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

[FloridaFuture]

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

[multifamilyinvestor]

Originally Posted by FloridaFuture

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.

[Jasonhouse]

It would definitely improve by then.

[Robert.Maddrey]

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

[tampamobster21]

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

[HARTride 2012]

[Robert.Maddrey]

Very nice guys.

[Quegiebo]

Originally Posted by multifamilyinvestor

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.

Never underestimate the "Dag"...

[TPAMAN]

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]
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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.

[Atl Dan (via Tampa)]

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....

[blazertke]

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

[Jasonhouse]

^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.

[FloridaFuture]

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/tamp...ml?jst=b_ln_hl

[tampamobster21]

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

[FloridaFuture]

^I think February 2nd, 2009.

[tampamobster21]

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

[Atl Dan (via Tampa)]

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.

[randommichael]

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

[Jasonhouse]

As I always say, welcome to Tampa...

[pimpis]

Whats the over/under on this now