Discussions under way for Australia’s first Trump tower
Trump Organisation is in advanced discussions to develop a high-rise tower on Queensland’s Gold Coast, nearly two decades after US President Donald Trump first signalled development interest in Australia.
An initial deal between US President Donald Trump’s development company and the property owner could be finalised in a matter of weeks, said a source with knowledge of the deal who asked to remain anonymous.
Gold Coast Mayor Tom Tate said any discussions have been confidential, but it would be a “great outcome” for the area if it went ahead.
The site that has sparked the Trump Organisation’s interest is a block of land on Surfers Paradise Esplanade that has been vacant since 2013.
In 2018, Chinese developer Forise proposed a $1.2 billion high-rise residential tower on the site, dubbed Spirit, but plans were quashed when Forise collapsed.
The site is currently owned by a company controlled by Macau casino boss Loi Keong Kuong, who took over the site and the luxury project in 2019.
Canford Estate Agents’ Roland Evans, who was previously tasked with selling the site, said “the current owner is advancing ways to get the site developed. They are exploring all avenues”.
The site, formerly home to the Iluka Beach Resort, was previously approved for an 89-level luxury development with 479 apartments.
The latest plans could include a hotel and residences, as well as retail shops and some commercial spaces, the source said.
In 2008, Trump told the Australian Financial Review that the Trump Organisation, the development arm of his empire linked to luxury hotels and apartments, was considering an Australian move.
“If I do something in Australia, I’d want to have a partner in Australia,” Trump said.
Trump Organisation has hotel developments in operation or in planning stages across the globe, including in the US, Scotland, Vietnam and the United Arab Emirates. Many of the properties feature Trump insignia in large gold lettering.
The Gold Coast mayor said he would welcome a Trump-branded tower. “If it was to go ahead, it would obviously be a great outcome for Surfers Paradise and the Gold Coast,” Tate said.
Liberal MP Zoe McKenzie weighed in on the plans on Friday, saying the Trump Organisation should go beyond a hotel and look at Queensland’s islands that were sitting “underdeveloped” after cyclone damage.
