Trump tower plan slumps
Plans to build a 91-storey Trump Tower in the heart of Surfers Paradise have collapsed before the high-rise gained council approval.
In February, the David Young-led Altus Property Group announced it had signed a deal with the Trump organisation to build a Trump tower on Trickett Street on the former site of the now-demolished Iluka Resort.
The plan immediately sparked massive opposition with more than 50,000 people signing a petition opposing the project within weeks of its announcement.
Now Mr Young says the deal is off, saying the Trump name has grown increasingly toxic.
Reportedly, the Trump group has hit back, criticising the developer.
Meanwhile, no plans for the site have been lodged with the City of Gold Coast.
However, Altus Property Group is still spruiking the project on its website, saying the tower will be the “first ultra-luxury address” for “Australia’s iconic Gold Coast”.
“Framed by world-renowned beaches and the city’s celebrated coastal lifestyle, this landmark destination will deliver an exceptional residential and globally renowned hospitality and service experience unlike anything seen in Australia,” the company says.
Mr Young is a well-known property figure on the Gold Coast. Originally from Central Queensland, Young first rose to fame as the founder of Young Land Corporation.
Young Land Corporation was one of the many developers to collapse during the Global Financial Crisis. At the time of its collapse, Young Land had a potential development pipeline on its books of 2000 homes, but unfortunately could not raise the cash to repay the bank loans when property values fell.
Earlier this year, Mr Young said Surfers Paradise needed a dramatic overhaul.
“I live in Surfers Paradise, and it looks like a dump,’’ he wrote.
“It’s filled with crappy shops and nick-nack stores, and there’s a constant turnover of tenants as landlords try to claw as much rent as they can.
“Why is this happening? Surfers is one of those iconic parts of Australia that visitors like to see: Uluru, Sydney Opera House, Great Barrier Reef, Bondi Beach… and Surfers’ Paradise.
“We have this jewel on the Gold Coast: beautiful beaches, serviced by lots of hotel rooms and apartments, and filled with restaurants and bars. Even the Surfers Paradise surf lifesaving clubs are fantastic places to grab a meal and a drink. And yet we let the whole place become rundown and unloved?”
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