Some may hate the project, but I never hated the project itself, I hated the circumstances that surrounded it. All the drama and issues made our city look like a joke when it comes to development. Also, TTT was/is supposed to push Tampa's price ceiling much higher and that is why I think so many people have had their eye on TTT (both Tampa, Floridians, and people in our "feeder" states).

One day it's dead, the other day it's not.... I'm still not sure it isn't dead, but at least there is a small window of opportunity that didn't appear to exist two weeks ago.

Tick tock, tick tock... Time is quickly moving forward so it will be interesting to see if anything official comes about.

I guess it depends who you ask.

http://www.trumptowertampa.com/images/gallery/model/model_1.jpg

^^ I don't think its bad at all. It is not the Chrysler Building or the Transamerica Pyramid, but it is distinctive from what is already in downtown and blends in nicely in my opinion. But I know there are others that hate it. I have to say - the original renderings were ugly - but this model is much better in my opinion

Plus - it creates a solid stretch of riverwalk to the CC.

I really like the design and the location of TTT. I just dont like the developers. They made some really poor choices when it came to securing funding and informing their customers about delays. I just want to see it built.

Source: http://www.sptimes.com/2007/10/26/Business/Trump_Tower_buyers__a.shtml

Trump Tower buyers' anxiety soothed
The developer offers concessions and gives evidence of funding.
By JAMES THORNER, Times Staff Writer
Published October 26, 2007


After 21/2 years of delays, it took 21/2 hours to get condominium buyers back on board the unsteady ship that has been Trump Tower Tampa.

A majority of buyers emerged from a Wednesday night meeting with developer SimDag LLC re-engaged to a project launched in February 2005 with a whirlwind visit by New York mogul Donald Trump.

"The general mind-set is to move forward and give SimDag a little time to get their financing," said Don Wallace, a Sarasota restaurateur who has invested in two of the proposed 190 units. "There wasn't total agreement, but that was the general upshot."

About 60 buyers, many of them mutinous after watching millions of dollars of deposit money molder for years, summoned the private meeting at the Centre Club in Tampa's West Shore district.

But reassurances from SimDag president Frank Dagostino may have calmed nerves for now. According to Wallace, who organized the meeting, Dagostino promised secure financing by December from an undisclosed New York hedge fund.

Two things have to happen first. Trump, who sued SimDag in May over $1-million in unpaid licensing fees for the 52-story luxury high-rise, will have to shelve his lawsuit. He's verbally agreed to do so, Dagostino told the crowd.

Next, a majority of buyers, representing at least $100-million in sales, would have to re-up with SimDag by extending their contracts two years.

Dagostino sweetened the deal with three concessions to keep buyers on board until the $300-million skyscraper could rise on 111 S Ashley Drive by December 2010.

"They're giving us interest on our deposits. They're giving us an allowance to be spent on the upgrades to the units. They're giving us a guarantee they're not going to undercut us and sell unsold units for less than we paid for them," Wallace said.

SimDag officials refused most contact with the press, leaving details of the meeting to seep out from buyers.

Wallace said developers brought a middleman to represent the hedge fund and repeatedly declined to identify the source of the private money to build the tower.

"The main thing that emerged from the meeting was less skepticism," Wallace said. "I do feel confident they do have a financing commitment from a real firm."

James Thorner can be reached at thorner@sptimes.com or (813) 226-3313.

[Last modified October 25, 2007, 22:54:25]

:applause: I'm really pleased with the way SimDag has approved theirselves in the past couple months. They're showing Tampa that the really want to do something for Tampa. Hopefully this will ease the buyers and we can see this going vertical pretty soon, hopefully By beginning of December. Good work SimDag :cheers:

I wonder how much time they have to make the deal?

Very good question. I cannot help but think that this is yet more vague posturing. My fingers are crossed for them, as I would like to see the project made right by the investors and the city but I am not entirely convinced they are out of the weeds just yet.

I am guessing not much time before the people who want to resign start getting restless again. In my opinion - the faster they get everything signed and cranes in the sky the more settled everyone is going to be. Time will tell.

This thread is funny. Two months ago you guys hated this project.

Orlando Native:),
our friend,
If our members hate " this project:lol: " or love " this project:lol: ",
You just made the 1000th Post about " this project:lol: ",
so let " this project:lol: " be,
" this project:lol: " is still funny,
way past 1000 and more posts about " this project:lol: "

This thread is funny. Two months ago you guys hated this project.

Some people like it, some hate it. Now that the project is beginning ot have some hope, the people that like it are getting their say for now. When the project was doing poorly, (pretty much last year and a half) it was making it easier for the people that hate it, hate on it. Especially after some of the mistakes by the project's mangement.

I still don't like the design....

Aside from being a good place for park - I always liked it

If it looks great at night, I'll like it...

I'm still wondering how the mass of the building is affected since they removed about 30 units. (remember, went from 221 to 190?). I hope it's not shorter.

Or, maybe there are just fewer, larger units?

Don't know but it will fill a gap you might as well fill since the office buildings there have no street action anyway

I still don't like the design....

If you ditch that stupid arch at the top of the building, it looks more classic in design -- bland, yeah, but not stupid.

If you ditch that stupid arch at the top of the building, it looks more classic in design -- bland, yeah, but not stupid.

yea, ditch the arch!!

The arch is the only hope the building has of being notable... I'm hoping it's lit up really cool at night. Otherwise, I stand by my longheld statement that the design sucks.

Source: http://www.trumptowertampa.com/home.html

October 27, 2007

Dear Trump Tower Tampa Unit Buyer:

We would like to thank all of our unit buyers who were able to attend the buyers-only meeting on October 24th. For those who were unable to attend, please contact either Eby Paul or myself so we can go over the meeting minutes with you. We are now in the process of scheduling our second round of one-on-one meetings with all buyers to go over the new incentive plan and to get the addendum to the purchase agreement signed. Please email Eby at ebyjpaul@gmail.com to set up a meeting time or to arrange for a conference call.

Thank you again for all your support of Trump Tower Tampa.

Sincerely,
Frank Dagostino & Eby Paul

The arch is the only hope the building has of being notable... I'm hoping it's lit up really cool at night. Otherwise, I stand by my longheld statement that the design sucks.

Now that I look at it and imagine it with out the arch it looks better. But I hope it is light up cool, otherwise its your every day run of the mill building.

It amazes me that they NEED at least these 100 buyers to sign on again yet they have voiced all along the project was "nearly sold out". IF they do get the 100 buyers, they still need approx 90 more. I wish them the best but wonder what happened to the "other" buyers or contracts?

I dislike the arch also

I think they should add a second arch, paint it yellow, and open a high end McDonald's on the top floor.

The arch is the only passable aspect of the design, as arbitrary as it is. Without it, the building is a dreadful stucco monolith belonging in the ghettos of Sao Paulo. It's that bad.

I don't think the architecture of the building is bad. But it would be better suited for a beach environment. For downtown I'd like to see more modern/contemporary buildings or - the opposite - something art deco like the Chrysler Building.

I don't like the mass of the building though, because it will mess up the skyline view from davis islands. It is so big and bulky that it will block the AM-South tower which is one of my favorites downtown. In my opinion there should be a building that is maximum 440 ft tall.

Another aspect is...who wants a balcony or the pool deck approximately 50 ft away from noisy crosstown expressway?

I think they should add a second arch, paint it yellow, and open a high end McDonald's on the top floor.

:rofl:

The pool deck looks like it's a good 50ft or more above the Selmon deck... No big deal imo. It's the pool deck.

Trump animations, courtesy of Animated Solutions (publicly available from their website.)

http://www.animatedsolutions.net/ComputerAnimation/DownTown%20Tampa%20Shot%203.wmv

http://www.animatedsolutions.net/ComputerAnimation/DowntownTampaHiRise.avi

Trump seems smaller than I expected... two dozen feet shorter, at least.

After seeing the animation I like it even more. Without the arch it would look like it had horns....IMO. Personally, I think that while it may not fit into DT's current theme it will at least diversify DT some, which is not a bad thing. We do have a rather small DT right now, and more styles will come about as time goes by, a diverse skyline can be very interesting.

Steve

After seeing the animation I like it even more.

And here I hate it even more. The building looks like trash in those animations.

Strangely it inspires no strong feelings in me. I think it is fine. I do like the fact it does not look like other buildings downtown.

John I agree 100%!!! I think that the animation makes the building god awful...

Nice find, multifamily. :)

I'm in Smiley's court on this one. Although TTT is not at all awe inspiring, it is different enough in design to keep our skyline interesting.

It also appears that they've reduced the height noticeably from the original plans.

^^ Actually I think this animation is much older rather than new. The Website refers to it as the Hillsborough River Residences which was the name I believe before trump's involvment.

That animation was indeed dreadful. If it goes vertical so be it, it will be a nice addition to the lineup if nothing else in name. If successful it will help to bring more similar structures to the core.

The arch is the only passable aspect of the design, as arbitrary as it is. Without it, the building is a dreadful stucco monolith belonging in the ghettos of Sao Paulo. It's that bad.

Surely you exagerate my friend! It is not THIS bad

http://www.travel-earth.com/brazil/sao-paulo.jpg

lol....I think if and when it gets built and other buildings are built north and east downtown the building will be fine

Judge gives Trump Tower suit another 65 daysTampa Bay Business Journal - by Michael Hinman

SimDag LLC received a little more time to shore up its financing as a pending lawsuit from Donald Trump over licensing rights on Trump Tower Tampa is put on hold until the end of the year.

U.S. District Judge James D. Whittemore approved the joint motion between both sides, which have been "engaged in regular discussion concerning resolving the pending issues," according to documents filed with the U.S. District Court's Middle District of Florida. The motion comes on the tail end of a 45-day extension granted Sept. 12 and now gives both parties until Jan. 2 to hash out an agreement.

SimDag CEO Frank Dagostino told the Tampa Bay Business Journal last week that the Trump Organization - which was suing for more than $1 million owed in licensing fees for using Trump's name on the $235 million, 52-story condominium tower - was prepared to drop its suit if SimDag was able to secure financing for the project through a yet-to-be-identified New York hedge fund.

"He wants to be made whole on what we owe him up to today," Dagostino said at the time. "It's going to be a Trump Signature building, and he has already signed off on every aspect of the building."

The original extension agreed to by both sides expired over the weekend.

Trump filed suit in May claiming he was to receive $2.84 million payable in 22 monthly installments of $121,091 each. The New York real estate mogul said payments stopped in October 2006, and he demanded payment in a letter sent to SimDag last April before moving to terminate the agreement May 17.

SimDag originally brought Trump on board to use his name and build a structure that meets Trump Signature standards in October 2004, however, a new agreement was drawn up in March 2006 that doubled Trump's licensing fee from $2 million to $4 million, according to court filings. On top of that, developers changed Trump's cut of the sales from various percentages of gross revenue above $300 a square foot to a much more simplified 50 percent cut of overall net profits.

