A high-rise hotel and condo project in the heart of downtown Vancouver that stalled during the economic downturn may be getting a helping hand from American business magnate Donald Trump.
Under developer Holburn Group, the Arthur Erickson-inspired twisting tower is said to be relaunching as the city’s first Trump tower.
The $500-million tower, which was supposed to be home to a swanky Ritz-Carlton hotel, was put on hold in 2008 after a slowdown in the luxury market. More than 50 per cent of the condos had been presold – and early buyers received a refund.
Condos planned for the upper floors were priced between $2 and $10 million, with the penthouse priced for a cool $28 million.
The project was restarted in April last year with a lower price point.
The 63-storey structure at 1151 West Georgia Street will be Vancouver’s second tallest tower.
Trump already has a 65 storey project in Toronto, the Trump International Hotel and Tower.
The Trump organization said its development team was recently in Vancouver scouting out the West Coast city.
In a statement to CTV News, the Trump organization said: “Given the incredible success of Trump International Hotel & Tower Toronto and its position as a leader in the market we are naturally excited about Vancouver,” said Marketing Vice President Amanda Miller.
“It is a great city with tremendous access to the Asian market and we look forward to continuing to explore the potential of bringing the Trump flag to this location.”
The developer, Holburn Group, said it’s flattered by the amount of attention it’s getting about the Trump buzz, but says it’s not ready to discuss the management or branding of the project – yet.
“Rest assured that it will be a luxury operator and that we are working extremely hard to bring to life a project that the City Vancouver will proudly embrace for many years,” said Joo Kim Tiah, Holborn Group CEO, in a statement emailed to CTV News.
An announcement about the hotel operator is expected in coming weeks.
