American property tycoon Donald Trump has revealed plans for a new office and residential complex in Rio de Janeiro.
The project will lead to the construction of five 38-floor skyscrapers, each being 150 metres in height, worth between R$5 billion and R$6 billion
Construction on the first two towers will begin during the second half of 2013 and be completed in time for the 2016 Olympic Games.
The complex will be the largest investment in corporate offices in the BRICS (Brazil, Russia, India, China, and South Africa).
Executive vice president of the Trump Organisaion, Donald Trump Jr said in a press release: “We are incredibly excited to announce Trump Towers Rio. Brazil is an extremely important market for us, and one that we have been looking forward to entering into.”
The announcement marks a change of heart for the American magnate, who in 2003 secured the world’s fastest business deal with Brazilian entrepreneur Ricardo Bellino; the deal only took three minutes.
Despite agreeing a deal worth $100 million, the plans for a luxury condominium in São Paulo fell apart after three years.