SimDag officials are currently trying to sign the existing 100 pre-sale buyers to extensions in their contracts giving them until the end of 2010 to complete the structure on Ashley Drive in downtown Tampa. In return, SimDag is offering a number of incentives including a credit of 2.5 percent of the overall purchase price that can be applied to unit upgrades, as well as a 5 percent APR non-compounding return on money being held in escrow based on $12 million in deposits.

"We also will guarantee that we will not undercut their price [in the sale of other units], which is important in the current market," Dagostino said last week. "Some of the big markets right now are dumping units, but we have the luxury of not doing that because of our Trump branding."

http://tampabay.bizjournals.com/tampabay/stories/2007/10/29/daily16.html?surround=lfn

Surely you exagerate my friend! It is not THIS bad

http://www.travel-earth.com/brazil/sao-paulo.jpg


Not to drag this thread off topic, but Sao Paulo is a city that cannot really be appreciated without being there. The buildings shown from most of the pictures taken are not that different from each other; however the shear mass of the city spreads out the interesting buildings. NYC has very, very, many uninspiring buildings and apartment blocks (even in the core), but the interesting skyscrapers are centered on a rather small island, Manhattan. Sao Paulo has incredible density that is unmateched almost anywhere in the world, and there are surley interesting buildings around, such as in the Av. Paulista area of the city - but they are much more spread out than NYC, so there is no core skyline like many cities....this is a halmark of many non-american megalopolises such as Sao Paulo, Tokyo, and Mexico City.

Steve

^^ Steve, I am certain you are correct. please know that my comments were light hearted. I would love to visit Brazil . Especially Rio. Perhaps I will be lucky enough to go there one day and see Sao Paulo myself and sample the local Picanha.

No harm! :) I just have to stick up for the SP!:okay:

Steve

Judge gives Trump Tower suit another 65 daysTampa Bay Business Journal - by Michael Hinman

SimDag LLC received a little more time to shore up its financing as a pending lawsuit from Donald Trump over licensing rights on Trump Tower Tampa is put on hold until the end of the year.

:ohno:
Oh boy...the drama HAS to drag on doesn't it.

This should be a soap opera... "All my Trump Tower Tampa," or "Trump Tower Tampa Hospital," even "Trump Tower Tampa to Live."

:hilarious

This should be a soap opera... "All my Trump Tower Tampa," or "Trump Tower Tampa Hospital," even "Trump Tower Tampa to Live."

"As Trump Tower Turns" I think is fitting.

:rofl:

"As Trump Tower Turns" I think is fitting.

LOL Random Michael:), our friend,
" The Trump and the Restless Buyers "

I love this place, lol.:cheers:

:lol:

Okay, enough of that aside...before Jason comes back and yells at us for the nth time.

I don't like this drama. SimDag keeps pulling this mayhem further and further along the road and it is only making these buyers more frustrated. I certainly hope SimDag works things out with everyone, including Trump.

Well, in their defense, what's going on now is fairly normal... The problem is the timetable is two years out of whack now, casting a pall on the whole thing.

Agreed. The timetable is way out of whack now. I'd be surprised if TTT ever gets built.

Judge Gives Trump, Developer Until Jan. 2 To Settle Suit

By Shannon Behnken of The Tampa Tribune

Published: November 8, 2007

TAMPA - The developer of Trump Tower Tampa has the rest of the year to either settle its lawsuit with Donald Trump or prepare to answer his allegations.

U.S. District Judge James Whittemore this morning granted the motion for an extension, filed jointly by Trump and the Tampa developer, SimDag LLC. But Whittemore said he did so "reluctantly" and will not grant additional time if the parties fail to come to an agreement by Jan. 2.

"My concern is that this case isn't going anywhere," Whittemore said. "My intention is not to allow this case, even with good intentions, to collect too much dust."

Attorneys for both sides said they are close to signing a settlement agreement. That agreement, though, includes stipulations that still need to be worked out, said Foley & Lardner attorney Chris Griffin, who is representing Trump.

The extension gives SimDag more time to convince buyers to sign new, two-year contracts. SimDag representatives met with buyers last month, and a New York hedge fund has agreed to finance the tower, but only if SimDag has $100 million in new contracts. Buyers would have to sign contracts because the current contract mandates the building be completed in 2008.

Another stipulation of the financing is the dissolution of Trump's lawsuit.

Trump Tower Tampa, planned for the downtown riverfront along Ashley Drive, was announced with much fanfare in early 2005 but has stalled because developers were unable to obtain financing. The project is mired in lawsuits and construction liens against the property.

Trump filed his lawsuit in May, claiming he is owed money for the licensing agreement he has with the developer. In the suit, Trump said he wants to terminate the agreement that allows SimDag to name the tower after him.

SimDag has told buyers that Trump has agreed to drop his suit if the developer gets financing soon.

Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.

Attorneys for both sides said they are close to signing a settlement agreement. That agreement, though, includes stipulations that still need to be worked out, said Foley & Lardner attorney Chris Griffin, who is representing Trump.

I guess it is good that the Judge is pushing for resolution. I think that this quote form a Trump attorney that they are close is a good sign, and the fact that he communicated it to the Business Journal is even better.

It appears to just be up to the buyers now. GOOD LUCK SimDag! I will be amazed if you pull it off.

I hope SimDag settles things with Trump too.

I heard that a couple of Trump's other properties that are U/C or whatever aren't doing well either.

They mention Trump Tower Tampa a few times in this article from www.ajc.com (The Atlanta Journal-Constitution)

"Housing crunch may threaten Trump's Atlanta plan"

By ALEX FRANGOS
The Wall Street Journal
Published on: 11/22/07

Even the Trump name isn't bigger than the calamitous condo market.

Donald Trump's reputation as a real-estate developer could take a hit as some condominium projects emblazoned with his famous name run into trouble.

In recent years, Trump has lent his name, and in some cases his own money, to at least 20 projects in the U.S. and another half dozen abroad, including buildings in Dubai of the United Arab Emirates and Seoul, South Korea. While in some cities such projects are doing fine, others face slow sales, project delays and cancellations — and irate buyers.

In Tampa, buyers who placed deposits of $200,000 to $1.2 million on units in the 52-story Trump Tower Tampa are fuming. Nearly three years after the $260 million skyscraper was started, construction has stopped.

A Fort Lauderdale tower with Trump's name on it was put on hold indefinitely last month, and a West Palm Beach project could be put on the shelf shortly. Construction on a Trump Tower in Toronto is just getting under way after years of delays and a reduction in height. And at Trump Tower Chicago, a hotel and condo project set to be the second tallest building in the city after the Sears Tower, 30 percent of the 825 units remain unsold as the condo market there slows.

In Atlanta, two condo towers with the Trump name are about to be launched at a time when 5.8 percent of the homes there are for sale, the second-highest inventory of unsold homes in the country, according to Zelman & Associates, a housing-research firm.

Trump says Atlanta is "a beautiful job going well." Asked about Atlanta's poor housing market, Trump said, "You know I can't be everywhere. It's like somebody says, 'why didn't you build here or there?' Who's done better deals than me?"

Trump is known for focusing on the positive. "All of my stuff has been a great success," he said in an interview last week. "Nobody has even come close to the track record that I have." He points to many other projects he is involved in that he considers outsized successes, including ones in Las Vegas, Hollywood, Fla., Miami, New York, Hawaii and the Dominican Republic. "Somebody says 'how's the market?' I say not good except for Trump," he says.

But the recent problems at developments bearing his name are evidence that no one is immune from the downdraft in the housing market. New housing projects throughout the country are suffering from weak demand and falling prices as banks tighten credit standards and a glut of empty units swells.

This time around, Trump personally is in little danger financially. During the last real-estate collapse in the early 1990s, he was pushed to the brink of bankruptcy because he was personally on the hook for hundreds of millions of dollars worth of debt. He later restructured his debt with the banks and worked his way back to doing real-estate deals.

In some recent condo projects, Trump has sold his name to developers for a fee and, in certain cases, he gets a portion of the sales in the building as well. In some he has contributed a minority slice of equity. This means, even if the projects fail, his financial exposure is limited, although his reputation may suffer. In other projects, such as in Chicago and Las Vegas, he says he is the lead investor.

At Trump Tower Tampa, which began its marketing in 2005, sales initially soared. The local development company, SimDag LLC, sold all 192 units and then, as the market skyrocketed, returned buyers' deposits, raised the units' prices and sold out again.

Then in August 2006, a city inspector examining a key part of the foundation known as the caissons discovered the plot of land wasn't solid enough to support design. Construction never resumed.

In May, Trump sued SimDag in federal court in Tampa, charging the developer with failing to pay him much of his licensing fee and failing to execute on construction and sales milestones promised in the contract. Court documents filed by Trump's lawyers say his involvement was limited to licensing his name to the developer for $4 million plus a cut of the sales.

But many of the buyers feel that they were led to believe that he had a much larger stake. "The only reason we bought into this was because of Trump," says Don Wallace, a local restaurant owner whose wife, Elaine Lucadano, has interests in two units. "He's bashing Rosie O'Donnell, and we're twisting in the wind," referring to Trump's tabloid spat with the talk-show host. Jugal and Maju Teneja, who paid $528,000 to reserve a unit in October, filed a suit against Trump and SimDag in Hillsborough County Circuit Court, claiming they deceived buyers into thinking Trump was closely involved in the development of the tower.

Trump says his role as a licensor was disclosed in offering documents given to buyers, a point Wallace disputes. Trump also noted that his ability to deal with construction problems has been limited. "When I license my name to somebody, I don't have the same power over a job," he says. "I could have pulled the Tampa job off easily. Other people can't pull it off easily." Now, Trump says, the Tampa project has become a victim of the deteriorating financing and sales climate. "If there was a job today that was going to start...I would most likely say let's wait a little while," he says.

Overall, though, he says his projects are successful, even in markets that are suffering problems, noting his name indeed sells units. "How many times is Trump supposed to be selling out a building before they move forward?," Trump asks. As for his brand image, he says: "Tampa doesn't hurt me."

More evidence that Trump's properties are on a turbulent road...

There's a crane infront of 100 N. Tampa and it appears to be either doing stuff to the CapTrust building or dropping materials into the Trump lot, I can't tell, anyone have any info?

Interesting. Had I read that before leaving the office a bit ago, I would have checked it out.

my office overlooks the "trump site" and there is no crane in site

My office in BoA Plaza looks that direction, and I don't see anything there either.

Well the Crane thing is in the Park across the street from 100 N. Tampa I'm guessing, I can see it from my dorm room.

probably just a dry run. gotta keep Donald Tramp guessing... ;)

^^:lol:

The crane is gone today.

OK...today is January 2nd. Anyone heard anything good or bad on this deal?

There is a deadline coming up if I recall, so inevitably we'll hear something.

There is a deadline coming up if I recall, so inevitably we'll hear something.

Today is the deadline....

I find that kind of funny actually...

