"While it is our belief that the Union Station project will be a phenomenal success and a fantastic addition to the vibrant Denver landscape, we have determined that a single-tower, five-star development is a more focused opportunity for us now," says Trump, the CEO of the Trump Organization.
Tevfik Arif, chairman of Trump's partner in the deal, the New York City-based Bayrock Group, notes that he wishes the other nine teams competing for the Denver Union Station deal "continued success in their endeavors." And Jody Kriss, a director at Bayrock, says that the team will continue to work with the locally based Barry Group Investment, headed by former Denver Bronco football player Odell Barry.
"Unfortunately, I can't say too much about our plans at this point," Kriss tells GlobeSt.com. He declines to name the site that he says they have under contract, and says he doesn't know yet how many condo units and hotel units it would have, or the number of stories. He says the earliest it would open would be in two years. "We would like to move forward on it as soon as we possibly can," Kriss tells GlobeSt.com. "But we're not prepared to announce all of the details yet."
When asked about the competition from numerous developments on the drawing board, Kriss says the Trump camp prefers developing in areas where there are constraints on supply. And when asked if the Trump team was changing its pursuits in response to the Union Station elimination, Kriss tells GlobeSt.com: "Really, we chose to pursue another opportunity in Denver."
Jeff Selby, co-developer of a proposed Four Seasons hotel-condo development in Downtown Denver, tells GlobeSt.com that he is skeptical that Trump actually will move forward on his plan. "Donald Trump is a master at using the media to self-promote and make sure his name doesn't get lost in the mix," Selby says. "I don't think anyone was surprised that he was eliminated by the Denver Union Station. He is pretty much trying to build himself as a brand more than as a developer. I'm sure his partners do not want him to lose his exposure in the marketplace."
Byron Koste, Koste, executive director of the CU Real Estate Center, says a hotel-condo development would likely play to Trump's strengths more than the Denver Union Station TOD. "I think Trump understands that a lot more, and his staff knows how these things work," Koste tells GlobeSt.com. "I would love to see where they would do it and what it would look like."
Tami Door, president and CEO of the Downtown Denver Partnership, says more important than Trump per se, is that a developer with his national and international reputation is looking at Downtown. "When a developer like Trump goes after an opportunity in a Downtown, he is really making a statement," Door tells GlobeSt.com. "Other developers will look at that and think: 'If Trump is looking at Denver maybe I should be looking at Denver, too.' It keeps us on the radar screen."
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