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Judge rules against Trump Tower developers
Early Edition: The developers had asked the court to dismiss a lawsuit from two buyers who wanted a refund on $296,400 they put down on a the Tampa condo.
By James Thorner
Published March 14, 2007
The developers of Trump Tower Tampa learned Wednesday they can't stop buyers from suing to get deposits back on the much-delayed condo high rise.
SimDag LLC and Mirabilis Ventures Inc. had asked the court to dismiss a lawsuit from two buyers in the Florida Panhandle who wanted a refund on $296,400 they put down on a 38th story condo.
The contract promised "substantial completion" of the condo by December 2008 but included a waiver that freed developers of blame if they missed that deadline. In ruling against developers, Circuit Court Judge James Barton suggested buyers have legal options without waiting for January 2009.
For Tom Long, the attorney arguing against Trump Tower, the ruling had significance beyond his two clients. "I think this now, frankly, opens the floodgates to others to demand their money back," Long said. "It's a three-year project and they're at ground zero."
Leslie Schultz-Kin, who represented the developers in court, downplayed the significance. "This is the first step in many battles," Schultz-Kin said. "A contract's a contract, and these plaintiffs are big boys. They're investors."
The $300-million, 52-story high rise was launched with fanfare in Feb. 2005, but couldn't find financing in the housing downturn. New York tycoon Donald Trump is licensing his name to the project for a cut of the profits.
Long said developers, behind more than $3-million in paying contractors, may have no money to come up with refunds.
[Last modified March 14, 2007, 14:32:21]
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