:) "I know the deadline to turn in the Science report is coming up. Do you know when that is?"

:uh: "Uh...that deadline is today. Did you do your report?"

:uh: "Oh...uh...I...?"

:mad: "You didn't do the report?"

:no: "Uh...no."

:ohno: "The professor is not going to be happy..."

:cry: "I'm so gonna fail this class."

:ohno: "Too bad for you."

:lol:

Lol... Walt. That is classic.

Guess what guys? I emailed SimDag today asking if they had come to agreement with Trump and I got a reply back saying they have. So I'm guessing we'll hear news shortly on this and if construction will restart.

Lol... Walt. That is classic.

I wanted to bring some fun back into this boring thread. Sorry Jason, it just had to be...

The Tampa Tribune
Published: January 3, 2008
BUSINESS BRIEFS
TAMPA BAY AREA

http://www2.tbo.com/content/2008/jan/03/business-briefs/

Trump Pursues Legal Steps
Donald Trump on Wednesday filed a motion in federal court in Tampa seeking to drop two of SimDag LLC's original partners from his lawsuit against the developer of Trump Tower Tampa. Those partners are Howard Howell and Patrick Sheppard. Trump filed his lawsuit in May, seeking to end his licensing agreement with SimDag and remove his name from the tower.

The Tampa Tribune
Published: January 3, 2008
BUSINESS BRIEFS
TAMPA BAY AREA

http://www2.tbo.com/content/2008/jan/03/business-briefs/

Trump Pursues Legal Steps
Donald Trump on Wednesday filed a motion in federal court in Tampa seeking to drop two of SimDag LLC's original partners from his lawsuit against the developer of Trump Tower Tampa. Those partners are Howard Howell and Patrick Sheppard. Trump filed his lawsuit in May, seeking to end his licensing agreement with SimDag and remove his name from the tower.
I also found out that they are now getting the buyers to sign the new contract and believe theyll be done by the end year.

LOL. This project just makes me shake my head. Let it die allready.

LOL. This project just makes me shake my head. Let it die allready.
Personally, even though my opposition on this has changed time after time, I wouldn't really mind seeing this rise. They already have started, you can't really blame them since it's mainly the housing slump's fault that construction of ha;ted, they're trying to get back on track, I would be willing to give them a 2nd, or I guess, 3rd chance at this. If the information I am getting is true, this is the closest I have seem them to restarting this than ever. But I'll believe it 100% when I see movement on the lot and construction happening again.

PS- I might be getting some information on floor plans and the prices. Be interesting to see if anything has changed in price.

Here's some files I got from Toni Everett.

ummm.... I don't know how I can copy the links without my email showing up.

Well, here's the prices, I'll try to figure the rest after I post this.

1991 sq. ft. 2/2 +den or 3rd bedroom
Beginning on floor 11th -40th
$950,000 to $1,300,000

2300 sq. ft. 3/3
20th floor to 37th
$1,150,000 to $1,350,000

2541 sq. ft., 3/3 + family room
11th floor to 40th
$1,250,000 to $1,800,000

Lower Penthouse 4500 sq. ft. $2,100,000 to $2,300,000
Penthouse 4400 sq. ft. +900 sq. ft. terraces $2,800,000
Fabulous views: two bays, one gulf, one river plus sunsets all year & city views out the east side

Two custom penthouses ½ floor 3000 sq. ft., terrace & Jacuzzi $3,650,000

1 Full floor about 5000 sq. ft. terrace and almost 6000 sq. ft. inside & Jacuzzi $6,300,000

Hmm...this article does not match what I found out about the lawsuit. SimDag has told me that they have come to agrement and new contracts will be happening shortly and this article is saying that the lawsuit is going forward. Aggghhhhh.... I don't know who to believe! :bash:



Lawsuit Ties Up Trump Tower Tampa Financing
By Shannon Behnken of The Tampa Tribune
Published: January 3, 2008

TAMPA - The on-again, off-again Trump Tower Tampa is in limbo — again.

Local developer, SimDag LLC, told buyers in October that it was close to getting financing, but only if Donald Trump would drop his lawsuit against the company.

According to documents filed in federal court Wednesday, the suit is moving forward.

In SimDag's legal answer to Trump's lawsuit, the company denied any wrongdoing and fought back by filing its own countersuit.

SimDag contends Trump broke a confidentiality agreement by acknowledging to the public that he merely licensed his name to SimDag and was not involved in building the tower.

Trump Tower Tampa was announced in January 2005 but has yet to go vertical because SimDag has been unable to obtain financing.

SimDag CEO Frank Dagostino said the company is "days away" from getting a loan from a New York hedge fund. The company has been negotiating with Trump, Dagostino said, but Trump won't drop his lawsuit until the financing for the tower is in place.

Trump filed suit in May, contending SimDag breached its contract by not starting construction on time and for failing to make monthly payment to Trump for the licensing agreement.

Attorneys for SimDag and Trump jointly have asked — and received — two extensions for filing SimDag's legal answer.

In November, U.S. District Judge U.S. District Judge James Whittemore agreed to the second extension but said he did so "reluctantly" and that he wouldn't approve another extension.

If the two parties didn't reach an agreement by Wednesday, he said, he expected them to move forward with the lawsuit.


Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.

http://www2.tbo.com/content/2008/jan/03/lawsuit-ties-trump-tower-tampa-financing/?news-breaking-yahoo

^You can't really believe SimDag, at least not completely. They're the developer, so they'll say anything. And they have in the past.

SimDag CEO Frank Dagostino said the company is "days away" from getting a loan from a New York hedge fund. The company has been negotiating with Trump, Dagostino said, but Trump won't drop his lawsuit until the financing for the tower is in place.


I find this rather ironic. The hedge fund is likely waiting, or at the least really hoping, on Trump to drop the suit before they finance. But Trump will only drop the suit if financing is in place. SimDag needs to get all 3 parties (Trump, hedge fund, and themselves) in the same room and get it done because, funding has been "days away" or "a week away" for a lonnnnnnng time. You can't hate on SimDag for not trying to get TTT built, becasue it appears as though they've worked their asses off trying to get this thing done (to save their company) but they need to get some results NOW or it's over. No more "tomorrow never comes" B.S.

SimDag contends Trump broke a confidentiality agreement by acknowledging to the public that he merely licensed his name to SimDag and was not involved in building the tower.


:lol:

^You can't really believe SimDag, at least not completely. They're the developer, so they'll say anything. And they have in the past.



I find this rather ironic. The hedge fund is likely waiting, or at the least really hoping, on Trump to drop the suit before they finance. But Trump will only drop the suit if financing is in place. SimDag needs to get all 3 parties (Trump, hedge fund, and themselves) in the same room and get it done because, funding has been "days away" or "a week away" for a lonnnnnnng time. You can't hate on SimDag for not trying to get TTT built, becasue it appears as though they've worked their asses off trying to get this thing done (to save their company) but they need to get some results NOW or it's over. No more "tomorrow never comes" B.S.



:lol:
Yeah, I agree. It seemed like the emails I was getting later on were more of promoting the project than just giving me info. But atleast they are talking like some other companies, for the good or the worst.

I laughed at that too. But it's common sense, Trump would never mess his hair to do some work. The most he can do without breaking a nail, or in his case his ego, is just tell people "You're Fired!". :lol:

I still call it dead on the vine, unless we see some site activity. SimDag's posturing is tiresome if not admirable...if it is to be believed.

Trump tower standoff stepped up

The developer and the tycoon are waging a towering court fight.

By JAMES THORNER, Times Staff Writer
Published January 4, 2008

In February 2005, Donald Trump blazed into Tampa with his new bride on his arm to announce the sales kickoff of Trump Tower Tampa.

It's nearly three years later, and the 52-story condo tower remains more a fixture in the courts than on the building site at 111 S Ashley Drive.

Not only did developer SimDag LLC miss a self-imposed December deadline to conclude financing for the project but on Wednesday, SimDag answered a lawsuit Trump filed in May by countersuing the New York tycoon.

SimDag alleges that Trump, by going public with the lawsuit in May, breached a confidentiality agreement.

Trump revealed that he was to receive 50 percent of the profits on the sale of the $300-million tower's 190 condos. In return, SimDag was supposed to affix the Trump brand to a luxury high-rise, where penthouse units top out at $6-million.

"The license agreement provides ... that the parties will not, under any circumstances, disclose the existence of the licensing agreement or its terms," the SimDag countersuit reads, in part.

The Trump Organization in New York declined to comment about the project beyond confirming that negotiations were continuing. Trump has been trying to recover more than $1-million in unpaid licensing fees. SimDag's attorney didn't return a call from the Times.

The tower remains little more than a vacant lot on the Hillsborough River.

To provide last-ditch financing for the tower, SimDag recruited a New York hedge fund and sketched out a resurrection plan at a meeting with condo buyers on Oct. 24. SimDag pushed back the grand opening from December 2008 to December 2010 and asked buyers to re-up their soon-to-expire contracts another two years.

Trump Tower history

February 2005: Arriving in a limousine with his new wife, Donald Trump helps launch the 52-story skyscraper lauded as a new standard of luxury in Tampa.

March 2006: Developer SimDag LLC holds a groundbreaking at the site, though the project hasn't secured financing. Trump is conspicuously absent.

July 2006: The project's former general contractor files a lien for unpaid bills of more than $1-million.

August 2006: Developers reveal that soil instability on the riverfront lot could delay the project for months, spoiling the planned December 2008 opening.

January 2007: Disgruntled condo buyers begin filing lawsuits to get deposits back.

May 2007: Frustrated over lack of progress and $1-million in unpaid licensing fees, Trump sues SimDag and demands his name be pulled from the project.

August 2007: SimDag promises to secure a financing deal from a New York private hedge fund or else refund deposits. The agreement doesn't materialize.

October 2007: SimDag holds a closed-door meeting with condo buyers and promises a financing deal by the end of the year. The completion date is pushed to December 2010. Scenario includes Trump dropping his lawsuit.

January 2008: Failing to finalize financing by year's end, SimDag countersues Trump, alleging the tycoon breached a confidentiality agreement by going public with complaints in May.

http://www.sptimes.com/2008/01/04/Business/Trump_tower_standoff_.shtml

Can you imagine buying one of these frickin condos years ago, and having to have to go through this debacle?!

Unbelievable!!

Trump is an awesome developer... lol

what a mess! I wonder how many people, er saps, will be "re-upping" their contracts?

Certainly SimDag filing a counter suit against Trump AFTER the judge's deadline is really bad news for the project.

I hope people are able to get their money back if there is anything left after the lawyers divide what little SimDag probably has. I am guessing that this project has/will probably kill SimDag.

^It will definitely kill SimDag.

I agree with Robert. Let that project die already! Why does SimDag have to keep pulling this walking mummy along? :gaah:

I passed a Rolls Royce on I-4 about 2 years ago with SIMDAG as the license plate... I wonder if he still has that car.

