Trump In Trouble Again Over Licensing Condo Projects

by Deidre Woollard (RSS feed)
Mar 18th 2010 at 1:02AM

We recently looked at Donald Trump's troubles south of the border but he's not doing so well in South Florida either. The Sun-Sentinel has a piece taking a look at Trump's projects in the area and the news isn't good. The Trump International Hotel & Tower Fort Lauderdale beach is facing foreclosure. The South Florida Business Journal reported that the condo-hotel project was hit with a foreclosure action last week. The 298-unit project has already been hit with lawsuits from buyers seeking refunds. Like the Baja project we mentioned last week this is another of Trump's licensing deals and some buyers have said they were misled about Trump's role in the project.

Corus Construction Venture filed a foreclosure action March 11 against developer SB Hotel Associates over a $139 million mortgage issued in 2006 by Corus Bank, which failed in 2009. We heard about Corus Construction Venture in January when we learned that one of Phoenix's tallest towers, 44 Monroe is facing a trustee's sale in April and owes Corus Construction Venture $86.8 million. Last year Corus Bank collapsed and was taken over by the FDIC. It owns a 60 percent stake in Corus Construction Venture and the rest is owned by private equity consortium led by Starwood Capital Group an investment firm run by Barry Sternlicht, the founder of Starwood Hotels & Resorts.

Construction started on the Fort Lauderdale project in 2005. The lavish project was designed by architect Michael Graves and was to include a health club, spa, restaurant and more. It was scheduled to open last year. Corus Construction will have the option of either holding onto the project until the market is better or possibly trying to make more immediate money by converting it into a regular hotel and buying out the existing condo unit owners.

Another project in Fort Lauderdale, the 95-unit Trump Las Olas which we wrote about in 2006 never even got off the ground. The only Trump project thriving in South Florida is the Trump Hollywood in Hollywood, Florida. The project opened last year and the 41-story tower includes 200 condos at prices starting at $1.3 million.

Tags: donald trump, florida real estate, florida real estate development, south florida real estate, trump fort lauderdale, trump hollywood, trump las olas, trump licensing

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 4)

Conrad Shagwell Mar 18th 2010 2:12PM

Lukasal, your punctuation and construction is shockingly poor. You don't deserve to be accepted by NYU, let alone a good college. Take some English composition courses at night. Secondly, why on earth would Donald Trump want to spend a day with some dipshit who has no experience, no education, and evidently no style? Forget college for now. Drive a cab for a year, or be a waiter.

al schrader Mar 18th 2010 8:32PM

Keep up the current construction. I like it. There are no language police.
Speak & write anyway you please. I live in a tropical paradise 5 minutes from Playa Linda Beach. We don't let anyone like Trump, Tiger, etc. live here. They could legally, but they just can't find us, the entrance is disguised with an old shack....Al-

Marie Mar 18th 2010 9:02PM

Conrad, your grammar is no better. You used the wrong verb in the first sentence of your "critique" of someone else's grammar. You should have use "are" as you have a compound subject.

jim Mar 18th 2010 9:11PM

My suggestion is for you to take some remedial English writing lessons before you go to NYU.

Read the New York newspapers, particularly the business sections, and New York Magazine and you will get many good ideas on famous New Yorkers for you to write about.

traderjim7 Mar 18th 2010 2:25PM

My suggestion is for you to take some remedial English writing lessons before you enter NYU.

As for famous New Yorkers, you should read the New York newspapers, particularly the business sections, and New York Magazine for ideas on who to write about.

Eric R. Luna Mar 18th 2010 2:34PM

What a joke this guy is - people look at him as some sort of business guru... why is it he keeps going bankrupt and then gets bailed out? Let him sink...

David Mar 18th 2010 11:31PM

Can we stop talking about TRUMP. He is boring as hell. The more we pay attention to a cocky man like him, the more he likes it. I hope he will go bankrupt once and for all . He needs to change his silly hair style, if in fact that is truly his hair. He looks like a clown.

campbellgvmn Mar 18th 2010 2:44PM

... and let's not forget about Donald Trump's failure in downtown Tampa FL on Ashly Street on the Hillsborough River! The underground parking garage next door was constantly flooding and he had to have known this when he purchased the lot next to it. The gargage has a permanent pump. He was willing to buy the lot and build condos and sell them on unstable soil!

fredmcm100 Mar 18th 2010 2:50PM

Hey Trump - you're fired !

MWC Mar 18th 2010 5:23PM

YOUR FIRED ! JUST LIKE YOUR TV SHOW!

Frank Mar 18th 2010 3:02PM

Wish Chump Trump and his permanent bad hair day drunken fish face would just go away. He thinks he's such a great businessman but in reality the dork has had more financial woes and has been financially bailed out more times in the last twenty years than a drug pushing pimp. He inherited a business and financial empire and it seems his only goal since is to put his loser name on everything to try to prove to the world he is a somebody. To think they give him a TV show where he fires people and considering his track record in failures, he wouldn't never be able to score a job at Walmart as a cashier. His ego is only substantiated by his own mind when the bottom line is he is one sorry a$$ loser.

MarcAGoff Mar 18th 2010 3:07PM

Scumbag should be in Jail.

p Mar 18th 2010 3:19PM

Trump is not facing foreclosure. The company using his name is going to foreclosure.

Marco Fernandez Mar 18th 2010 4:10PM

Aaaah. Did the little ignorant, self centered baby spill his milk? If that's all you found then I think we're doing pretty good. Nothing is perfect but this bill comes close.

sjannese Mar 18th 2010 3:33PM

jees....i thought ''the donald'' was worth about $3-billion !??.......how come he can't just buy out these failed projects ?....i guarantee he's worth a lot le$$ than he'll admit !.....i bet his dad [fred trump],the real guru,must be rolling in his grave !