Donald Trump the famous property mogul has announced his latest conquest. Trump has reportedly formed a partnership with Malaysian and Canadian developers to build a 65-story Trump Tower in Vancouver, Canada worth $350 million, according to several media reports.
However, Trump will only be lending his brand name and management operations to the project. He will not contribute to the development costs. Trump made the announcement in a press conference where he was flanked by his two sons, Donald Jr. and Eric Trump and daughter, Ivanka.
The project will be developed by the Holborn Group, a popular real estate developing company in Canada. Apparently, the tower is coming up in the place of a cancelled Ritz-Carlton project. Late starchitect, Arthur Erickson had designed the beautiful spiral structure. The project is expected to be completed by mid-2016. Once completed, it is bound to become an architectural landmark in the city, reports Bloomberg.
The new project will be a hotel-condo mixed tower, which will come up in Georgia Street in downtown Vancouver. The building will comprise of 218 luxury condos and 147 hotel rooms. Penthouses atop the hotel will measure something between 3500 to 4400 square feet. The tower will also have Vancouver's first pool night club, a spa, a prominent restaurant and a lot of retail space.
The folks at Vancouver Sun followed Trump up after the conference asking him to comment on why the Trump family chose Vancouver for their next big project. He said:
"Well, it's a great market, it's a great city. It's a city that's not going anywhere but up, in my opinion, and I think it's got just a great potential. The economy hasn't been fantastic, but I believe it's going to get better. I like the site and I like the city, and I think Vancouver has just an unlimited future."
Though Trump has been to Vancouver several times, this was the first time Eric Trump was visitng the city. He was pretty excited about the project and loved the place.
Check out a video where Eric talks about Vancouver and the brand new Trump Tower project below:
Canada's real estate market has been strong despite forecasts of a bubble burst from experts. Though sales were predicted to be low, figures recorded so far have proven to be a sweet surprise. Overall, experts are now expecting sales to grow stronger in the latter half of the year and exceed records of 2012 and 2013 in the coming year, reports Vancouver Sun.