Financing For Trump Tower Is 'Days Away'


By SHANNON BEHNKEN, The Tampa Tribune
Published: January 4, 2008

TAMPA - SimDag chief executive Frank Dagostino said Thursday that the company is "days away" from obtaining financing to build the stalled 52-story Trump Tower Tampa. Meanwhile, lawsuits between the developer and the source of the tower's name are moving forward in court.

SimDag, which has tried for three years to get financing for the tower, filed a legal answer to Donald Trump's lawsuit and fought back with its own countersuit, according to documents filed in federal court in Tampa on Wednesday evening.

In its lawsuit, SimDag says Trump breached his contract with the developer by acknowledging to the public that he licensed his name to SimDag and was not involved in building the tower himself.

Dagostino said the countersuit was a necessary legal step but that both sides are willing to drop their respective lawsuits when and if the financing deal goes through.

Trump "agreed to drop the lawsuit at the closing table," Dagostino said. "Then we're friends again."

Trump's attorney in the case, Chris Griffin of Foley & Lardner in Tampa, said he couldn't comment on either lawsuit. Rhona Graff, a spokeswoman for the Trump Organization, said she couldn't comment on the case either.

SimDag told buyers in October that it was close to getting financing from a New York hedge fund but that the fund would not move forward unless Trump dropped his lawsuit against the company. Another stipulation was that SimDag get buyers to sign new two-year contracts.

Dagostino said Thursday that he had $70 million in new contracts and hoped to have about $80 million in contracts before closing on the loan. The company originally had $137 million in signed purchase contracts, he said.

"Buyers have responded wonderfully," Dagostino said. "The tower will happen. And it's got to be Trump Tower. It can't be Frank Tower."

Trump filed suit in May, saying SimDag breached its contract by not starting construction on time and by failing to make monthly payments to Trump, as stated in the $2.8 million licensing agreement. The agreement also stipulated that Trump would get a 50 percent cut of profits from the sale of luxury condominium units planned for the project.

Attorneys for SimDag and Trump have jointly asked for - and received - two extensions for the filing of SimDag's legal answer. In November, U.S. District Judge James Whittemore said he would not approve another extension.

If the two parties did not reach an agreement by Jan. 2, the judge said, he expected them to move forward with the lawsuit.

That gave SimDag no choice but to defend itself in court, Dagostino said, stressing that Trump said he won't drop his lawsuit until the financing for the tower is in place.

Trump Tower Tampa was announced in January 2005. It is planned for riverfront property along Ashley Drive in downtown Tampa.

Trump filed his own legal documents Wednesday, seeking to drop two of SimDag's original partners from his lawsuit.

Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.

http://www2.tbo.com/content/2008/jan/04/bz-financing-for-trump-tower-is-days-away/



------------------------------------------------------------------------------
Even without this issue, I still have some belief that this will restart.

Got the following response back today from Eby Paul of Simdag when I requested a timeline for financing on their website:
Our deadline to close on financing is March 31, 2008



Eby J. Paul

Trump Tower Tampa

102 West Whiting St. Suite 502

Tampa, FL 33602

813.225.2070 (O)

813.225.2076 (F)




-----Original Message-----
From: Mark Perez [mailto:mark.perez@mti-worldwide.com]
Sent: Wednesday, January 09, 2008 12:21 PM
To: Eby Paul
Subject: RE: Trump Tower Tampa Site Inquiry


Mr. Paul,

Thank you for your quick response.

Any idea on the timeframe you are looking at?

Thank you and best regards,
Mark A. Perez

Director of Business Development
MTI Worldwide Logistics
6308 Benjamin Road
Suite 708
Tampa Florida 33634

1-813-880-8878 Telephone
1-813-880-8869 Fax
1-813-943-6195 Mobile 24 hours a day!
mark.perez@mti-worldwide.com
www.mti-worldwide.com

-----Original Message-----
From: Eby Paul [mailto:ebyjpaul@gmail.com]
Sent: Wednesday, January 09, 2008 12:01 PM
To: Mark Perez
Subject: RE: Trump Tower Tampa Site Inquiry

We are working on it now. There are 2 stipulations that must be met
before
we can close on the senior construction loan.



Eby J. Paul

Trump Tower Tampa

102 West Whiting St. Suite 502

Tampa, FL 33602

813.225.2070 (O)

813.225.2076 (F)




-----Original Message-----
From: Mark Perez [mailto:mark.perez@mti-worldwide.com]
Sent: Wednesday, January 09, 2008 11:59 AM
To: form@trumptowertampa.com
Subject: Trump Tower Tampa Site Inquiry

Below is the result of your feedback form. It was submitted by
Mark Perez (mark.perez@mti-worldwide.com) on Wednesday, January 9, 2008
at
11:58:36
------------------------------------------------------------------------
---

Telephone: 8139436195

Comments: Has the financing issue been resolved for the project?

submit: Send

And the saga continues

oh so much fun... wonder what the stipulations are.

One would be the buyers redoing their contracts...two would probably be Trump dropping his lawsuit coupled with the other pending lawsuits being settled would be my best guess.

I CANNOT believe that the current buyers have had soo much patience with this fiasco. I guess when you have that kind of money, there is probably alot of EGO going around (i.e. friends telling you it'll NEVER get done so they hang in there just to say it DID get done).
If Simdag can get those items worked out, it will probably get funded. No one is going to fund this thing if there are pending lawsuits going on.

LET IT DIE ALREADY! :gaah:

I'm sick of this fiasco getting dragged on like this...

Gotta say though, the SimDag crew has certainly tried their best, it seems. One thing is for sure, they're not quitters.

^^
Actually, I agree. They don't give up no matter what happens.

So the new date is March 31. Good work TPAMAN.

Found this in the Business Journal:

Court date set for Trump v. SimDagTampa Bay Business Journal - by Michael Hinman Staff Writer
Print Article Email Article Reprints RSS Feeds Add to Del.icio.us Digg This
Unless financing for the $235 million Trump Tower Tampa comes through to stop the case in its tracks, a jury is not expected to hear Donald Trump's breach of contract suit against SimDag LLC until Feb. 2, 2009.

U.S. District Judge James D. Whittemore set the court schedule in documents filed with the U.S. District Court's Middle District of Florida this week.

Trump sued SimDag for $1 million he's owed for licensing fees on Trump Tower, and SimDag countersued claiming Trump violated the agreement when he revealed he was nothing more than a licensor on the project rather than an actual development partner.

Attorneys for both sides met Jan. 3 to hash out a schedule for pre-trial discovery, which is scheduled to conclude Aug. 28. At the same time, Whittemore ordered both sides to participate in mediation by the end of October, and they now have four months to find a mediator to try to settle the case out of court.

Frank Dagostino, chief executive of SimDag, has maintained that Trump would drop the lawsuit if SimDag secures financing for the 52-story residential tower and pays the money owed to Trump. Dagostino has said in the past that if Trump is paid, he would be willing to keep his name on the building, something Dagostino says is absolutely necessary for the project to move forward. No official funding of the project has been announced, however Dagostino has said SimDag, which is based in Tampa, is working with a hedge fund based in New York to secure the deal.

Trump filed his lawsuit last May, and both sides had agreed to extensions over the course of the last several months with the final extension expiring at the beginning of the year. With no new extension filed, SimDag answered Trump's complaint with a countersuit seeking unspecified damages.

And that's the thing, I don't know if the media is getting the Trump's side without contacting SimDag before they release artcles about the matter, or SimDag is just talking hogwash to get us to believe there is a hope for this project. It happened in my email and it looks like it happen with you too TPAMAN. I guess we'll find out in the next couple of weeks where this stands.

Wow Feb. 2, 2009 that gives them some more time. This thing could just keep dragging on...

Wow Feb. 2, 2009 that gives them some more time. This thing could just keep dragging on...

I presume the judge recognizes that the potential for a deal to be struck exists. Which is why he is pushing the date back and ordering mediation.

So perhaps I read too much into the posturing of SimDag with their counter suit.

Perhaps the market will bouce back by the time they get this built in 2012.

It would definitely improve by then.

This project is a continual source of amusement. We should open a pool and collect bets.

Someone could then take the money they get from here and put the money into a down payment in TTT...ha ha ha!

^^
:lol:

Very nice guys.

I presume the judge recognizes that the potential for a deal to be struck exists. Which is why he is pushing the date back and ordering mediation.

So perhaps I read too much into the posturing of SimDag with their counter suit.

Perhaps the market will bouce back by the time they get this built in 2012.

:rofl:
Never underestimate the "Dag"... :)

Tuesday, January 29, 2008 - 6:16 PM EST
Trump denies responsibility for tower woesTampa Bay Business Journal - by Michael Hinman
Print Article Email Article Reprints RSS Feeds Add to Del.icio.us Digg This
Related News
Trump Tower condo buyer wins suit [Tampa Bay]
Trump sues tower developers, pulls name from project [Tampa Bay]
Trumping on sacred ground? Past lives could delay Trump's Tampa high-rise project [Wichita]


Even if Donald Trump did breach a contract by disclosing some of its confidential terms, SimDag/RoBEL LLC still were required to build Trump Tower Tampa and pay monies due to the New York City real estate developer. That's the position of the developer, according to documents filed with the U.S. District Court's Middle District of Florida Tuesday.

Trump attorney Christopher L. Griffin of Tampa's Foley & Lardner LLP argued that defenses SimDag had offered in its Jan. 2 response to Trump's suit should be stricken. In his motion, Griffin argues that because SimDag didn't provide facts that would be considered beyond the level of speculation, its defense should not be allowed to continue with the lawsuit.

Trump sued SimDag/RoBEL - the Tampa developer that later became SimDag LLC - last May for more than $1 million owed to him from a licensing agreement to use his name for the planned 52-story residential tower slated to bear Trump's name. SimDag chief executive Frank Dagostino claimed in a countersuit filed earlier this month that Trump's disclosure that he was merely a licensor rather than part of the development team might have caused irreparable harm to the project that has been in development limbo for the last three years.

In his response to SimDag's counterclaim, Trump said his disclosing the existence of the license agreement did not violate the terms of the license agreement. The 30-page document, which was signed in October 2004, does contain a confidentiality clause that prevents either side to disclose the existence of the license agreement or any of its contents without the written consent of the other party.

Earlier this month, U.S. District Judge James D. Whittemore set a trial date for Feb. 2, 2009.

Dagostino has maintained that Trump will drop the lawsuit if SimDag is able to obtain the financing needed to build the $235 million tower and make Trump whole in his licensing deal. SimDag is currently trying to obtain contract extensions from potential buyers of the Ashley Drive tower, and said those extensions are needed before the unidentified New York City hedge fund fully commits to the project.

