Why Australia's 1st Trump Tower project has been canceled
What's the story
Plans for Australia's first-ever Trump Tower in Queensland have been scrapped. The Australian developer, Altus Property Group, blamed the "toxic" Trump brand and the Iran war for the project's demise. The deal was announced just three months ago with claims that it would be Australia's tallest building at 335 meters.
Information deletion
Altus Property Group denied Trump's claims
After the deal's cancellation, all details about the project were removed from the Trump Organization's website. A spokesperson for the company claimed that Altus Property Group had failed to meet its obligations. However, David Young, CEO of Altus Property Group, denied these claims and said they would continue with other luxury brands as options for the project.
Project continuation
Young said they knew it was time to part ways
Young said, "Let's just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia." He added that they knew it was time to part ways some time ago. The CEO also said there are other luxury brand options for them and the project is still live.
Obligation failure
Trump Organization blamed Altus Property Group
A spokesperson for the Trump Organization said they were "very excited" about the project but relied on its "licensing partner meeting certain obligations." Kimberly Benza, Director of Executive Operations for the Trump Organization, said after months of negotiations and empty promises, Altus Property Group failed to meet basic financial obligations. She called Young's attempt to blame world events for their termination a distraction from his own defaults.
Mayor's remarks
Gold Coast Mayor blames negotiations over profit margins
Gold Coast Mayor Tom Tate said that the local council had not received a development application for the site. He blamed the deal's collapse on negotiations over profit margins. "The Trump Organization wants a lot more for their brand on the funding side of things, to operate it and the percentage of return," Tate told Australian Broadcasting Corporation.