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Ontario Municipal Board Final Decision Allows $500 million Trump Toronto Project to Soar to 70 Stories

Toronto, November 24 (ots/PRNewswire)

The Ontario Municipal
Board (OMB) granted their final decision and allowed Talon
International Development Inc., developer of the Trump International
Hotel & Tower, Toronto, permission to proceed with the development
and increase the tower height by two additional floors. Canada's
tallest luxury mixed-use residential and hotel condominium will now
soar 70 stories above Bay and Adelaide Streets.
The OMB concluded that the project - previously approved by City
Council - was suitably located and designed for the site. As noted by
the OMB in its decision, "if there is an area where skyscrapers with
wondrous architecture are to be showcased, this area is pre-eminently
suitable."
Mr. Stephen Diamond, a partner at McCarthy Tétrault LLP, was
pleased not only with the result, but also that objections filed by
the neighbouring landowners, The Bank of Nova Scotia and The National
Club, had been resolved prior to the hearing. "Both Scotiabank and
The National Club wanted assurances that the project would be
designed to the highest quality, and in particular, that the hotel
component would be designed and run as an internationally recognized
five-star property," Mr. Diamond explained. The 70-storey project
approved by the OMB permitted the hotel component to expand to ensure
that the amenities that define superior quality, luxury and service
can meet those standards.
"This decision represents history in the making," said Val
Levitan, President & CEO of Talon International Development Inc.
"There will never again in our lifetimes be an opportunity like this
to create this type of spectacular trophy real estate," he said.
"Everyone on the team recognizes that we are participating directly
in shaping the future of one of the world's most livable, vibrant
cities." Adds Mr. Diamond, "this is a landmark project, which will
act as a catalyst to continue Toronto's further development in the
City's core-linking the core with the waterfront and the Queen Street
area to the west."
Located in the heart of Toronto's financial and entertainment
districts, the $500-million, 70-storey Trump International Hotel &
Tower, Toronto will be the tallest residential building in Canada
when completed.
Hotel condominium suites start at CAD $662,000 and residential
suites start at CAD $1.6 million.
About the Development
Trump International Hotel & Tower, Toronto, is a joint venture
between Donald J. Trump and Talon International Development Inc.
Located at the corner of Bay and Adelaide in the heart of Toronto's
financial district, the Tower will be the tallest and most luxurious
residential building in Canada at 70-storeys and over 1,000 feet
high. The property features 265 luxury hotel guestrooms and 109
residential condominiums available for purchase. The building was
designed by the renowned Toronto-based firm of Zeidler Partnership
Architects and will be built by EllisDon, one of the world's most
innovative construction services firms.
The Trump Organization specializes in five-star real estate
development and will operate and manage the hotel. The project will
be the Trump Organization's fourth Trump International Hotel & Tower
and the first outside the United States. Talon is a Canadian-based
investment company whose shareholders have holdings in a variety of
industries ranging from natural resources to high technology to real
estate development throughout Canada, the United States and the
United Kingdom.
Detailed fact sheets and electronic images are available at
www.trumptoronto.ca

Contact:

For further information: please contact Barry Landsberg, Trump
International Hotel & Tower, Toronto, +1-905-417-3507