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Land once slated for Trump Tower Tampa sold to Brownstone Tampa Partners

Tampa, FL – June 23, 2011 – (RealEstateRama) — CB Richard Ellis announced today the sale of the last vacant site on the Hillsborough River. The parcel, once to be the site of Trump Tower Tampa, a 52-story luxury condominium tower, was the topic of great controversy when development plans fell through during the height of the real estate recession.

In 2004, the site was purchased for $16 million. On Monday, BB&T sold the site for $5 million to a private capital partnership, Brownstone Tampa Partners. The transaction also included the neighboring CapTrust Building, a six-story Class B office building with 15,845 rentable square feet. At the time of closing, CapTrust was over 60% leased.

“The cash flow generated by the CapTrust building supported the land, enabling to hold on to land for future development,” said Jarib Rodriguez, a sales professional with CB Richard Ellis (CBRE) in Tampa. “The previous owners were hit with an exponential rise in development costs when a geotechnical study of the land revealed requirements for expensive structural procedures,” continued Rodriguez. “The new ownership has complete understanding site’s development capacities.”

BB&T engaged CB Richard Ellis to market the property for sale. Joining Rodriguez in the sale transaction was Rick Klepal with Grubb & Ellis.


CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.


Nadja Brandt
Corporate Communications, Pacific Southwest

+1 213 6133627