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Trump Tower Tampa says it has loan commitment
TAMPA - Long-delayed Trump Tower Tampa, the proposed 52-story downtown luxury condo high-rise on the Hillsborough River, may get the financing it needs to go vertical.
Developer SimDag LLC has told buyers of some of the 190 condos that an undisclosed New York hedge fund has given the company a "commitment agreement" for a $200-million loan. Such a letter outlines the terms of a loan while listing conditions borrowers must meet before funds are disbursed. The tower, announced with fanfare in February 2005, has struggled to find financing in the housing downturn. Construction is expected to take more than two years. New York tycoon Donald Trump is licensing his name to the deal in return for 50 percent of the profits on each condo unit.
The Related Group, a Miami developer with ties to other Trump projects, has expressed interest in taking over the project from SimDag.
Source: St. Petersburg Times
Hard Rock hiring 150 for expansion
TAMPA - The Seminole Hard Rock Hotel & Casino in Tampa is looking to fill 150 new jobs for the second phase of its $120-million expansion that opens in mid November.
Most are food and beverage positions for the 490-seat Fresh Market dining room, a festival market-style restaurant with chefs cooking dishes at seven stations.
The Hard Rock is holding a job fair on premises today, Thursday and Friday from 9 a.m. to 5 p.m. The hotel and casino now has 1,813 employees, of which 1,142 work full-time.
Source: St. Petersburg Times
Chairman of Tampa Company may bid on Chicago Cubs
As if coaching a Tampa-based coal-mining company weren't exciting enough, Walter Industries chairman Michael Tokarz may be vying to buy the Chicago Cubs.
Tokarz, an Illinois native and former Kohlberg Kravis Roberts executive who joined Walter's board in 1987, declined to discuss the rumor with the Chicago Tribune on Oct. 2 but didn't deny it. Comments from several business partners suggested it was true.
The Cubs were put on sale in April as part of a deal by real estate kingpin Sam Zell to acquire owner Tribune Co.
Source: St. Petersburg Times
Economic scorecard: Tampa Bay area in middle of pack
The Tampa Bay region placed 4th among 6 comparable metro areas in an updated "regional economic scorecard" put out by the Tampa Bay Partnership.
The seven-county region surrounding Tampa-St. Petersburg beat out Atlanta and Jacksonville but trailed Charlotte, Dallas and Raleigh-Durham in five categories: employment, income, housing, innovation and education.
Our worst performance was in housing, where our lower average income relative to home prices placed us in last place.
Source: St. Petersburg Times
New venture capital firm to focus on Southeast U.S.
Three Florida venture capitalists are joining forces to form Sunrock Ventures, a venture capital firm with offices in Tampa and Miami that will invest in businesses throughout the Southeast.
"The Southeast comprises approximately 2 percent of the nation's population, economic output and high tech industry, yet it attracted less than 5 percent of the total venture capital investments in 2006," managing director Tate Garrett said in a statement.
Garrett is joined by fellow managing partners Matthew Shaw and Jeffrey Wolf. Their targeted fund size is $100-million, which they plan to raise from a group of limited partners.
Source: St. Petersburg Times
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