U.S. property tycoon Donald Trump arrived in Georgia to
attend unveiling of planned Trump-branded luxury residential tower in
Black Sea resort town of Batumi.
Trump, who arrived in Tbilisi on Saturday on his private
jet and will stay in Tbilisi and Batumi for two days, does not own or
develop the planned 47-storey Trump Tower Batumi.
The project is developed and owned by Silk Road Group
(SRG), Georgian conglomerate whose businesses range from transportation
and telecommunications to banking and real estate.
SRG uses the "Trump" name and mark under a license deal
agreed with the real estate tycoon's property developer the Trump
Organization in March, 2011 in New York during a ceremony attended by
President Saakashvili.
SRG has hired a New York-based John Fotiadis Architect
last summer to develop master planning and concept design for the
planned Trump Tower Batumi.
According to John Fotiadis Architect, which has
participated in development of Trump Towers Istanbul and Trump Parc in
Stamford, construction of Trump Tower Batumi with a marina is planned to
be completed in late 2013 or early 2014; next phase of the project will
involve mixed-use development adjacent to the tower and marina. Total
floor area of the entire project will be about 160,000 square meters,
according to the master plan.
SRG last year announced about the plans to develop two
Trump-branded towers in Georgia, another one in the capital Tbilisi, but
as company's chairman Giorgi Ramishvili has recently indicated the
focus was now made on Batumi and Tbilisi project was a future prospect.
The Trump-branded project in Georgia will serve as "a
green light" to investors worldwide to invest in Georgia, said Economy
Minister Vera Kobalia, who welcomed Donald Trump in the Tbilisi airport.
Source: www.geotimes.ge
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