$1.1b Trump Tower project in Australia scrapped as developer calls brand ‘toxic’

Plans for Australia's first Trump Tower on the Gold Coast
have been scrapped three months after the A$1.5 billion ($1.1 billion) luxury
development was announced, with the developer and the Trump Organization
offering conflicting explanations for the collapse of the deal.
The proposed 91-storey tower was
designed to become Australia's tallest building at 335 metres, exceeding the
height of The Shard. The project was planned to include 285 hotel rooms, 272
luxury apartments, shops, restaurants and a beach club on the Gold Coast, says
the BBC.
David Young, chief executive of
Altus Property Group, said the company decided to end its association with the
Trump brand because it had become "increasingly toxic" in Australia.
Young cited "the Iran war and everything else" as contributing to the
decision and said Altus had chosen to "part company" with the Trump
Organization some time ago. He added that the company was exploring other
luxury branding options in an effort to keep the broader development project
alive.
The Trump Organization disputed
that account. Company spokesperson Kimberly Benza said the agreement was
terminated because Altus Property Group failed to meet "the most basic
financial obligation" required under the deal.
Benza described Young's references
to global events as a "ploy to distract" from what she called the
developer's own defaults and "empty promises" tied to the A$1.5
billion project.
Gold Coast Mayor Tom Tate said the
local council never received a formal development application for the project.
He suggested the arrangement may have collapsed during negotiations over profit
margins and branding fees.
The proposal had generated a divided public reaction. Supporters gathered about
3,600 signatures backing the development, while more than 120,000 people signed
a petition opposing it.
Despite the cancellation, the Trump Organization said it remained interested in
future opportunities in Australia and looked forward to exploring other
potential property developments in the country.
