This is honestly better than Days of Our Lives, Melrose Place and Beverly Hills 90210 put together. I swear I'll keep reading this forum just for the TTT saga. Maybe Stefano DiMera will get dragged into this....

perhaps with another 1/2 point drop in fed rate, it will help the project see the light of day

^Actually, if that keeps up, it might facilitate a project or two to crop up, but I seriously doubt we're seeing any residential break ground in '08, perhaps for a hotel or two, and maybe that Trammell Crow office project. But I don't know if there is anyone looking for space in a building like that, given the numerous choices in Westshore for new space that is already existing or u/c. It seems to me that there is a good amount of spec space already u/c, and last I heard the vacancy rates are already rising.

Judge allows Trump Tower defense to stand
Tampa Bay Business Journal - by Michael Hinman
Thursday, February 21, 2008 - 2:03 PM EST

Efforts by Donald Trump's attorney to strike a defense offered by the developer of one of his residential towers in Tampa has been shot down by the judge overseeing the case.

U.S. District Judge James D. Whittemore denied a motion Wednesday filed by Trump attorney Christopher L. Griffin of Tampa's Foley & Lardner LLP last month that argued SimDag LLC - the developer of Trump Tower Tampa - didn't provide facts that would be considered beyond the level of speculation in responses filed at the beginning of the year.

"Motions to strike are generally disfavored," Whittemore said in his ruling. At the same time, while the defenses offered by SimDag in response to Trump's breach of contract suit over the licensing of his name may not yet be proven with facts, but they are meant to provide "fair notice" of the "defenses and grounds on which they rest."

Trump sued SimDag/RoBEL - the Tampa developer that later became SimDag LLC - in May 2007 for more than $1 million owned to him from a licensing agreement to use his name for a planned 52-story residential tower slated to bear Trump's name. SimDag chief executive Frank Dagostino claimed in a countersuit filed in January that Trump's disclosure that he was merely a licensor rather than part of the development team might have cause irreparable harm to the project that has been in development limbo for the last three years.

In his response to the counterclaim, Trump said his disclosing of the existence of the license agreement did not violate the terms of the license agreement. The 30-page document, which was signed in October 2004, does contain a confidentiality clause that prevents either side to disclose the existence of the license agreement or any of its contents without the written consent of the other party.

A trial date has been set for Feb. 2.

Dagostino has maintained that Trump will drop the lawsuit if SimDag is able to obtain the financing needed to build the $235 million tower, and make Trump whole in his licensing deal. SimDag is currently trying to obtain contract extensions from potential buyers of the Ashley Drive tower, and said those extensions are needed before an unidentified New York City hedge fund fully commits to the project.

http://tampabay.bizjournals.com/tampabay/stories/2008/02/18/daily47.html?jst=b_ln_hl

Well hell, is that supposed to be March 2nd, or February 2nd, 2009?

^I think February 2nd, 2009.

LAME!!!!!!!!!!!!!!!!!!

Wouldn't it be nice if someone could just fess-up and say, "look we're sorry, we did a poor analysis of the condo market in Tampa, and the project as it is designed is not going forward. We will be in touch with those who supplied deposits. We look forward to doing something with this property in the future, but right now is not the time to proceed."

But that would take honesty and integrity.

If they had actually started building when Trump came here for the groundbreaking then this wouldn't be a problem. This is crazy.

As I always say, welcome to Tampa...

Whats the over/under on this now

Lord knows how long this drama will continue... :ohno:

Hey, if it goes long enough they might catch the market on the upswing and actually get it built....

Steve

There are various estimates for the future trajectory of real estate, and many in mainstream media are saying the present downturn should reverse shortly.

One of the more credible analyses I've read was an Eric Janszen piece in the February Harper's Magazine. He projects the upturn we're looking for may not arrive until 2011/12.

http://www.harpers.org/archive/2008/02/0081908

It's a pretty good precis of forces in action now.

Its kinda sad to see this project take soooo long I really hope it gets built. :ohno:

Yeah, we would all like to see this one go up....

Welcome to the forum! :cheers:

Steve

At this point maybe this this forum ought to take up a collection to finance it ourselves...

Yeah, we would all like to see this one go up.

Steve


Who's "We all"? Not only would I like this dead once and for all, I think it's an ugly building and it doesn't work at that location in downtown. But we've already had that argument on this thread (go back and read soem fo the previous conversations if you'd like to see)

SOME in here want to see it go up. Others will like to look back at this proposal as just another never-was project

Who's "We all"? Not only would I like this dead once and for all, I think it's an ugly building and it doesn't work at that location in downtown. But we've already had that argument on this thread (go back and read soem fo the previous conversations if you'd like to see)

SOME in here want to see it go up. Others will like to look back at this proposal as just another never-was project

whoa, chill out man.:cheers: I think that even though some would rather not see this building go up we can ALL agree that it would be better than the empty lot that is likely going to be there for quite some time.

Steve

^Actually, he was right... we can't all agree on that.

OK then, I will recant. I will change my position:

I would like to see this one go up, and I certainly think it would be better than a vacant lot of weeds that is bound to be there for some time. I think it would add some interest to the skyline and it would be a nice tower to have on the riverwalk.

Steve

Does anyone have an image of the office tower that was proposed for this site back in the late 80s/early 90s? Was an obelisk type tower, green glass, had a Helmut Jahn kind of vibe. Like the one in Jacksonville but shorter...

I think there was an attached park. I had a newspaper clipping at one time but can't seem to find it. It was nice...

I remember reading somewhere recently that Simdag had about 80 of the 100 contracts needed resigned in order to secure the financing from the unidentified hedge fund. They were still trying to secure the 20.

^I think that's being measured in dollars, not units...

whoa, chill out man.:cheers: I think that even though some would rather not see this building go up we can ALL agree that it would be better than the empty lot that is likely going to be there for quite some time.

Steve

Steve, while I'm not trying to come off hostile -- that wasn't my intention at least -- I do want to make it clear that I don't approve of TTT and I take up the sentiment that the property is better left as riverfront access than an ill-fitting building design.

Some in here are all for development, no matter what that development is because it's "better than an empty lot". Yet there is mroe to development than just sticking a building in an open location. Sometimes, the building on the location or the location of the building just doesn't fit. Sus is the drawback of TTT.

Steve, while I'm not trying to come off hostile -- that wasn't my intention at least -- I do want to make it clear that I don't approve of TTT and I take up the sentiment that the property is better left as riverfront access than an ill-fitting building design.

Some in here are all for development, no matter what that development is because it's "better than an empty lot". Yet there is mroe to development than just sticking a building in an open location. Sometimes, the building on the location or the location of the building just doesn't fit. Sus is the drawback of TTT.

No problem, we all have our own opinions on here!:) As for me, well some might think I am on the side of "any development is better than none", but that is really not the case. I do happen to like this building and think that it
would be a nice tower for our DT area; certainly there are issues with the placement, but I do not think they are insurmountable issues. Overall I do like the design, but perhaps it might be better without the arch at the top, IMO.

Just to post a pic from earlier in the thread:

http://www.trumptowertampa.com/images/gallery/model/model_1.jpg

Steve

Does anyone have an image of the office tower that was proposed for this site back in the late 80s/early 90s? Was an obelisk type tower, green glass, had a Helmut Jahn kind of vibe. Like the one in Jacksonville but shorter...

I think there was an attached park. I had a newspaper clipping at one time but can't seem to find it. It was nice...

Here's a link to the project. It has a picture:

http://www.emporis.com/en/wm/bu/?id=swiremirabella-tampa-fl-usa

Thanks. I kinda liked that one....

[NOT REALLY ANYTHING NEW IS MENTIONED HERE ABOUT TRUMP TOWER TAMPA, BUT I THOUGHT IT WAS AN INTERESTING READ]

http://www.nuwireinvestor.com/articles/trouble-with-investing-in-the-trump-trademark-51453.aspx

Trouble with Investing in the Trump Trademark

Trump-licensed projects are not always surefire investments
Published on: Tuesday, February 26, 2008
Written by: Melana Yanos

Comb-over and corny catchphrases aside, Donald Trump has become a figure of public envy. The real estate tycoon has reaped fame and fortune as the poster child of American capitalism: his name appears in large lettering on the façade of massive skyscrapers and his face graces network television screens and tabloids around the clock.

Because of the public’s obsession with “the Donald,” investors have been lured in droves to projects bearing his name. Unfortunately, the glitter of the Trump name doesn’t always result in golden business, and many investors are learning this reality the hard way.

It may come as a surprise to some that Trump does not personally invest in most of the large condo-hotel developments bearing his name; rather, Trump licenses his name to development companies and receives eight to 15 percent of gross condo sales, along with millions of dollars in upfront payments, according to an article published by Forbes in September 2006.

The condo-hotel development once known as Trump Tower Tampa serves as a cautionary tale of a Trump-branded investment gone horribly wrong. The inability to secure financial backing and problems with overall project execution has hindered developers’ progress ever since plans for the skyscraper were announced three years ago. The opening date, originally set for December 2008, has been pushed back to December 2010.

Frustration with the project escalated in May 2007, when Trump sued the Tower’s development company, SimDag, in order to pull his name from the project.
Trump also finds himself at the receiving end of litigations. A married couple in Florida filed a suit against Trump last October, claiming they were misled to think that he was a partner in Trump Tower Tampa, where they had purchased a $2.64 million condo unit. SimDag and the original individual development partners were also named as defendants in the suit, according to The Tampa Tribune.

The Tribune also reported that two other suits against the project to get deposit money back were pending.

The latest controversy surrounding the Trump name, however, involves a suit against the developers of Trump International Hotel and Tower in Chicago filed by four hotel-condo buyers, according to an article by the Chicago Tribune published this month. In this case, Trump is a lead investor in the project and the Trump Organization has directly been involved in overseeing development.

The suit claims that the company, 401 North Wabash Venture, LLC, took away buyers’ ownership stake in common elements, such as meeting rooms and laundry facilities, which had originally been promised in property reports. Furthermore, the suit claims that the company reneged contract terms that originally allowed buyers to stay in their hotel-condos for as long as they wanted without adversely affecting their priority status for renting out the units.

Each of the four condos were priced at around $2 million, and buyers had been required to put down 20 percent in earnest money, Shelley Kulwin, an attorney with Kulwin & Associates who is representing the four buyers, said.

“My clients went into this with the best of intentions, and thought that they were [going to get] into a good investment,” Kulwin said. “Had these things not happened, they would have in all likelihood closed on these deals.”

A court order has stayed their closings until a resolution is reached.

Perhaps the lesson to be learned from these unhappy buyers is that the Trump name does not come with a 100 percent satisfaction guarantee; in other words, a high-profile brand name will in no way trump poor execution in development and non-delivery on contract agreements.

Trump has always put a positive spin at the onset of projects bearing his name, regardless of past developments that have fallen short of expectations. The tycoon has even touted his own fortune as more than twice the amount that experts estimate him to be actually worth, according to an article by Forbes published in September 2006.
However, investors are in a position to be skeptical. After all, Trump has nothing material to lose when his licensed projects go under. Those who buy into his projects, on the other hand, stand to lose hundreds of thousands, even millions of dollars.
Overall, investors should not be fooled by the glitz of Trump-branded projects and should do some research to determine whether the units are truly worth the money. Projects in which Trump has actually invested some of his own money are probably more reliable than mere brand-name products.

