WAN Awards

FRIDAY 19 DECEMBER 2014

SEARCH   
 
 
WAN Mobile
 
WAN Mobile
Previous Next
 

Trump Tower Tampa, Tampa, Florida, United States

Monday 30 Jun 2008
 

Trump Tower Tampa project goes belly up

 
 
 
Your comments on this project

No. of Comments: 0

Add comments | More comments

Be the first to comment
 

Editorial

Bankruptcy calls an end to Trump Tower construction 

It was supposed to be 52-storey luxury condominium tower with dramatic waterfront views of Tampa’s Hillsborough River. But the Trump Tower Tampa never lived up to its hype. On Tuesday, the project’s developer, Simdag/Robel LLC filed for Chapter 11 bankruptcy protection in the Tampa, Florida courts.

The Trump Tower Tampa was kicked off in 2005 with much fanfare. Donald Trump, the project’s namesake, made a personal appearance to the site to kick off sales of the project’s 190 units. But despite record sales, the project fell into financial trouble very early on. Delayed by soils issues, the project’s developer tried to secure $200 million in financing at a time when the luxury condominium market in Florida was starting to implode. Adding insult to injury, the company reneged on its agreement to pay Donald Trump $1 million dollars for naming rights to the project. When that money was not forthcoming, Trump filed suit against Simdag for the unpaid licensing fees, a move that has set the bankruptcy filing in motion.

Hampered with scheduling and financial issues and mounting lawsuits the project is all but dead. The project’s web site has been taken down and the phone has been disconnected. The bankruptcy filing lists $10 to $50 million in liabilities, many to condo buyers who gave SimDag deposits ranging up to $1.6-million. A detailed list of creditors, including Trump, Colonial Bank and various building contractors, will be made public in approximately two weeks.

Sharon McHugh
US Correspondent

Key Facts

Status
Value 0(m€)
Were you involved in this scheme?
WAN Editorial

More projects by this architect

Holiday Reading

Millharbour Village

Guggenheim Helsinki Design Competition

Case Study: The Safety Letterbox Company

Mackintosh Building, Glasgow School of Art

More Projects

 
Vola
ECOWAN
 

Click here to view the NEWS IN PICTURES tablet site