TAMPA | Trump Tower | 52 stories | 591 ft. | 190 units | DEAD

[BuilditTampa]

Originally Posted by moxwax

could you be a bit more specific please? Are you saying that we'll see something above ground soon or what?

I apologize for not reading all the info on rumors.
There should be an announcement on the GC selected to build the project within the next week or so. I dont have any concrete dates on when this will take place.

As soon as the caissons are complete the remaining underground and foundation work can start which leads to what everyone is looking for.......vertical construction.

I will post more information when I can.

[TampaMike]

Originally Posted by BuilditTampa

I apologize for not reading all the info on rumors.
There should be an announcement on the GC selected to build the project within the next week or so. I dont have any concrete dates on when this will take place.

As soon as the caissons are complete the remaining underground and foundation work can start which leads to what everyone is looking for.......vertical construction.

I will post more information when I can.

I look forward for more info about TTT from you. If I may, can I ask how you are able to get this information?

[BuilditTampa]

Originally Posted by NewPortRicheyGuy

I look forward for more info about TTT from you. If I may, can I ask how you are able to get this information?

I work in the business.

Granted construction is filled with wild rumors and speculation. But construction guys like to talk. Especially those that are excited about upcoming work.

[TampaMike]

Originally Posted by BuilditTampa

I work in the business.

Granted construction is filled with wild rumors and speculation. But construction guys like to talk. Especially those that are excited about upcoming work.

Cool!

I would like to here more about TTT. Can I give you my email address?

[Gdad]

Originally Posted by BuilditTampa

I will post more information when I can.

I can feel your pain brother.

[Gdad]

Ummm... Anyone else notice the caisson operation is stopped? I was by the site today and Case Atlantic is gone. Caisson machines are all gone. I don't think they are anywhere near done. And still no GC.

[renner01]

this job will get built according to one of the contractors on the job i work with. They evidently had to go the equilavent of 17 stories in order to hit rock. I don't think the developer would invest millions in the foundation to not finish the job

[orlandonative]

Subs rarely know whether the project is going to get built until they have been released with a signed P.O. Plus, anyone who tells you they couldn't hit bedrock for 17 floors probably shouldnt be trusted. It wouldn't be that unreasonable for a foundation permit to get released without the rest of the building.

[renner01]

Trump financing goes circular
Tampa Bay Business Journal - August 4, 2006
by Michael Hinman
Staff Writer

TAMPA -- Wanted: $194 million for a "luxury condo tower in the heart of downtown Tampa."

New York-based Trump Mortgage LLC has been advertising such a "senior financing opportunity" for Trump Tower Tampa from a not-so-well traveled area of its Web site. With the 52-story Trump Tower project reportedly just weeks from going vertical, it's still not clear who will finance the project, and SimDag executives have been mum about it since an early March groundbreaking when they said they would announce a finance partner in a matter of weeks.

It's not just the fact that the Trump Mortgage circular seems to still be looking for someone to front the cash for Trump Tower Tampa that has raised a few eyebrows. The second paragraph of the circular provides some sales details, saying the luxury project has surpassed the $140 million mark in hard pre-sales and is "approximately in the 40 percent range."
New circular ... old news?

"Clearly, it (the circular) hadn't been updated," said David Hooks, a SimDag spokesman. "Those were the numbers available to them at the time it was created, and I don't know what time it was done."

The two-page circular could be found on the Trump Mortgage Web site but doesn't seem to be linked from any common pages. It talked about how "ground has been broken in late March and the developer has been working out of pocket while putting an all-star general contracting team together."

That would suggest the circular was developed, or at least updated, since after the March 2 groundbreaking and possibly even after Turner Construction Co.'s April departure from the project.

At the time of the groundbreaking, SimDag issued a press release quoting the development company's CEO, Frank Dagostino, about how pre-sales were going.

"The market certainly responded," Dagostino said in the release. "Even with a price increase necessitated by rapidly accelerating construction costs, all but a few units have been sold except for those we're holding off the market to sell in the future, likely when we near the end of construction."

Hooks said in an e-mail conversation with the Tampa Bay Business Journal this past week that SimDag has contracts on 80 percent of the units and half of the remaining units are being held off the market for future release.

"Of the other remaining 10 percent, five or six units are in the process of going to contract, meaning that buyers have selected units but the contracts have not yet been returned," Hooks said, adding that just 14 or 15 units are available. As far as financing goes, Hooks said nothing has changed. "They (SimDag) are in discussions with two institutions for the best deal. For that reason, I do not believe that they are reaching out to anyone else."
Changing condo market could have effect

Since Trump Tower Tampa was announced in January 2005, the condominium market has greatly changed, said Scott Davis, a senior VP with NorthMarq Capital. Until this year, financial institutions required much less up front when looking to finance a condominium project in Florida, but now that condo sales are slowing down, that has changed quite a bit.

"The lenders that finance construction of these condo projects usually want 80 to 100 percent of their loan covered by presale contracts," Davis said. "Nowadays, they actually want to see closer to 100 percent."

