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Trump Tower Tampa site bought at auction by Colonial Bank

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. But as the real estate market tanked, developers could never get suitable financing.

Trump Tower Tampa site bought at auction by Colonial Bank 07/17/09 [Last modified: Friday, July 17, 2009 5:13pm]
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