Donald Trump joins as co-developer of the Ritz-Carlton hotel and residences, Toronto
TORONTO, June 21 / The Bowmore Group of Companies Inc. today announced real estate magnate Donald J. Trump of The Trump Organization as co- developer of the $300 million, 65-storey Ritz-Carlton hotel and residences project, proposed for the southeast corner of Bay and Adelaide Streets, in downtown Toronto.
"When we embarked on this development, we were pleased to be working with a company as illustrious as The Ritz-Carlton, to bring their hallmark style of luxury to a city still awaiting its first five star hotel and residences," said Joseph Waldman of The Bowmore Group.
"We now welcome Donald Trump into our consortium with the greatest pleasure, and believe that his expertise will be an invaluable addition to our already impressive resources."
Mr. Trump also looks forward to this collaboration, his first real estate venture in Canada. "With Trump World Tower, our 90-storey luxury residential property adjacent to the United Nations in New York City, we were proud to have created the tallest residential building in the entire world. Now I'm very pleased to be involved with the tallest residential building in Canada, and to be associated with the Company founded over 80 years ago by Cesar Ritz," he said.
"Toronto is a city whose time has come...the Bowmore Group knows it, The Ritz-Carlton knows it, and I know it too. Together with an incredible design team – all Canadians, each of whom has an international pedigree – we're committed to creating a landmark hotel and address that will be 5-star in every way.
"This city has many is beautiful, clean, the engine of the Canadian economy and a city whose land values have not yet peaked as they have in most North American cities.
"In fact, although it will be the most expensive real estate in Toronto, The Ritz-Carlton here will be sold for far less per square foot than comparable Ritz or Trump properties in the United States, in part because the Canadian dollar is so undervalued. Yet it will offer features, finishes and amenities of the highest order, in the very centre of Toronto's teeming financial district."
"Mr. Trump's participation in the Ritz-Carlton Hotels is an important endorsement of this project – and this City," said Mayor Mel Lastman.
"His name adds panache to the $300 million development. Mr. Trump's role as a joint-venture partner in Toronto's only five-star hotel demonstrates that the business climate in our city continues to be buoyant and positive."
The Mayor added, "Ritz-Carlton Hotels are synonymous with luxury the world over. Mr. Trump's name is synonymous with business acumen the world-over – and Toronto is synonymous with the quality of life the world-over."
With the City's approval, it's proposed that construction of the 640,000 square foot Ritz-Carlton Toronto begin early in 2002, with occupancies scheduled for 2004.
There will be 1,430 construction jobs created during construction and approximately 380 full-time jobs thereafter. The project will generate an estimated $2.1 million in realty taxes for the City in the first year.
A sales presentation centre is under construction and will open in late summer, with residences available for purchase or with a leaseback on a limited number of units.
The project has been designed by an all-Canadian team, comprised of Toronto-based Zeidler Roberts Partnership and Kirkor Architects, with the interior design talents of Yabu Pushelberg and Hudson Kruse Design. Each of these companies are not only leaders in their fields here in Canada, but their work is in demand across North America and around the world.
Now they've come together in the creation of The Ritz-Carlton Toronto. Construction management will be by EllisDon, who were recently awarded the $200 million contract.
The Ritz-Carlton will be the city's tallest residential building...its first and only 5-star hotel...Toronto's first truly 5-star private residences to match.
The first nine floors will contain the Hotel's Grand Lobby and Reception Areas, its magnificent Ballroom, Restaurants, Jazz Club, Bistro, along with an exclusive array of chic retail stores. Above them will be the hotel's guest suites and fully furnished Executive Corporate Residences.
A fabulous International Health Spa will occupy Floors 30 and 31 while higher still is a stunning selection of Tower Residences, Carriage Residences and Penthouse Residences, all accessible through their own private lobby and elevators. The total number of residences is 406. They will be managed by The Ritz-Carlton.
Prices for the high-end real estate will range from $450,000 to $18 million. Residence owners will have the opportunity to access all services offered by the Hotel, including housekeeping, catering, room service and concierge. Recently introduced in Washington, DC, these luxury residences are now being built adjacent to Ritz-Carlton Hotels under development in New York City, Sarasota, Florida and Boston, Massachusetts.
Baker Real Estate Corporation is the exclusive sales agent for the project. For more information call (416) 703-0777; or toll free 1-800-289- 1041, or visit .
The Ritz-Carlton Hotel Company currently operates 38 hotels and resorts throughout the world, and is the only service company to twice win the United States Department of Commerce's Malcolm Baldridge National Quality Award which recognizes corporate excellence. The hotels are consistently ranked among the best in the world by surveys including Conde Nast Traveller Magazine's Readers Choice Awards and Travel and Leisure.
In the past 25 years, The Bowmore Group of Companies has had a hand in transforming the New York skyline with such landmark buildings as the former headquarters of the Bank of America on Broad Street and the headquarters of Morgan Guarantee Trust on Wall Street. Now they are building in Toronto with several projects currently underway, including their joint venture with The Daniels Corporation at NY Towers, four New York-style towers totaling 1,200 units, at Bayview and Sheppard Avenues.
Donald J. Trump is head of The Trump Organization, located in New York City. Trump signature buildings include the Trump World Tower, Trump International Hotel and Trump Parc Hotel. These landmarks are known all over the globe for their extraordinary design and superlative service, which have made them the most requested residences in the world.