TAMPA It was supposed to be the shining example of downtown Tampa's revitalization. A luxury condominium with a name recognizable around the globe.

On Tuesday, the developer of proposed 52-story Trump Tower Tampa joined three other condo projects mired in bankruptcy. The filing is yet another sign the waterfront Trump Tower Tampa may never see light of day.

Court documents list SimDag's debts between $10 million and $50 million. It estimates more than 200 creditors, including scores of buyers who plunked down 20 percent deposits on condos sold for up to $6.5 million.

Even facing this, however, the developer isn't ready to announce defeat.

Since Chapter 11 bankruptcy allows for reorganization, SimDag still has a chance to build the tower, said Jeffrey W. Warren, SimDag's attorney.

"There are a lot of people who have hope and expect the tower to be built," Warren said. "The bankruptcy gives us a breathing spell and the time to complete reorganization for the company."

Bank Foreclosing On Building Site

The bankruptcy filing comes on the heels of an initial foreclosure filing against the site, filed by Colonial Bank in Hillsborough County Circuit Court this month. The lender seeks to recover $3.2 million plus interest and late fees, according to court documents.

The property, at 111 S. Ashley Drive, is prime waterfront land, but selling it in today's market could be tough. SimDag paid $16 million for the property in 2004. Patrick Berman, senior director for Cushman & Wakefield in Tampa, said recently that the property would likely fetch only $10 million to $12 million in today's market, even though developers may have invested as much as $25 million in infrastructure on the site.

It's been more than three years since Tampa-based SimDag/Robel LLC announced plans to build the tower downtown next to the Hillsborough River, but the developer has been unable to secure financing to start vertical construction on the $300 million tower.

The project got mired in liens and lawsuits, even one from the man whose name is on the tower, Donald Trump. Trump sold naming rights to SimDag and said in his lawsuit he wanted his name removed because the project was off schedule and the developers owed more than $1 million in fees.

Trump told The Tampa Tribune on Wednesday that he is disappointed SimDag filed for bankruptcy and still wishes his name was on a condominium in Tampa.

He said he expects the land eventually to be sold at auction. If that happens, he said, he would like to bid on it and build a Trump Tower himself.

"It's a real shame it has come to this," he said.

Trump said he was never a partner in the project and only licensed his name to SimDag. Because of the licensing agreement, he was unable to step in and help save the project.

"I wanted to," Trump said, noting that he and the developer negotiated. "But it takes two to tango."

Buyers Seek Return Of Deposits

The condos were originally priced between $700,000 and $6.5 million. Half of buyers' 20 percent deposits were put into escrow so they could be returned. The rest was turned over to SimDag and used for site preparation.

Several buyers have sued, trying to get their money back. Developers have given some buyers half of their deposits.

Tampa buyer Joyce Williams said she got back half of her $129,000 deposit and is "devastated" SimDag has filed for bankruptcy reorganization. She doubts she will ever see the rest of her money.

"This has been a nightmare," said Williams, who is a pharmacist. "I can't afford to lose that kind of money. I have a kid in college. This was my retirement money."

SimDag had problems from the start. It ran into trouble with unstable soil beneath the site and rising construction costs. Then the real estate market tanked, and traditional lenders steered clear. Developers looked for financing from hedge funds, a risky, expensive method to fund projects. All the hedge funds also turned them down.

Trump Tower Tampa joins a growing list of other condo developers who filed for bankruptcy or walked away from projects.

•Towers of Channelside LLC, the builder of Towers of Channelside, filed for bankruptcy protection in January after Wachovia cut off the company's credit.

•Key Developers, the developers of The Place at Channelside, filed for Chapter 11 bankruptcy protection in March.

•Tampa Condo 2 LLC, the developers of the proposed 472-unit Tampa Condo II, filed to reorganize under bankruptcy in March. The company is a subsidiary of Daytona Beach-based Amon Investments LLC.

•This month, the developers of the Ventana condominiums in the Channel District agreed to turn ownership over to the project's lender instead of filing for bankruptcy, according to documents filed in Hillsborough County Circuit Court.

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