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Trump Tower


gjoseph

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Today "The Donald" has broken ground at the Trump Tower of Tampa, but sadly he couldn't attend because his wife is about to have a baby! But the lady of the Apprentice 3 was there but I just can't wait till this building is finished because it'll be the Tallest building on the Gulf Coast for a short time of course lol!

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This project is on the verge of failure..... still no financing. August 19th article from Tampa Tribune http://news.tbo.com/news/metro/MGBAKS1H1RE.html.

It is pretty obvious why banks don't want to touch this... it's overpriced for the Tampa Bay market (even condos on the beach don't cost as much as Trump Towers priciest units), it's in a bad location on a polluted river in a dead area of downtown Tampa, and the banks are worried about getting stuck with this expensive piece of junk once buyers (investors) start walking away from their deposits.

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This project is on the verge of failure..... still no financing. August 19th article from Tampa Tribune http://news.tbo.com/news/metro/MGBAKS1H1RE.html.

It is pretty obvious why banks don't want to touch this... it's overpriced for the Tampa Bay market (even condos on the beach don't cost as much as Trump Towers priciest units), it's in a bad location on a polluted river in a dead area of downtown Tampa, and the banks are worried about getting stuck with this expensive piece of junk once buyers (investors) start walking away from their deposits.

Except that I thought the project had nearly sold out.

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The project is nearly sold out, in fact it is 80% sold out. It is true that it looks like it could be a while before this gets built, but mark my words, it will be built. It is not that banks will not finance it, it is that the owners are not agreeing to what the banks are offering; if one reads the article in its entirety you can see that. It is only a matter of time before the right offer is given and the building gets off the ground again. I find it hard to believe that most of the investors are going to walk away from this. Many put deposits of nearly one million dollars, that is a sizable investment no matter how rich you are. The building would have to have more trouble than it is for a majority of investors to walk away from the project.

As for this being a dead area of down town that is just plain misinformed. This is a very good place for such a project. It is within walking distance of many DT attractions and commercial buildings, and it is not too far from the trolly when it gets expanded. Actually, most all of DT is growing at remarkable rates. Anyone that takes a drive or a walk through the area will be able to see that plainly.

Steve

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Well, it looks like Mr. Trump is standing behind his project in Tampa more and more. Now he has offered to buy out the developer's stake in the project. If this is not a vote of confidence for the project and Tampa in general then I do nto know what else would be! It looks like this project will be completed, and it Mr. Trump has a say it will be sooner rather than later!

Tampa Tribune Article

Steve

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Well, it looks like Mr. Trump is standing behind his project in Tampa more and more. Now he has offered to buy out the developer's stake in the project. If this is not a vote of confidence for the project and Tampa in general then I do nto know what else would be! It looks like this project will be completed, and it Mr. Trump has a say it will be sooner rather than later!

Tampa Tribune Article

Steve

That's awesome news. I'm glad to see Trump has really been expanding his business (and namesake) into the south.

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Well, it looks like Mr. Trump is standing behind his project in Tampa more and more. Now he has offered to buy out the developer's stake in the project. If this is not a vote of confidence for the project and Tampa in general then I do nto know what else would be! It looks like this project will be completed, and it Mr. Trump has a say it will be sooner rather than later!

Tampa Tribune Article

Steve

Mr. Trump buying the current developer out would definitely be a positive development, because I do not think the current developer is going to find financing for years now that we are in the early stages of a major housing bust.

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Trump Tower Secures Financing

I was somewhat surprised to see that the Trump Tower Tampa may not be DOA after all. To judge from the disclaimer on the project's website, one might think otherwise, but this is a more recent development. If anyone has information to add, please do so. I'm not wild about the design, but this is important for Tampa's downtown. What are everyone's thoughts about the market conditions for this? Is there enough demand for this to sell out quickly, or will it be a tough slog? It looks as though the Donald hasn't given up just yet.

The Tampa Bay Business Journal

Trump Tower Tampa

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Although it now has financing, it still has lawsuits against it from buyers that say the tower has taken to long and breached contract. The project's lwayer has also slowed them down. When asked about Trump sueing the developer for not starting constructin fast enough the lwayer was quoted saying something along the lines of we aren't aware of Trump sueing us. It had been puclily known for at least a month.

Really it still has a long way to go, but this was a step in the right direction.

Although it isn't even a good project, it would be a huge morale booster for downtown and its market. And offset the media which hasn't helped it.

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I feel like I've been through this type of situation before. A developer will say what it takes to give the perception that a dead project still has life up until the very last second. I'll be interested to see if infact some money does show up between now and March 31.

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