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Trump Tower already faces hurdles

The luxury condo high-rise is having to replace its general contractor and faces another hurdle: finding a financier to lend it $200-million.

By JAMES THORNER
Published April 4, 2006

TAMPA - One month after its ceremonial groundbreaking and 21/2 years shy of completion, Trump Tower Tampa has broken with its builder, a company it praised last year as one of the best in the business.

Turner Construction Co., the New York contractor pegged in December to build the $260-million luxury condominium high-rise, backed out of the deal March 17, Turner spokeswoman Shannon Eckhart said.

"I don't have details," Eckhart said.

Since construction officially started March 2, subcontractors have been laying underground foundations for the 52-story, 600-foot skyscraper at Ashley Drive and Brorein Street.

Tower developer SimDag LLC vows to hire a general contractor to replace Turner in the next month. A grand opening is scheduled for late 2008.

"The developer is in negotiation with four highly qualified companies to assume the role of general contractor well in advance of any impact on the construction timetable," project spokesman David Hooks said in a written statement.

But Trump Tower might have a higher hurdle: It has yet to announce a financier to lend it $200-million.

SimDag's principals, including Frank Dagostino and Jody Simon, have had to dig into their pockets for startup money.

The tower would house 192 condominiums priced from about $700,000 to $6.2-million.

Trump is lending his brand to the building in exchange for a cut of the profits, a formula he perfected on condo projects in places such as North Miami Beach.

Skeptics wondered for months whether Turner was hedging its bets on the skyscraper. The company never displayed Trump Tower on its Web site, a gallery that included such comparatively smaller deals such as the Clearwater library.

[Last modified April 4, 2006, 20:28:03]