Brownstone Tampa Partners LLC announced it has acquired the former Trump Tower Tampa site and adjacent office building, known as the CapTrust Building, for $5 million.

Brownstone Tampa Partners LLC is an investment partnership of O,R&L Facility Services, a large-scale property and facility management company, Owens Realty Network LLC, O,R&L's sister real estate brokerage company, and Community Reinvestment Partners II LP, a joint venture investment fund of Forge Capital Partners LLC and DeBartolo Development LLC.

The vacant land, with its large-scale development potential, prompted the company to seek other strategic partners to maximize its resources to develop this riverfront property, a press statement said.

"The nature of this project, with an existing revenue-producing, multi-tenant office building and an adjacent, highly-prized development parcel, affords us the opportunity to let the market come to us,” said Edward Kobel, president and CEO of DeBartolo Development in a statement.

Immediate plans call for completing the Tampa Riverwalk on the vacant portion of the property and tying into the Brorein Street Bridge underpass currently under construction by the City of Tampa.

It is the eighth investment in the Tampa market and third involving a property in the central business district of a major Florida city, said Robert Moreyra, managing principal of Forge Capital Partners and president of Community Reinvestment Partners in the press statement. CRP is involved in a venture to assemble several city blocks in downtown West Palm Beach and in April of this year acquired the 14.5 acres Mills Park project in Orlando.

Trump Tower Tampa was envisioned 52-story luxury condominium complex. The economic recession ultimately doomed the Trump Tower Tampa project. BB&T, the lender, as successor to Colonial Bank, received ownership of the property in 2008.

When announced, the project was supposed to be finished in 2007 and was to become Tampa's tallest building. Site work began summer 2005. Prices of the luxury tower's condominium units started at $700,000 and ranged to more than $6 million with condo units ranging from 1,991 square feet to 6,150 square feet. Unit buyers included Tampa Bay Buccaneers and New York Yankees players.

A 3-foot scale model of the building, which cost nearly $80,000, was on display in the tower's sales center.

The tower was originally under development by SimDag/RoBEL LLC, which filed for Chapter 11 bankruptcy reorganization in 2008, and had the land on Ashley Drive meant for the tower sold at auction.

The project was stymied by a range of lawsuits related to issues raised by unit buyers, and Donald Trump's original licensing deal.