Tampas' Condo Tower Still 'Speculation And Hype'

The St. Petersburg Times reports on a questionable condo tower. "A year ago this month, billionaire developer Donald Trump swept into downtown Tampa touting a $220-million condo tower that at 52 stories would outstretch any skyscraper in the region. 'You'll be amazed how fast we go from here,' Patrick Sheppard, a local partner in what was being billed as Trump Tower Tampa, told the media at the time." "Today, to the casual eye, the 11/2-acre lot looks no more likely to sprout a luxury high-rise than it was a year ago. It's cleared, flattened, shrouded in construction fencing. Promises for a formal groundbreaking have been shoved back since early fall, along with the projected completion date, while the skyscraper's cost and price per condo have jumped. Some buyers, while captivated by the Trump mystique, hanker for explanations as delay succeeds delay." "'They haven't really said why it hasn't broken ground, and we don't know either,' said Alex Petro, a St. Petersburg chiropractor who has bought a $1.9-million, 12th-floor Trump penthouse. The condominium's charter cites a 2008 completion, but it's unclear what effect a postponed opening would have on developers' obligations to buyers." "Marvin Rose, who publishes a newsletter for residential developers, has been glum about a growing glut of condos in the Tampa Bay market. But Trump's project, whose high-end buyers aren't as hurt by higher interest rates, looks more promising, Rose said. 'Just the Trump name alone was just a brilliant marketing move,' Rose said. 'It really separated them from the crowd.'" "Less smitten is Warren Weathers, Hillsborough County's deputy property appraiser. He sees investors driving most condo sales. Until buyers emerge who want to live in the apartments, Weathers remains a skeptic. 'You've got to have an end user, not just speculation and hype,' Weathers said." "Roughly three-quarters of the 190 units have sold, developers said. Buyers plunked down nonrefundable deposits representing 20 percent of purchase prices ranging from $1-million to $6.2-million. Petro, the penthouse buyer, is watching and waiting, along with dozens of other buyers." "Some plan to live at what could be one of the region's most opulent addresses. Others, like Petro, are investors hoping Trump's brand generates big property appreciation. 'Will they finish? They'd better finish,' Petro said. 'They have a ton of money of ours.'"