No Fort Lauderdale Spring Break for Trump!
One of The Donald's recent misses is the Trump condo-hotel on the famous Fort Lauderdale Strip, directly across from the "Where the Boys Are" beach. It was built in the condo boom days, but even though the building was almost complete, construction stopped when the Florida real estate market was crashing. A number of buyers and contractors filed lawsuits, the original lending bank filed bankruptcy and Trump pulled his name from the project claiming that the original developer failed to follow his licensing agreement. It was supposed to open in 2009 but has been boarded up since 2010. The new owner of the property is ST Residential, and they are now selling the 24-story, 298-unit project as a bulk deal, instead of unit by unit. Although the building does have some rust stains, the seller says it is in good shape, "an extremely rare opportunity to acquire a brand new big beachfront asset," according to the seller's marketing literature. According to a spokesperson for ST Residential, it "is a strategic move by ownership to take advantage of market dynamics." Condo prices in the Fort Lauderdale market are up almost 25 percent in the past year. ST Residential is requesting bids on the former Trump property. www.bizjournals.com