"When I license my name to somebody, I don't have the same power over a job," Trump said in an interview with The Wall Street Journal last November. "I could have pulled the Tampa job off easily. Other people can't pull it off easily."

It’s always a good idea to talk to a real estate lawyer and other experts upon considering significant and unique investment opportunities.

“I think [an investor] should look to professional people [for] advice...the more unique the investment is—that’s my own personal view,” Kulwin said. “And then it’s up to...the investor [to make a decision].”

No problem, we all have our own opinions on here!:)
Just to post a pic from earlier in the thread:

Steve

Steve:),
our opinion friend,
Very True,
take a good look at this picture again with the Trump Tampa Tower,
it's got o be built sooner or later In My opinion.
it's a beauty and fits perfect in it's place.
Some developer in the near future is gonna take over this project and get it built either Hotel, Condo or office tower,
It's gonna get done in the next 6 years IMO !!!:cheers:

^^^^^^
and Tampa Guy:),
our Tampa Bay update friend,
thanks for that info, it does have a section there saying it's been delayed to late 2010,
something's got to happen soon:ohno:.

I seriously doubt you will see another tower (especially) a condo tower coming out of the ground in Tampa for at least 5-6 years. TTT is dead, Trump Tower Atlanta is slowing dying too. I've been here in Atlanta since last July and they have been planning on getting started with construction any day now since I got here. Its sad but there is a huge glut and over capacity in residential condos nationwide. I think once Element is finished that will be it for new condos for a long while.

When you have the various developers of the various channelside projects turning to the rental market, you have problems.

Besides that was the worst location for a condo tower downtown, too tight a site, too far from the core of downtown action (which is in the center to north side), just bad siting and a poor job by the developers. Trump didn't care he was just getting a paycheck (supposed to anyway). It would be better for a smaller office tower or another part of an expanded riverwalk park.

^it's only worth it for the city to buy as a park of they can also buy the old midrise office building next door and knock that down too, turning the riverfront into a park all the way from the Brorien bridge up to the hotel... If the city can't buy both parcels, then this parcel should definitely be used for some sort of mixed-use project.

^^ Yeah i somewhat agree. I like the TTT. BUT... if something else gets built it, i hope it will be the same height or taller.

So this is the first time I've looked into this thread in several months, is TTT still dead?

^^ Its not officially dead, just on life-support!! :lol:

What do we need to do to kill it?!

What do we need to do to kill it?!
Either cut the tube or give us proof that this can come back to life. I'm sick of a empty lot and don't want to see another year of it. We gave them enough time, give another developer the chance to build a tower on that site. The City can pay them back for "improving" the lot, but enough with SimDag!

Agreed. I'm sick of this drama. :ohno:

Trump Tower Down To Its Last Hope

By SHANNON BEHNKEN, The Tampa Tribune

Published: March 11, 2008

Updated: 09:46 pm

TAMPA - For the past three years, the developers of Trump Tower Tampa searched coast to coast for a lender willing to finance the $300 million luxury condominium.

Now, after being turned down by numerous traditional lenders and 10 hedge funds, they're poised to walk away and sell the waterfront site along Ashley Drive in downtown Tampa, the project's developer says.

"We're either going forward or coming to an end," said Frank Dagostino, CEO of the company developing the project.

The tower's only hope: one last New York hedge fund must agree to finance the project before March 31, Dagostino said. The developers set the self-imposed deadline in new contracts they persuaded buyers to sign. The contracts gave the developers more time to secure financing before giving buyers back some of their money.

"We have a lender," Dagostino said. "But it's not a done deal. It doesn't mean we're going to pull this off."

The 52-story Trump Tower Tampa was announced in early 2005, but the developers, SimDag/Robel LLC, struggled to move forward. The project is mired in liens and lawsuits, including one from Donald Trump, who sold rights to his name for the tower.

When the real estate market tanked, traditional lenders steered clear of Trump Tower. Developers looked for financing from hedge funds, a risky, expensive method to fund projects. It seemed a viable option for the tower, but Dagostino said all the hedge funds also turned him down.

"No one wants to lend money in Florida right now," he said. "Every developer is desperate right now."

Dagostino said the company has $85 million in contracts. It originally had $137 million in signed purchase contracts, he has said. If the company does call it quits next month, Dagostino said the company will try to liquidate the property and "pay everyone we can."

Selling the property would be tough, says Patrick Berman, senior director for Cushman & Wakefield in Tampa.

SimDag paid $16 million for the property in 2004. They would likely get only about $10 million to $12 million for it in today's market, even though developers may have invested as much as $25 million in infrastructure on the site, Berman said.

"The land is worth what it will yield," Berman said. "The market for 50-story condos is no longer viable."

So, what could be built on the waterfront site?

Some possibilities, Berman said, are office space, apartments or a hotel. All aren't great options, given the current economic and real estate climate.

"It's a tough spot to be in," Berman said. "It's a great location; it's just a tough market."

Meanwhile, buyers remain in limbo, and so does their money.

Buyers put down 20 percent deposits on the condos, originally priced between $700,000 and $6.5 million. Half of the money was put into escrow so it could be returned to buyers. The rest was turned over to SimDag and used for site preparation.

Don Wallace, who with his wife invested in two units, said buyers are ready for a resolution, no matter what that is. "Everybody wants closure," Wallace said of the Trump Tower buyers.

Wallace said that he feels bad for SimDag and said Dagostino is "doing all he can right now."

"The thing that messed this whole thing up is that Donald Trump didn't step in and make this happen," Wallace said. "If we all knew this was in the hands of a local developer, I certainly wouldn't want to buy a unit. With the Trump name behind it, we thought we'd be OK, even if problems arose."

Calls to Trump's office seeking comment were not returned.

A lawsuit over the naming rights for the tower continues between Trump and SimDag. The case is scheduled for trial in February.

Reporter Shannon Behnken can be reached at (813) 259-7804 or

sbehnken@tampatrib.com.

http://www2.tbo.com/content/2008/mar/11/bz-trump-tower-down-to-its-last-hope/?news-money

"We're either going forward or coming to an end," said Frank Dagostino, CEO of the company developing the project.


Looks like we should know pretty soon, it is about time! This is getting :old:

Steve

"The thing that messed this whole thing up is that Donald Trump didn't step in and make this happen," Wallace said. "If we all knew this was in the hands of a local developer, I certainly wouldn't want to buy a unit. With the Trump name behind it, we thought we'd be OK, even if problems arose."
wow... I smell more lawsuits.

The sad part in this is that it seems they have been selling some units... The deposit dollar amount quoted in these articles keeps climbing, slowly. Problem is, they need $100mil+ to secure the rest in financing, and they've only got $85mil...

"The thing that messed this whole thing up is that Donald Trump didn't step in and make this happen," Wallace said. "If we all knew this was in the hands of a local developer, I certainly wouldn't want to buy a unit. With the Trump name behind it, we thought we'd be OK, even if problems arose."


I can see why people are mad, I would be too. BUT if I were investing between $140,000 and $1,495,000 (20% 0f the unit price) in a deposit I sure would check out who actually was the developer and owner of the building. I know it has not really been hidden ever if you looked for it, people on this board have known that since nearly the beginning.

Steve

^yes, we have, and we wrote about it... So, what those folks really needed to do was simply visit this site, and their investment prospects would have been much better! lolol (ok, so that's probably too true to be funny)

How could they possibly have spent $25,000,000 on infrastructure for the site? There is nothing there. It's grass. The updated sea wall and a few test drills is the only thing that ever happened.

The seawall/riverwall

engineering, environmental... utility hookups and impact fees are probably paid for or something. They didn't imply it was worth $25mil, but that $25mil had been dumped into it thus far... That sounds about right if they paid $16m for the land itself.

engineering, environmental... utility hookups and impact fees are probably paid for or something. They didn't imply it was worth $25mil, but that $25mil had been dumped into it thus far... That sounds about right if they paid $16m for the land itself.
Didn't they also have problems with the seawall when they first started off? What Jason and John said, the seawall, groundwork, electrical, and everything else together would make the amount of $25 MIL sound reasonable. Not including the price of the lot.

Didn't they also have problems with the seawall when they first started off? What Jason and John said, the seawall, groundwork, electrical, and everything else together would make the amount of $25 MIL sound reasonable. Not including the price of the lot.

It was my understanding they ran into problems during testing and that's part of the reason why cost estimates went up which led to financing problems. It never looked like any amount of actual work went on at the site.

Maybe they did really spend the money, but I'm skeptical of any of their claims. Especially with ones about what they did with the deposits.

Jason, Jonknee and Prez, I think they bought the land earlier this decade - much earlier than when the bubble was ballooning. The proposal was out there adn approved before Trump.... Well before Trump (in name).

The pioint isn't year, it's knocking down the property acquisition cost. 2 or 3 million was probably what they paid for the property at most. It'll probably take double that to buy it now.

^I think it was a guy with a quirky name who owned it and sold it to SimDag. He made a killing.

^^ And I thought that guy was an integral member of SimDag. A doctor...

lolol... Now you're catching on! ;)

Heh, did some digging and there is definitely more shadyness. The lot was bought for $16,000,000, but it was all on paper--the buyer was also the seller. W&A LLC owned the lot as of June 2003, purchased from a guy in Seattle for $6m. W&A LLC is owned (http://www.sunbiz.org/COR/2007/0504/90455789.tif) by Frank Dagostino and Robert Lyons. Fast forward 18 months and in December 2004 W&A LLC sells the lot for $16,000,000 to Simdag/Robel, LLC. That company is owned (http://www.sunbiz.org/COR/2007/0504/70453237.tif) by Frank Dagostino and Robert Lyons.

So they paid $10M to themselves and are (I think) now claiming that those millions aren't recoverable.

Trump Tower Buyers Win Judgment Against Developers
The Tampa Tribune

Published: March 18, 2008

TAMPA - The first buyers to sue the developers of Trump Tower Tampa have won a judgment.

Hillsborough County Circuit Court Judge James M. Barton II has ruled in favor of plaintiffs, Louis Ricci Jr. and Joe Shultz, both of Walton County, near Pensacola.

Barton ordered the developers named in the suit, Tampa Bay SimDag/Robel LLC and Orlando-based Mirabilis Ventures LLC, to pay the buyers a total of $168,060, which includes their down payment, with interest, and attorney fees.

The buyers said they were lured into purchasing a $1.4 million condo because they believed Donald Trump owned "a substantial stake" of the project in downtown Tampa. The buyers said they purchased because of the Trump name and felt misled when they learned that local developers had entered into a licensing agreement with Trump to use his name on the 52-story tower.

The suit was filed in January 2007, the judge's ruling was released on March 7 and the ruling was obtained today by The Tampa Tribune.