E.J. Ridings, president and CEO of Trump Mortgage, lists his phone number on the circular for those interested in the "unique financing opportunity." He responded to an e-mail asking for comment, pledged to "do the best I can to accommodate" but then did not offer comment before deadline.

Trump Tower Tampa isn't the only project Trump Mortgage is looking for financial help. Circulars also were found on the Web site seeking $42 million for two mall complexes in Barbados, as well as $169 million for hotels in Charlotte, N.C., and in the U.S. Virgin Islands.

The Trump Tower Tampa circular was produced "some time ago by Trump Mortgage to promote the opportunity because the financing had not been finalized," Hooks said. "As we have mentioned, we have companies competing for the business, and until we have an agreement that has been executed, it's prudent to continue promoting."

But Hooks promises they won't be promoting for long.

"My understanding from the developer is that they may finalize the financing this week," he said. "When that does occur, the Trump Mortgage message will be discontinued."

SimDag executives are expecting to build the projected $260 million project on a 1.5-acre site at 111 S. Ashley Drive. It is touted to include 192 condominium units ranging from 1,991 square feet to 6,150 square feet.
Trump Tower Tampa Timeline

Jan. 9, 2005: SimDag-RoBEL LLC announces plans for a 52-story Trump Tower Tampa with a $220 million price tag.

Feb. 18, 2005: Former professional wrestler Jody Simon and second-season "The Apprentice" winner Kelly Perdew come aboard the project. Donald Trump visits Tampa saying the tower is 98 percent sold and that he expects to break ground "in weeks."

Oct. 14, 2005: Dr. Howard Howell and Patrick Shepard sell their interest in Trump Tower Tampa. Turner Construction Co. is said to be coming aboard as builder, but SimDag will wait two months before making the official announcement.

March 2, 2006: What was supposed to happen "in weeks" actually takes a year as SimDag officially breaks ground. Trump says he needs to stay close to home with his pregnant wife, Melania. SimDag says the project is 80 percent sold out but will cost $75 million more. CEO Frank Dagostino says a financing partner will be announced before the end of March.

April 2006: Turner and SimDag part ways.

June 2, 2006: The three weeks to announce a financial partner becomes three months. Dagostino says he is still negotiating with two companies.

June 30, 2006: Turner files a $1.2 million lien against Trump Tower Tampa. Dagostino says it's a standard procedure following a separation. Beck and PCL Constructors Inc. are rumored to be in the running to replace Turner.

[Tampa on the move.]

Going vertical in a few weeks.. Sounds good to me...

This project is so huge to Tampa ...

[BuilditTampa]

Based on my conversations with a geotech engineer close to the project, dont expect any activity anytime soon. They have a lot of subsurface exploration to do. They encountered some nasty soils.

They have demobed most of the caisson equipment. So it looks like its going to be a while before we see any progress.

[Crosstowner]

I have a question...

Is it possible for a developer to sell a development that has not been developed yet? For instance- could a condo developer sell off their interests in a condo coming out of the ground just on speculation? I'm not talking about units here- the whole thing (property, design, contracts, presales, etc.) Just curious- not really talking about anyone in particular.

Buildit Tampa is right about those construction workers.

[FLAWDA-FELLA]

Originally Posted by BuilditTampa

Based on my conversations with a geotech engineer close to the project, dont expect any activity anytime soon. They have a lot of subsurface exploration to do. They encountered some nasty soils.

They have demobed most of the caisson equipment. So it looks like its going to be a while before we see any progress.

This project seems to be a fine example of what the true definition of PATIENCE is. Hopefully, this is just a minor setback and vertical construction can begin soon afterwards.

[BuilditTampa]

Sure you can sell a development that hasnt started or is in the process of starting. Now when you buy something that is under construction or in planning the new owner takes all the risk of completing the project, selling the units, etc. The seller usually tries to get back what money he has sunk into the project. Legal fees, property purchase, architect fees.

For instance, with the Trump project the purchaser could purchase the land and any improvements (such as the incompete caissons) plus the unit purchase contracts and the construction drawings. Since there is no financing in place (or so we are told) the new owner is free to shop for a new contractor, or design a totally different structure and refund the purchase deposits.

[smiley]

Drove by the site today - while a lot of the actual caisson stuff apperaed to be gone, the cranes and other equipment was there. In other words not an empty site, and keeping that stuff there would cost enough to lead one to think they are still doing something rather than just bleeding money on useless equipment.

[Gdad]

By SHANNON BEHNKEN The Tampa Tribune

Published: Aug 19, 2006


TAMPA - Trump Tower Tampa, the 52-story riverfront project trumpeted as downtown's crowning luxury condominium building, is still at ground level and without construction financing, its project manager acknowledged Friday.

Eby Paul, project manager for Tampa-based developer SimDag LLC, said work has slowed but that he expects to increase construction as early as next week. The project has been without a general contractor since April, but Paul said an announcement about a new one will be made soon.

