"We're looking at building a super-luxury residential tower," said casino and real-estate mogul Donald Trump, "which I think Moscow desperately wants and needs."
Trump arrived Tuesday for a three-day visit, during which he said he would be checking out sites for a luxury residential high-rise.
If his Moscow dream is realized, it will mark Trump's first real-estate development project outside the United States. He picked Moscow, he said, because "it is really a city with a great future, great potential."
The main stop on Trump's itinerary was Ducat Place on Ulitsa Gasheka, near Triumfalnaya Ploshchad. The Ducat property is being developed in three stages by cigarette producer Liggett-Ducat Ltd., which holds two back-to-back 49-year leases on the land.
Liggett-Ducat has completed one phase of the project and the second, the 14,000 square meter Ducat Place II office center, is near completion. According to Liggett-Ducat, Trump is here to talk about developing Ducat Place Phase III into Europe's first Trump Tower.
The force behind Trump's visit to Moscow was Ben LeBow, chairman of the board of Liggett-Ducat's U.S.-based parent company, Brooke Group Ltd. "Donald is the preeminent marketeer and developer in the world," said LeBow. "We want the best for Moscow -- and Donald's it."
Trump, as usual, is thinking big: He is visiting other potential sites in Moscow and said he is looking at building "beyond one" residential tower here.
Ronald Bernstein, the president of Brooke Overseas Ltd. and Liggett-Ducat Ltd., said other future projects are a possibility. "But we'll take it one at a time," he said.
Trump already has a track record for planning opulent business addresses, casinos and hotels -- and pulling them off. He was worth an estimated $1.7 billion in 1989 when his assets included New York's Trump Tower and fabled Plaza Hotel, but a market reversal found him with over $900 million in debt in 1991.
In recent years, he rode his three Atlantic City casinos back to fiscal health, and is now worth an estimated $450 million to $700 million.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.