Meanwhile, SimDag faces numerous other suits and liens on the Ashley Drive property. The developer announced the project in early 2005 but had trouble securing financing to start construction on the $260 million tower.

SimDag CEO Frank Dagostino told the Tribune last week that he would abandon the project and try to pay off creditors if financing is not obtained by the end of this month.

Hmm, yeah I would say this one is dead! It is the 19th and we only got what 11 more days left in the month! Hopefully all the buyers can be reimbursed! I'm really glad, I thought the design of the building was atrocious. It looked better suited for the Beach, in say.... the 90s!

I think it's safe to predict that the contract holders will receive at least half of their 20% deposits back - as Florida law only requires the developer to keep the first 10% in escrow.

Unless their sales agreements specifically promised to keep all 20% in escrow, I fear the contract holders are going to be faced with the probability that some or all of the other 10% is gone.

At least there is a nice seawall at the location.

hahaha... TTT is long gone.

One week to go, Simdag!!!

As the days go by I hear the coffin door closing! I may put something special together to be posted on the day we hear an official "death" announcement!

10...9...8...7...6...

Lol, very nice. Well on the upswing that empty lot bothers me far less than 610 Franklin.

At least the chain link fence on 610 still is standing...I went by Trump the other day and part of the fence was falling....but at least there was a mound of weeds to keep it partially up...

Steve

"We're either going forward or coming to an end," said Frank Dagostino, CEO of the company developing the project.

The tower's only hope: one last New York hedge fund must agree to finance the project before March 31, Dagostino said. The developers set the self-imposed deadline in new contracts they persuaded buyers to sign. The contracts gave the developers more time to secure financing before giving buyers back some of their money.

"We have a lender," Dagostino said. "But it's not a done deal. It doesn't mean we're going to pull this off."


Frank certainly doesn't sound very optimistic that a deal is going to get worked out. I feel bad for SimDag. I know they botched it up pretty good - but it might have worked if the market could have held out another year. It appears that they will most certainly go bankrupt.

If they had gone ahead and started the project back in 2005 they would have been just fine.

^huh? They did real work on the project for months, and then found out that their dipshit engineers didn't catch on to the swiss cheese DT Tampa has for bedrock.

Does anyone know how deposits are returned in this type of situation? Does the escrow title company just send a check, or does the buyer have to sign a release promising not to sue developer, escrow, etc. for interest or other damages?

I think that would be handled through the bankrupcy court (if they end up bankrupt), but I could be totaly wrong.

Steve

Does anyone know how deposits are returned in this type of situation? Does the escrow title company just send a check, or does the buyer have to sign a release promising not to sue developer, escrow, etc. for interest or other damages?
I don't think they could put conditions on the release of money that they are obligated by law to release. Not unless it's legal to do so. ;)

The escrow agent will not release the deposit unless they have the permission from both parties (seller and buyer).

If the seller does not give the authorization, then the buyer would most likely have to initiate legal action to get a court judgement. (unless an arbitration/mediation clause is in the escrow agreement). The exception to this is if a real estate brokerage is holding the money in escrow, which FREC (Florida Real Estate Commission) then has it's own process for determining the release of deposit when there is a dispute. FREC will not get involved with an escrow dispute where the escrow agent is not an active/licensed brokerage.

If the developer files for bankruptcy, my understanding is that the judge would then have to sign an order releasing the funds (the cooperation of the seller helps greatly in this situation). On the flipside, the buyer would most likely incur legal fees and delays if the seller was in opposition or uncooperative.

Hope this helps. In the end, escrow accounts are basically worthless unless the deposit is more than $50k, in my opinion. The legal fees to fight an uncooperative seller, along with a appallingly slow court sytem is why I personally feel this way.

My motto is only agree to a deposit that you can walk away from and be okay if it's lost...

Sooo...........

http://i28.tinypic.com/35d86c9.jpg

^^
:ohno:

Yes, either they need to get something done to get this project going or kill it off completely. I have said time and time again that I am sick of all this drama.

http://i28.tinypic.com/35d86c9.jpg

With apologies to TS Eliot:


This is the way the project ends
This is the way the project ends
This is the way the project ends
Without a bang but a whimper

So, did they get the financing or not? I've been trying to find any NEW news, but can't.

Not to be mean but would we be making jokes like we have been if there was a story about financing having been secured?

Either Toni Everett's office is playing an April Fools joke on Tampa, or this project is still breathing (or gasping)....

Toni Everett just reported a new contract for April 1, 2008 on the 46th Floor for $3.65 million, with a closing date estimated for 12/31/2010.

And I never thought Toni had such a great sense of humor!

Either that or a really dumb client!
Hmm, or perhaps this is some kind of 11th hour miracle financing?

Not to be mean but would we be making jokes like we have been if there was a story about financing having been secured?
Until that happens, we will keep on doing so. And, it keeps this thread moving.

Medical Status: Unclear at the moment

Until that happens, we will keep on doing so. And, it keeps this thread moving.

Medical Status: Unclear at the moment


Medical Status: Braindead/deeply comatose. The body twitches at times but the pulse is weak and the patient is only being kept alive by artificial means.

Medical Status: Braindead/deeply comatose. The body twitches at times but the pulse is weak and the patient is only being kept alive by artificial means.
:lol:

If TTT is somehow revived back to life, how soon would it be before construction resumes, especially since some of the work was previously started?? :dunno:

Btw, that is probably the best prognosis on the project's current status (Doctor)John F. :hahaha:

If they got financing one could assume that they could start work almost immediately....but you have to pay people for them to work.

Steve

Another deadline, another wait for Trump Tower Tampa

Tampa Bay Business Journal - by Michael Hinman and Alexis Muellner

Buyers in Tampa's most infamous downtown condominium project are still trying to figure out what's going on after a self-imposed deadline came and passed with no announcement.

SimDag LLC, the developer behind Trump Tower Tampa, was supposed to wrap up financing for the $225 million structure by Monday. However, as of Wednesday, SimDag is still negotiating with what has been described as two different lenders, and no final decisions have been made.

That has provided no solace to buyers.

"I'm extremely disappointed that another deadline was missed," said Alan Bridges, chief executive officer of GotRack.com warehouse supply stores in Tampa and Orlando. "With no light at the end of tunnel, that's not where I wanted to be on April 2."

Bridges is the buyer of a $6.15 million Trump Tower Tampa penthouse, slated to be an 8,000-square-foot masterpiece. He paid $1,000 per square foot pre-construction.

When Bridges opted to put the penthouse under contract in 2005, he was required to put down a guaranteed 20 percent deposit in the form of cash and an irrevocable letter of credit, he said. Bridges does a large amount of charity work for organizations such as Make-A-Wish Foundation and the Florida Aquarium and planned to make the penthouse available for many fundraising events.

Project manager Eby Paul said SimDag was directed by an unidentified lender to not comment on the current status of the project to the Tampa Bay Business Journal.

Don Wallace, a Sarasota restaurateur whose wife Elaine Lucadano is another buyer at Trump Tower, said he hasn't heard anything from SimDag and is still waiting to get some update from the developer.

"It's just two days after the deadline," Wallace said. "It doesn't really surprise me that they're waiting a few days to make an announcement. I would anticipate some sort of announcement in the next 10 days or so."

Wallace led a group of developers that last year challenged SimDag to get the 52-story tower planned for Ashley Drive completed. At that time, SimDag chief executive Frank Dagostino told buyers that if financing does fall through, what happens next will be up to the owners, Wallace said.

"If they can't get it built and can't get the financing, if we come at them with lawsuits and pile on top of them, they're going to file for bankruptcy," he said. "But if we let them attempt to dispose of the land, they will try to get back as much of our money as they can."

Last October, SimDag said it had found a hedge fund in New York City, which it refused to identify, that was willing to take on the project, as long as a specific number of buyers signed extensions on their contracts to allow the tower to be built. A final decision was slated for March 31.

If the funding doesn't happen, it remains unclear whether SimDag will walk away and sell the waterfront site. SimDag bought the property in 2004 for $16 million. The condos were originally priced between $700,000 and $6.5 million with buyers requiring to put down 20 percent deposits.



All contents of this site © American City Business Journals Inc. All rights reserved.

Btw, that is probably the best prognosis on the project's current status (Doctor)John F. :hahaha:

Just wish I knew where to send the bill, Fella ;)

^^ I dunno John F, perhaps SimDag should foot the bill!!!

Here we go again...

http://www.bizjournals.com/tampabay/stories/2008/04/07/daily15.html

Trump Tower developers: Loan could be finalized by Friday

Although it's almost two weeks past a self-imposed deadline, SimDag LLC says its very near closing a deal that could result in Trump Tower Tampa coming out of the ground.

In a letter to unit buyers Monday, SimDag chief executive Frank Dagostino said that closing documents are signed and delivered, but lower-than-anticipated land value at the Ashley Drive site where the 52-story tower is supposed to be built has delayed everything by a few more days.

"I have given my word to all of you that if we did not close the loan by March 31, then I would move to the next stage and start the liquidation process," Dagostino told buyers. "I have no choice by to continue on with this closing and ask that all of you wait until Friday before we move on to the liquidation stage."

Trump Tower project manager Eby Paul confirmed the existence of the letter to the Tampa Bay Business Journal, but said everything SimDag can talk about the process is in that letter.

The developer had expected the 1.5 acres of land to appraise at $23 million, which the unidentified lender would've loaned SimDag 65 percent of that value, or $15 million, to satisfy existing lien holders against the property and allow the project to move forward. However, the appraisal - which was completed by CB Richard Ellis in Tampa - came in $5 million less at $18 million, reducing the expected loan amount by $3 million to $12 million.

"We have had to adjust all of our figures and ask all of our lien holders to accept a lower payoff to enable us to move forward," Dagostino told buyers. "We are still negotiating with all the lien holders, and will require another week to finalize our loan."

Although the documents are being held in escrow, it still doesn't mean funding is assured, Dagostino warned.

"There is no guarantee that the loan will finalize even with the additional time," he said.

SimDag has been working with an unidentified hedge fund in New York City to help finance the $225 million project, but word last week started to spread among the buyers that there is instead two different lenders that SimDag is working with. SimDag has been working to get a specific number of buyers to sign contract extensions to help reassure a lender to the project in a more difficult condominium market.

If funding doesn't happen, SimDag likely will liquidate its assets and try to make buyers and investors whole, Dagostino said.

SimDag originally bought the property in 2004 for $16 million. Condos in the tower were originally priced between $700,000 and $6.5 million. There are millions of dollars in debts and liens against the project, however, including from real estate tycoon Donald Trump who says he's owed more than $1 million in a licensing deal for the structure.

SimDag later counterclaimed saying Trump breached the previously confidential licensing contract when he confirmed its existence to local media.

haha, I read that just before leaving work a while ago...

I doubt it's going to happen... I think SimDag's flight out of the country couldn't be arranged until thursday night... lololol

closing documents are signed and delivered.

