Trump Tower project to be continued in Batumi
Thursday, November 17After construction being put on hold for several years, Trump Tower is going to be built in Batumi. After negotiations lasting six months, the Silk Road Group, which owns the license for constructing this high-class residential complex, says the project will continue. Interpressnews has spoken to Giorgi Mari, the Head of Real Estate department of Silk Road Group, about the reasons why the project stalled and the company’s future plans.
According to him, the Silk Road Group had an honor to congratulate the Trump Organization and the entire Trump family on Donald Trump's electoral victory. The Silk Road Group is confident that during the presidency of Mr. Trump, the United States and Georgia will further strengthen economic, business and cultural relations.
The idea was born in 2010 in New York after meeting representatives of the Trump Organization and the Silk Road Group, during which the parties agreed on the development of the Trump branded joint projects in Georgia.
The license for construction of the Trump Tower was given to the Silk Road Group in New York in March 2011 after concluding a license agreement. The agreement was personally signed by Mr. Trump on behalf of the Trump Organization and George Ramishvili, the founder of the group, on behalf of Silk Road.
“In April 2012, Mr. Trump visited Georgia following an official invitation of the Silk Road Group. During his visit, Mr. Trump had personally reviewed every detail of the Batumi Riviera Master Plan and examined the construction site, after which the project was officially presented to the public in the attendance of the government of Georgia. It was an unprecedented level of support for the Batumi Trump Tower project on behalf of Mr. Donald Trump.
“Unfortunately, later on the Trump Tower project was put on hold, because the prices for real estate in the region did not show the expected growth, and the Silk Road Group encountered unexpected resistance from the then-government of Ajara, as the conditions set out in the project were not met, despite the fact that these details were part of a master plan approved by the government and presented to investors in New York and Batumi. Due to this uncertainty, the implementation of the project was suspended,” said Giorgi Mari. (IPN)