Trump Tower Tampa developer files for bankruptcy

Nixed promises, failed financing deals, intertwining lawsuits: SimDag/Robel LLC faced all those pitfalls trying to erect the much-hyped Trump Tower Tampa.

It finally became too much. On Tuesday, SimDag filed for Chapter 11 bankruptcy protection in Tampa.

It's been more than 3 years since New York tycoon Donald Trump rolled into town to kick off sales for his namesake, a 52-story luxury condominium tower on the Hillsborough River at 111 S Ashley Drive.

SimDag would build the 190 units by licensing Trump's name. Trump would get half the profits from condo sales.

But as SimDag pressed the banking and investment community for a $200-million loan, the condo market was imploding. Buyers of units costing up to $6-million began dropping out and filing suit.

The low point came a year ago, when Trump, frustrated by more than $1-million in unpaid licensing fees, sued SimDag.

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, Colonial Bank and various building contractors, will emerge in about two weeks.

Comments

[Tino]

Don't wait to get in on this "sold out" project! There are still 40 or 50 units for sale on realtor.com at 50-100% markups! Call Toni Everett today so that you don't miss out on this ONCE-IN-A-LIFETIME opportunity!

[mm]

are we really going to allow shameless marketing such as the b.s. displayed above?? come on...............

[Grant]

mm, i think you kissed the (mocking) point

[Grant]

Missed the point

[The Donald]

If you cant run with the big dogs stay on the porch.....They were way out of their league

[Hank]

Once again the man who was too bankrupt to fail gives the
word "excess" new meaning. With his trophy properties like the NY Plaza (he made some real millionaires in Japan on that one)and ego that means that he deals with only the best partners he shows what being an egomaniac is all about.

[pants]

Donald has nice hair. I'd like to put a deposit down on a unit.

[mumbles]

Don't blame Trump, blame the Sim and the Dag

Jody Simon and Frank Dagostino made a windfall from the sale of a medical education company seven years ago, then parlayed it into even greater riches through development of gulffront condos.

http://www.sptimes.com/2005/02/17/Business/They_brought_Trump_to.shtml

[voxy]

see if yall had been NICER instead of trying to stalk and terrorize me you might have had mroe success.

For I am the gatekeeper.

And, let's face it.

We all know that.

Good luck in br court.

[voxy]

pants, come on over here I'd like to give you a big hug.

Yer funny

[Fuzzy Bear]

Don't wait to get in on this "sold out" project!

Very good point Tino!

If it sounds too good to be true, then it ????

[MP]

Sad part is? The rest of Tampa will have to continue building the Riverwalk around the fenced in lot... I'd like to make a "deposit" on it... if you get my drift.

[Dave]

I remember going to the Boat Show in early 2006 and Toni Everett had a booth where they were hawking these units. I told one of the realtors that I thought the location was terrible, that the units were too expensive for Tampa and that it would never get built. The female realtor became somewhat hostile and guaranteed me that it would definitely get built. Once again, age and common sense triumphs over hype! :-)