Locally based SimDag Investments LLC broke ground on Trump Tower Tampa in March, as GlobeSt.com previously reported. New York City developer Donald J. Trump has a licensing deal with SimDag but is not a co-developer. The 1.5-acre development site is at 111 South Ashley Dr. The site faces the Gulf of Mexico along the Hillsborough River in the center of Tampa's financial and cultural districts.
The 192-unit project was scheduled to be completed in 2008 at an estimated hard construction cost of $1.6 million per unit. SimDag officials placed the preliminary development cost at $260 million or about $1.3 million per unit. The cost has now been revised upwards to $309 million.
The new projected completion date has been pushed forward to June 2009. Mirabilis is also acquiring SimDag's Antigua Bay Yacht Club in Clearwater at an undisclosed price. When completed, SimDag officials says Trump Tower Tampa will be the tallest residential or office structure in Central and North Florida.
About 95% of the Trump Tower Tampa homes were pre-sold at an estimated aggregate amount of $150 million in a price range from $900,000 to $7 million when GlobeSt.com previously reported on the project in March. GlobeSt.com first reported the planned project in January 2005
"The timing for this partnership with Mirabilis could not be better," SimDag CEO Frank Dagostino says in a prepared statement issued Nov. 22. He says the deal was done at this time because "we found ourselves with an abundance of development projects while undertaking Trump Tower Tampa and realized we needed a financial partner." Dagostino says the deal means SimDag "can now harvest the seeds of its work over the several years and leverage the resources of Mirabilis to bring these projects to fruition."
Mirabilis plans to purchase other luxury waterfront residential properties from SimDag in New Jersey, Maryland and Florida. The development cost of those properties is more than $1 billion, Dagostino says.
"The acquisition of Trump Tower Tampa, along with the other potential acquisitions, instantly expands the scope and weight of the Mirabilis real estate investment portfolio," says Vance Felker, president of Quasar Construction Co., a Mirabilis company. "We are especially proud to associate Mirabilis with the Trump brand, which is recognized around the world as a gold standard for luxury living."
In the same statement, Trump says he is "delighted to have a partner of Mirabilis' stature involved in this outstanding project." He adds, "We look forward to their contribution in delivering this, the best residential property in the Tampa Bay area."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