"We're still working," Paul said.

Condominium financing has slowed considerably in recent months, and bankers who financed other Florida projects say the current market would make it more difficult for Trump developers to get the kind of funding they want.

Phillip Carroll, southeast regional real estate manager for Key Bank, which has financed condominium projects throughout the state, said if SimDag "doesn't have the financing by now, it could be many years before they get a bank to give them a construction loan."

"If they're not going vertical, they're way off their target date" of August 2008, Carroll said.

In comparison, developers of the 32-story SkyPoint downtown condominium filed notice to begin work within a month of Trump Tower developers. SkyPoint's construction now looms high above Ashley Drive.

David Hooks, spokesman for the Trump Tower project, would not say where the financing stands and would not answer general questions. He did say a news release with updates would be issued soon.

For days, construction appeared to have halted at the Ashley Drive site. Friday afternoon, three workers were on the property.

Since plans were announced January 2005 for a 600-foot, $220 million tower - which would be Tampa's tallest - the project completion date has been moved several times, and developers parted ways with at least two contractors. Developers acknowledged in February that costs have gone up 50 percent and that they had passed along a $40 million increase to buyers with reservations to acquire units.

At the time, Frank Dagostino, SimDag's chief executive officer, said 80 percent of the 192 units were spoken for. The majority of those buyers had contracts, he said, and had put down 20 percent nonrefundable deposits.

Bovis Lend Lease Bid Too High
In August 2005, Bovis Lend Lease, a unit of Australian Lend Lease Corp., the developer doing the site work, said it was vying to become the general contractor but had been told its bid was too high.

In December 2005, SimDag announced Dallas-based Turner Construction Co. as the general contractor. A groundbreaking ceremony was held in March, and Turner was dropped in April. At that time, Hooks, the SimDag spokesman, said the change would not delay construction and that condos would be ready for tenants in August 2008.

Turner filed with Hillsborough County a $1.6 million lien on the property on June 14, saying it had not been paid for "furnished labor materials equipment, tools, supervision and related services" for Trump Tower.

Scott Skidelsky, vice president and general manager for Turner, signed the lien. He could not be reached for comment for this story.

Hooks would not address the lien.

Bob Bass, with the city's Inspection Services Division, said a permit for construction of the shell of the building was issued in March. The city is waiting for engineering reports before it can issue permits for other work, he said.

"We look at those reports because we want to make sure the building is built in a safe manner," Bass said.

Builder Didn't Like Wachovia Offer
Ted Starkey, of Wachovia Bank, said his bank negotiated with the Trump team earlier in the development process. He said the bank made SimDag an offer but that it was turned down.

At the time, he said, the team was asking for a nonrecourse loan, which he said is not unusual for large projects such as Trump Tower. It isn't, however, a loan typically approved by commercial banks because the developers "don't have to personally sign their name, guaranteeing the loan amount."

The condominium building market has slowed dramatically, and banks are much more reluctant to issue loans for condo development, especially nonrecourse loans, said Carroll, of Miami-based Key Bank.

Some banks are still lending to condo developers, but they are much pickier, Carroll said.

Banks used to require a developer to have enough pre-sales to cover as little as 50 percent of the loan amount. Today, he said, most banks require 100 percent coverage.

Another change in today's market, he said, is that banks used to finance up to 90 percent of the construction amount. Now it's more likely to be 70 percent to 80 percent.

Carroll is not involved in the Trump project but said a tower of its size likely would take three years to build, making it difficult to meet the projected August 2008 completion date.

Calls to Donald Trump's offices were not returned.

At least one buyer, Stephen Page, of Clearwater, said he's unconcerned.

"I'm looking forward to this going vertical," Page said, noting he paid just under $1 million for the two-bedroom condo he wants on the 34th floor. "Knowing the Trump people, I have a lot of confidence they'll get it done."

Kate Caldwell of News Channel 8 contributed to this report. Reporter Shannon Behnken can be reached at (813) 259-7804.


Find this article at:
http://www.tbo.com/news/metro/MGBAKS1H1RE.html

[Dave01walk]

At least one buyer, Stephen Page, of Clearwater, said he's unconcerned.

"I'm looking forward to this going vertical," Page said, noting he paid just under $1 million for the two-bedroom condo he wants on the 34th floor. "Knowing the Trump people, I have a lot of confidence they'll get it done."

Mr. Page, you might want to ask for your money back.

[Dale]

New tallests for Florida currently in doubt:

Miami - Met 3

FTL - Icon Las Olas

Tampa - Trump Tower Tampa

[tampamobster21]

Sad to say but I think your right.

[FLAWDA-FELLA]

Originally Posted by Dale

New tallests for Florida currently in doubt:

Miami - Met 3

FTL - Icon Las Olas

Tampa - Trump Tower Tampa

I was under the impression that Met 3 in Miami had already broken ground and was listed as being "under construction" according to Emporis. Personally, I would like to see all 3 towers become a reality.