Trump Tower Tampa Declares Chapter 11 Bankruptcy
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
SimDag, developers of The Trump Tower Tampa, have filed for bankruptcy protection as the moribund Tampa condo market will not sustain the development of the 52 story project. Even Donald Trump who lent his name to the project, is suing SimDag to have his name removed from the project.
Of course for Trump, the lending of one’s name for projects outside of his control is a dangerous game. At the end of the day no one is going to remember that a company called SimDag failed. They are going to remember that the Trump Tampa failed, further sullying the Donald’s good name.
With the bankruptcy filing early buyers into the condo project are most likely going to lose half of their deposit. The developer put 50 percent into escrow, but was using the other 50 percent to finance the development of the tower.
On Tuesday, the developer of proposed 52-story Trump Tower Tampa joined three other condo projects mired in bankruptcy. The filing is yet another sign the waterfront Trump Tower Tampa may never see light of day.
Court documents list SimDag’s debts between $10 million and $50 million. It estimates more than 200 creditors, including scores of buyers who plunked down 20 percent deposits on condos sold for up to $6.5 million.
Even facing this, however, the developer isn’t ready to announce defeat.
Since Chapter 11 bankruptcy allows for reorganization, SimDag still has a chance to build the tower, said Jeffrey W. Warren, SimDag’s attorney.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
ECONOMIC REPORT
'Prolonged' recession, higher joblessness seen likely
NABE survey indicates most economists now believe U.S. recession's started
By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Mark Harrison on 7 July 2008:
“Even Donald Trump who lent his name to the project.”
Surely that should read “Even Donald Trump who RENTED his name to the project.”
I assume that The Donald received a handsome fee for the use of his name - on that basis, I don’t feel that sorry for him.
The name “Mark Harrison Tower” is available for licence at a reasonable fee… If anyone from SimDag reads this blog, feel free to contact me to discuss terms
Comment by commercial real estate st george on 8 July 2008:
It is not a surprise that the market is unable to fill that many units. Sounds like Trump is getting the type of exposure that he wanted to get away from.
Thanks for the post.
Pingback by Hitting the Links | Redfin Boston Sweet Digs on 9 July 2008:
[...] Trump Tower Tampa needs help: developers filed for bankruptcy. [The Real Estate Bloggers] [...]