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.