Controversial plans to bring a Trump Tower to the Gold Coast have collapsed just months after a deal was signed.
The developer behind the $1.5 billion Surfers Paradise project confirmed the Trump organisation had pulled the pin on the development.
“Let’s just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia,” Altus Property Group chief executive David Young said in a statement.
Despite the fallout, Altus Property Group said the project is still “live” and they are now hunting for a new luxury partner.
“Some time ago we knew it was time to part company,” Mr Young said.
“It was not about not meeting obligations. There are other luxury brand options for us. The project is live.”
Margie Osmond from the Tourism and Transport Forum said they’re confident a tower will still be built on the site, admitting it’s important the city continues to expand its accommodation offerings.
“With the Olympics coming up they’re going to need as much accommodation as they can possibly generate,” Ms Osmond told the ABC.
“But I’ve got full confidence in Gold Coast Mayor Tom Tate, he will find a solution to this”.
