans with Pasco County to redevelop the site into a 24-unit condominium-hotel.