Trump to Build Mixed-Use Complex in Istanbul
- Apr 16, 2008
The Trump Organization has inked a deal with Turkey’s prominent Dogan Family to build an office, residential and shopping complex in Istanbul. As reported by Reuters, the complex will consist of an office tower, a residential tower and a shopping mall. The 247,600-square-foot project is scheduled for a 2010 completion. Turkish company Tasyapi will handle construction, while Brigitte Weber Architects is designing the project, according to the report. No further details about the development were available, and the Trump Organization was unable to comment by deadline. All three sectors in Trump’s newest project are performing strongly in Istanbul, according to NAI Global’s 2008 Global Market Report. The residential market is the strongest of the three, totaling 77 percent of construction permits in Turkey. Office rents reached over $355 per square foot last year, while Class A yields were in the 10 to 11 percent range. And the retail sector represents 20 percent of Turkey’s GNP, and has been experiencing high demand and increasing investment opportunities. Last month, Pennsylvania governor Ed Rendell granted riparian rights to The Trump Organization, allowing it to move forward on the $300 million Trump Tower Philadelphia condominium project, located on the Delaware River. The 45-story tower is scheduled to break ground in November, opening in 2009. The Trump International Hotel & Tower Las Vegas opened last month, while The Trump International Hotel & Tower Chicago delivered earlier this year. The two developments, along with sister Trump International Hotel & Tower New York, are the founding hotels of the recently launched Trump Hotel Collection. Next year, Trump International Hotel & Tower Ft. Lauderdale and Trump International Hotel & Tower Waikiki are scheduled to deliver. The following year will see deliveries of: Trump International Hotel & Tower Toronto; Trump International Hotel & Tower New Orleans; Trump Ocean Club International Hotel & Tower Panama; Trump Ocean Resort Baja in Mexico; Trump at Cap Cana in the Dominican Republic; Trump International Hotel & Tower Palm Jumerirah in the United Arab Emirates; and Trump Scotland.