Trump Tower Tampa Declares Chapter 11 Bankruptcy
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.
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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.
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