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TORONTO-A bid to erect one of the country's largest buildings here has gotten a $310-million surge after an Austrian bank announced it will provide construction financing on the Trump International Hotel & Tower. Work is expected to begin later this year on the 70-story combination hotel/condominium complex, which is being advanced by a partnership between Talon International Development Inc. and New York City developer Donald Trump.
"I am very pleased that we were able to leverage our international business interests to secure construction financing with an exceptional European financial institution like RZB," Talon chairman Alex Shnaider says of the commitment by Raiffeisen Zentralbank osterreich AG, the third largest bank in Austria and an active player in the renovation of Central and Eastern Europe this past decade.
"We are delighted to be involved in the financing of this historic and dynamic project," says Karl Sevelda, a member of the RZB board.
Pre-construction sales of the project's hotel and residential condominiums have reached $250 million in anticipation of the successful financing, Shnaider says. The project is slated to host 286 hotel rooms and 147 condos, and is expected to be the tallest residential building in Canada upon completion.
Situated in the heart of Toronto's vibrant Financial District, the tower is destined to become an integral part of the city's skyline in a design created by a homegrown firm, Zeidler Partnership Architects, says Shnaider. In a release welcoming the agreement with RZB, Trump says he believes the project will yield "one of the most luxurious Trump buildings" ever developed.
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