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Tampa Bay-Lakeland
Business Observer Wednesday, Oct. 20, 2010 11 years ago

Tampa tower faces foreclosure

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The owner of Rivergate Tower is being sued by RBS over missed payments.

Rivergate Tower, one of downtown Tampa's most recognized office buildings, could face foreclosure because its current owner is accused of failing to keep current on its mortgage.

Royal Bank of Scotland is suing Miami-based America's Capital Partners, saying the owner has not made any monthly payments since August, according to a report in the St. Petersburg Times. The bank says it is owed $48.4 million.

ACP, which owns several commercial properties in the Tampa Bay area, bought Rivergate Tower in 2005 for $35.5 million. The 31-story cylindrical tower nicknamed the Beer Can was built in 1988 originally for NCNB, now part of Bank of America. Sykes Enterprises Inc. is its marquee tenant.

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