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Trump Group Gives Up Tasty Baking Option

PHILADELPHIA-Having lost its bid for a casino license, a Trump Entertainment partnership drops its option to pay $14.4 million for the baking company's corporate offices and distribution center.

By Marita Thomas | Updated on January 02, 2007

PHILADELPHIA-Keystone Redevelopment Partners LLC has notified Tasty Baking Co. that it will not exercise its option to buy the locally based TastyKake maker’s corporate office and distribution center. Keystone, a partnership between Atlantic City-based Trump Entertainment Resorts and a group of local investors led by Pat Croce, paid Tasty Baking $1.6 million for the option in July 2006.

The 12-acre site on Fox Street is adjacent to an 18-acre parcel at the former Budd Co. plant on which Keystone planned to develop the $350-million TrumpStreet Casino, one of five competing proposals for the pair of Category Two gaming licenses designated for Philadelphia. But TrumpStreet was not among the chosen two, which went to Foxwoods and SugarHouse.

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