Donald Trump Makes His Presence Felt In T.O.
Friday October 12, 2007
CityNews.ca Staff
He's fired! Fired up, that is. Normally you wouldn't pay much attention to a guy who wheels and deals in real estate. But when that guy is Donald Trump, the equation changes. The Donald was in Toronto Friday, attracting the usual excess attention.
The mega-millionaire mogul arrived to break ground on a $500 million hotel-condo complex being built at the corner of Bay and Adelaide Sts. And with that address and his name attached, you know staying there won't be cheap. Trump is already boasting he's sold several units worth more than a small fortune - and the place isn't even open yet. "We sold over $300 million," he boasts. "As of right now, in excess of $300 million has been sold and they're going like hot cakes."
Which proves that someone in Toronto has a lot of money - even if it's not you.
The structure will be one of the biggest in the city, and will contain 118 luxury residences and another 261 hotel rooms. And if you have to ask how much it costs to live there, you can't afford it. The permanent homes are listed at between $1.6 and $1.9 million each.
Not that a man of his means thinks that's a lot of money. In fact, he considers it a bargain. "Actually I don't think the prices are high. When you compare these prices to New York, they're a fraction of what we get in New York. So the prices are going to be very much higher in the future."
Like most things Trump, the building is overstated and pretty posh. It will wind up with "only" 57-storeys, but Trump explains there's a reason for the 'smallish' size. "We scaled it down a little bit but made it the same size because we couldn't get the elevators to go up quite that high, and we like the building, the look of the building a little bit better. And we were able to finish it six months earlier so it worked out to be a better project."
But Trump also has a softer side and his attitude reveals his feelings about money and worthwhile causes. He's doled out a huge amount to help build an aquatic centre in Regent Park at Dundas and Sumach Sts., a condition of the approval for his new edifice five years ago. The price tag: two million dollars. Did writing such a large cheque phase him? "No," he answers without hesitation. "It didn't bother me at all."
So why did the man who fronted The Apprentice pick Toronto for his latest project? "Well, it's always been one of my favorite cities," he responds. "I was up here recently and made a speech and thousands and thousands of people showed up. But I have a lot of friends here." And with friends like that, you don't need a mortgage.
The new Trump Tower is scheduled to open in 2010.
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