Trump Tower Has New Owners

Colonial Bank is now the owner of the vacant 1.5 acre property in downtown Tampa that was scheduled to become Trump Tower Tampa.

On June 24th a Hillsborough County Circuit Court Judge awarded Colonial Bank more than $5 million from SimDag/RoBEL LLC and other defendants involved in the failed 52-story luxury condominium project.

SimDag/RoBEL bought the land for $16 million in 2004 and planned a $300 million luxury condo tower. In 2005 a deal was signed with Donald Trump to use the Trump name. Foundation work and groundbreaking began in 2007, but financing was never secured and SimDag/RoBel filed for Chapter 11 in June 2008, forcing Colonial Bank to foreclose.

Trump sued the developers for over $1 million claiming breach of contract and later settled with SimDag for an undisclosed sum.

Judge Oks Trump Tower Foreclosure

A Tampa bankruptcy judge has ruled that Colonial Bank can proceed with its foreclosure against the riverfront project in Tampa. Trump Tower was going to be the areas tallest skyscraper with million dollar plus condos, but couldn’t get fianancing. The bank is owed $3.5-million by developer SimDag LLC, who filed for bankruptcy in 2008, halting the foreclosure action. 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 Tampa Suit Final – No Deal

Donald Trump has settled his lawsuit with SimDag, developer of Trump Tower Tampa, officially ending the relationship between the two. The mediation gave neither side everything it wanted. Details have not been released.

Trump sued in May 2007 to recover more than $2-million in licensing fees for the right to use Trump’s name on the 52-story skyscraper. SimDag launched a countersuit accusing Trump of breaching a confidentiality agreement by going public with his complaints.
The tower was planned in 2005 as the biggest skyscraper in west-central Florida, with prices ranging from $700k to $6 Million. But the developers couldn’t get a $200-million loan amid Florida’s condo glut. SimDag filed for Chapter 11 bankruptcy in June.
SimDag has resisted selling the vacant 1.5-acre riverfront lot at 111 S Ashley Drive, waiting until the real estate market improves to get a better price. The settlement still needs ratification by the judge assigned to SimDag’s bankruptcy case.

Trump Tower Developer Files For Chapter 11

On Tuesday, SimDag filed for Chapter 11 bankruptcy protection in Tampa. 3 years ago York tycoon kicked off sales for his namesake, a 52-story luxury condominium tower at 111 S Ashley Drive in Tampa.SimDag would build the 190 units by licensing Trump’s name. But as SimDag failed to get a $200-million loan, the condo market took a nosedive. Buyers of units began dropping out. Last year Trump sued SimDag for unpaid licensing fees.
The bankruptcy filing lists $10- to $50-million in liabilities, many to condo buyers who gave SimDag deposits ranging up to $1.6-million. SimDag estimated its number of creditors exceeded 200. A more detailed list of creditors, including Trump, banks, and contractors, will be realeased shortly.