Trump Tower Tampa - this doesn't sound good... (Orlando: sales, real estate)

[Prichard]

Dear Trump Tower Tampa Unit Buyer:

In an attempt to dispel the recent press that our project has been receiving, we would like to personally meet with each of our buyers at the Trump Tower Tampa sales office located in the CapTrust building adjacent to the tower site, on the 5th floor. We are in the process of setting up appointments with each unit buyer, and we have already met with several groups. Please call 813-225-2070 to set up an appointment with Eby Paul or you can email him directly at epaul@simdag.com. Both Eby and I will be handling all of these meetings.

Despite published reports to the contrary, our intention has always been to move forward with this project. We had to resubmit new numbers for the financing, due to the unforeseen soil issues, and have been working diligently to secure that financing.

Our goal has and always will be to ensure each of our client's satisfaction, and to that end, we would like to personally discuss with each unit buyer options that are available to you at this point. We realize that several of our buyers will not be able to meet in Tampa, and for those individuals we can set up conference calls. We look forward to meeting all of you in person. If you have any questions please feel free to email me at any time at fdagostino@simdag.com.

Thank you

Sincerely,
Frank Dagostino

YIKES! They want to meet with each Owner to "personally discuss what options are available to you at this point." What does this mean? Sounds like they are going to hit up their investors for a very stiff capital infusion. What's going to happen to those people who invested a bunch of money and can't put more money into the project? I would bet that they will be told to take a back seat - if/when the project is ever completed and there is any profit to be paid, they might get some of their money back at that time. I.e. don't bother us until it's built and all units are sold....we will contact you.

[FireballFL]

Originally Posted by Prichard

YIKES! They want to meet with each Owner to "personally discuss what options are available to you at this point." What does this mean? Sounds like they are going to hit up their investors for a very stiff capital infusion. What's going to happen to those people who invested a bunch of money and can't put more money into the project? I would bet that they will be told to take a back seat - if/when the project is ever completed and there is any profit to be paid, they might get some of their money back at that time. I.e. don't bother us until it's built and all units are sold....we will contact you.

Holy skyscrapers, Batman! This project is still on? I have heard so much about the project being off that I almost forgot about it. I wonder if all the investors are pulling out?

[JFinDC]

From what I've read, this project is dead, dead, dead and the city of Tampa is looking at other options for the land.

[kmadewell]

yes, Trump Tower Tampa is not a go.. (

[Prichard]

yes, Trump Tower Tampa is not a go.. (

Do you know if that's the final word? What does The Donald have to say about this?

[JSnFla]

project is dead and those who bought are scrambling to get all their money back

[yukon]

The Donald pulled his name from it a couple of months ago and sued the developers for unpaid licensing fees. This was recent, back in May, I think. Why is SimDag still involved? I thought they sold the property to a global capital venture company???

[scorp200]

Oh boy, what a mess. I think I read that people are suing SimDag for their deposits, which is probably why they're trying to meet with everyone. I also thought they were no longer involved. though.

[yukon]

Here's the sale:

SimDag sells Trump Tower project to Orlando equity firm - Tampa Bay Business Journal:

Here's The Donald pulling out:

Orlando Sentinel - Trump Tower Tampa bites the dust by

What I find particularly interesting is that I can't find any archived stories on the web about this from the Tampa or St Pete papers, only from the Biz Journal. The other articles I'm finding are from other papers in the state. Hmmn.

[Prichard]

I recall early on, that when this project first got into trouble, that Donald Trump made all sorts of claims and representations that the building would definitely be built and that he was standing behind it. What a fraud! I hope Trump gets sued over his claims by the investors who wouldn't have had anything to do with it other than Trump's grandiose claims made in relation to Trump Towers Tampa.

No wonder he wants his name off the project. I also find it currious that I can't find hardly any mention of this fiasco in any archived news articles originating from Tampa. The people who control this project, I believe Trump included, seem to have mastermined some method of keeping information pretty silent on what's taking place. I've tried to follow this story as best as I could, but its really hard to find information about what is actually going on.


On another note I found out that in February of 2005, "The Trump Tower Tampa development team has pledged a $100,000 donation to the Tampa Museum of Art Foundation". I wonder if Donald Trump ever paid anything to the Tampa Museum of Art? The donation was to be made by Donald J. Trump and SIMDAG, LLC, the tower?™s development partners; HomeBanc, the mortgage lender; Smith Barnes Santiesteban Architecture, Inc., the building?™s designer; and The Toni Everett Co., the real estate broker. It would be interesting to know if Trump ever personally contributed, as this would further tie him to the project he's seems so desperately trying to forget about.