Wednesday, March 14, 2012

No longer Trump, the International Hotel & Tower up for auction - Fort Lauderdale

By Jane Feehan

One of the notable projects that was proposed for Fort Lauderdale beach in 2005-2006, when real estate was soaring, was the 24-story Trump International Hotel and Tower. It goes on the foreclosure auction block today, March 14.

Developed by SB Hotel Associates LLC, the $200 million project was to be among the city's finest with condos going for $500,000 to $3 million. About 100 would-be purchasers placed 20 percent deposits down on the units. It was slated to open in 2007 but the real estate market hit the skids.

The Trump organization, which had been affiliated only through a licensing of the Trump name,  has long ago parted ways with the developer and has nothing to do with the foreclosure.

Those in the know expect the 298-unit property to be bought and developed as a hotel. Hopefully this will occur soon. The building is the only empty behemoth on the beach. Update on the auction will be posted here.

Auction results: The property was sold to the only bidder, construction company Corus Construction Venture LLC for $100 and and the project's $165.6 million debt.  Corus was the builder.

 Tags: Fort Lauderdale hotels, Fort Lauderdale real estate, Fort Lauderdale foreclosure auction

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