TAMPA - The fate of the stalled 52-story Trump Tower Tampa may rest in the hands of its buyers.

A New York hedge fund representative told about 80 buyers and their representatives Wednesday night that the fund is prepared to finance the luxury condo tower - but only if enough of them agree to sign new contracts, said Don Wallace, a Pinellas County buyer who organized the meeting.

"Generally, buyers arrived with lots of questions and left much more positive," Wallace said of the meeting, held at Centre Club Tampa.

Construction of the $300 million Trump Tower in downtown Tampa was announced with much fanfare in early 2005, but the developer, Tampa-based SimDag LLC, has been unable to obtain financing. The project is mired in liens and lawsuits, including one from Donald Trump, who sold rights to his name for the tower.

SimDag CEO Frank Dagostino said last month that the hedge fund is the last resort and that if the financing doesn't happen, he will return buyers' deposits.

A representative from New York-based Red Bridge Capital, which is negotiating the deal, outlined the hedge fund's stipulations, Wallace said.

SimDag has $135 million in sales contracts, Wallace said. Since the old contracts mandate the building be completed next year, new two-year contracts are needed.

As long as SimDag can come up with $100 million in new contracts, the hedge fund will finance the project, Wallace said buyers were told.

Buyers also were offered an incentive package that included interest on deposits and an allowance to be spent on upgrades to their condos.

Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.