IF we are to believe this statement, then there is no way in hell they are going to move to a liquidation stage. IF they are THIS close to getting the money then they will find a way even IF it takes longer. They haven't been working this long to throw in the towel. Especially because IF they fail - they will be ruined.

Notice I said IF 4 times.

Hell, Toni Everett could buy a couple units for all the comission she plans to lose (If she already hasn't)

I still never understood why this didn't have a hotel integrated into it the moment they had to redesign the foundation anyways, and knew right then and there that they were going to run into trouble getting money in hand. They still could have been done in time for the Superbowl and all of that hoopla, and it could have been a pretty small hotel to pick up the slack.

And btw, I think it would be a good idea if any parcel redeveloped adjacent to the riverwalk be truly mixed-use, or be a public facility (like a museum)

Very good point about the hotel, taking the location's proximity into consideration of the convention center and even Channelside one would think it would be a no-brainer.

hmm, so I guess we will keep the coffin lid open a little bit longer. Wonder if the NY hedge fund they refer to is Trump related?

Oh, look, the body twitched again... Now excuse me while I go back to reading other, live projects and relevant matters to the city...

Very good point about the hotel, taking the location's proximity into consideration of the convention center and even Channelside one would think it would be a no-brainer.
Problem is, there doesn't seem to be enough brains on hand in this town.

I keep figuring one morning I'll stumble into work half awake and login to this forum to find the project is going through or some such impractical nonsense. Its been dragged out long enough now, I feel the absurd may be possible.

Oh, look, the body twitched again... Now excuse me while I go back to reading other, live projects and relevant matters to the city...

I agree that the project might be close to death, but I would use a different analogy. The project has been on death row scheduled for execution and the developer keeps appealing the sentence, maintains his innocence and will at least go out kicking an screaming..

Which has been my point - still alive and in the fight.

^^ Well, it appears that it's just you and me who still feel a pulse at this point, m.f.i.. :cheers:

I suspect that you're either in-the-know, or you've chosen to wear the same brand of rose-colored glasses that I wear, occasionally. ;) Point is, we've reached the epilogue of this soap opera, folks...

humm... realizing that it would be purely speculative, of course, I'm wondering if this project's success or demise is worthy of a poll? :dunno:

I think they need to pull the plug on TTT already. There is no telling when the housing market will turn around. It could be at least two to three years, if not longer, for the market to see a turnaround. And even then, things aren't looking good.

The US is now in a recession, and the housing slump will not help the TTT project to move forward. They need to quit the appeal drama and lay this project in the coffin. Maybe they should sell the land off to the city in a few years and let them make a park out of it. Who knows! Just get this walking mummy stopped already!

^ Most of the people who can afford to live in TTT won't even notice a slowing economy. In fact, many of my clients are doing better than ever.

^ Most of the people who can afford to live in TTT won't even notice a slowing economy. In fact, many of my clients are doing better than ever.

I can understand why. Many factors plug into that...not just the fact that they may have tons of money saved up. But that is good for them.

^^ Well, it appears that it's just you and me who still feel a pulse at this point, m.f.i.. :cheers:

I suspect that you're either in-the-know, or you've chosen to wear the same brand of rose-colored glasses that I wear, occasionally. ;) Point is, we've reached the epilogue of this soap opera, folks...

humm... realizing that it would be purely speculative, of course, I'm wondering if this project's success or demise is worthy of a poll? :dunno:

Hah - no, I am not in the know. Just following this story, SimDag has constantly tried to make this happen despite the many road blocks that they faced. At least that is what they are saying to the media. So there are two possibilities,

1.) SimDag is making all their efforts up and are really just trying to swindle everyone. (Efforts being bringing in outside investors, partners, renegotiating with Trump, finding last minute angel lenders, mortgaging the property to get the deal done, having the loan in hand)

OR

2.) What they say is true and they have tried every which way to make this deal work.

I guess I just give them the benefit of the doubt, that they really have a lender (2 actually) and the lender really has gone this far in the process with them.

Afterall, If the #1 is true then they are nothing more then con men, and probably should be arrested for fraud. That seems pretty unlikely to me as they actually did foundation work and had a crane up and have developed other properties before.

I really do think among the other obsticles that these guys have had has been bad press coverage - especially by the St. Petersburg Times. I half want to see them build it just so the Times has more egg on their face. The Buisness Journal's coverage has been terrific on the other hand.

humm... realizing that it would be purely speculative, of course, I'm wondering if this project's success or demise is worthy of a poll? :dunno:
Nah, it's barely worth discussing at all, at this point.

^^ Hah! Why not! I think it is a fun idea..

Place your bets, What will we find out by Monday?????

1.) SimDag will announce that they are beginning a liquidation of their assets.

2.) SimDag will astoundingly produce an enormous loan and begin construction before the years end.

3.) Frank Dagostino & Eby Paul will change their names and make a run for it. They will later be featured on America's most wanted.

4.) We will hear nothing, and this will keep draging on and on.

5.) Other

^^ I likey likey... that's funny. :lol:

I know my answer. :)

Nothing has happened thus far to make me think that choice number 4 wouldn't be what will happen.

^^ That was my choice too; but I don't think they'll be able to keep dragging this out for much longer.

This is like the scene in Austin Powers where Dr. Evil has one of his cohorts thrown into a subterranean fire chamber. You hear the fire, a scream ... then nothing. So, the meeting resumes ... and then more screaming ...

^^ "I'm still alive, only very badly burnded!"

Well drawn analogy.

See, there's no need for a poll. We all know this is silly.

Nothing has happened thus far to make me think that choice number 4 wouldn't be what will happen.

Right - that is my sentiment too. But also Quegiebo is correct. If this goes on much longer the lawsuits will begin to fly at an increased pace.

Could be like Darth Vader. It emerges out a river of lava with no arms or legs, barely able to breathe, but becomes stronger than any known force this side of the dark side...

^^ the Dark side isn't stronger. It's faster, easier, more seductive. He didn't become stronger, he became more intimidating: a man that was kept alive by machines. A willing henchman to an all powerful overlord.

If TTT did the "Anakin to Vader" transformation, it would still be constructed but as a shell of it's former self. Not a project of awe but one of despair.

Boy, I am putting too much focus on thsi analogy! :D

Any news? I dont wanna be celebrating, I mean, having the funeral with false hopes.

Any news? I dont wanna be celebrating, I mean, having the funeral with false hopes.

Pres.... I think you know the forum enough by now to know someone will post news the moment we hear/read about it. Til then, we gotta wait. Same with the Floridan Hotel project -- we're left waiting to see what's going on with that. Same with Twelve Arts, etc.

Something will pop up soon enough.

^ And throw Venu in there while you're at it.

Its sad that none of these projects just mentioned are going anywhere. The only thing we can do is wait for the developer to shut the project down or wait until the market rebounds.

Its all cyclical. Since 1989 when I started drafting right out of high school I have been through about 4 slow-downs. It happens, so we just have to ride it out. The condo boom-bust of the 1980s took about 10-15 years to recover. Nothing was built for a long time, until prices recovered and peopled started actually getting some equity. Do I think it'll be 10-15 years again, no, but its probably going to be at least 5-7. So I'm not getting my hopes up. So any additional density that comes on-line in the next few years is a bonus to me.

Yeah, it is kind of funny how people react when a recession or depression threatens. If you live in a capitalist society it will happen at some point....and then the economy will come out, often slightly stronger than before. Ahh, the whims of the market!

Steve

but the media tells me i should be worried, cause this is the worst two years in the last two years.

fyi - this is not suppose to make sence

Harry Doyle: "Just a reminder fans about "Die Hard Night" coming up at the stadium: free admission to anyone who was actually alive the last time the Indians won a pennant."

You have to take the recession seriously, keep the resume updated, maybe put off buying that 42 LCD. But basically keep your head about yourself, wait a year until you get bored being cheap and then start spending like a drunken whore again. That is the American way.

I know that my wife and I are going to engage in wild and profligate spending when we get our handout in the mail.

We are actually going to save our handout, we got a huge tax refund on this years return so that is being used for a downpayment on a new car :) (Civic EX-L). We'll probably end up using the "economic stimulus" for moving expenses later in the year.

I don't even get a rebate. I don't know why they phase it out depending on income levels.

^They feel that you don't need it.

And from where I'm sitting (the other end of the spectrum), I tend to agree.

Well that may be true, but the cutoff amount is fairly low and it will cut out a lot of middle class families.

Pretty low? Our combined income is $100K and we're getting it. That doesn't sound low to me.

I think the amount is $150K?

^$150k a year means that the household is making $12,500 EVERY MONTH.

These days, I'm not even making 1/4 of that!

I would still think $12,500 is middle class.

^Maybe in NY,DC,LA,etc... but not in Tampa

I think it would be considered middle class anywhere.

^^ I'd call that "bottom tier, upper-class" in Tampa. :poke:

Dont sell Tampa short, there is lot's of people with money in and around the Bay Area..

ENOUGH! This thread is "TAMPA | Trump Tower | 52 stories" and NOT IRS.gov | tax rebate | crybaby

^The forum collectively lost all respect for this thread some time ago... And I don't think that Jordan or even myself really has it in us to keep 'fighting the good fight' to keep it on topic.


ok... enough... :)

How could you lose all respect for this thread? TTT will be built and it will be Tampa's tallest and most exclusive address. I think I see someone breaking ground on it as I type this! Oh wait...it was just a bum walking through the site.

^The forum collectively lost all respect for this thread some time ago... And I don't think that Jordan or even myself really has it in us to keep 'fighting the good fight' to keep it on topic.


ok... enough... :)


LOL - well there is a lot of dead time before SimDag will admit defeat, pull a rabbit out of their hat, the real estate market turns around or a slew of lawsuits force their hand. (which ever happens first) So no one can blame you if you don't stop randommichael from lamenting over tax law.

I still give them a chance - albeit a long shot:

I put their chances at 10%. That makes it a long shot, but possible.

And I still stand by what I said before - that this has a better chance than Venu and Tampa Tower which cannot sell in the current market.

I wasn't really lamenting over tax law...but anyway. I don't think TTT will be built any time soon unless a miracle happens. I almost wish they'd just sell the project to another development company and let someone with experience take it over. Maybe Novare could do it and make it upscale instead of their cookie cutter towers.

Multi, Tampa Tower's bankrupt. That's dead...

Gibralter -- the gusy behind Venu -- also have an YBor Channel project that I am surprised no one has posted on the forum. David Piniero at Tamparail.org made mentionof it on his site. There were PDF's and such and a park was planned as part of the development.

But I digress. That's further taking things off topic and... Oh, hell.. while I'm at it... Hey Jo?! How was Wrestlemania??? :)

Actually it has been discussed a bit (if I am not mistaken) in the "Channelside Development" thread. That is the complex that is being built between 2 and 20 years from now...

Steve

Maybe we should rename this thread the "Things that might possibly get built if everything perfect happens in the economy, but only maybe, within the next 20 years?" Just a thought. We can start another thread for things more than 20 years out.