Trump resurrects plan for luxury tower in Toronto

Real estate mogul Donald Trump is taking another stab at building a 68-storey luxury hotel and condo tower in downtown Toronto two years after his first attempt ended in failure.

The $500-million Trump International Hotel and Tower is being billed as the tallest mixed-use residential and hotel building in Canada. It will be 308 metres (1,012 feet) high.

The first 34 floors will include 229 five-star hotel rooms and suites. The upper floors will include some of the most expensive condominiums in Canada with the most expensive penthouse topping out at $18 million.

In 2001, the Trump Organization announced it would develop the Toronto Trump tower in conjunction with the Ritz Carlton hotel group. The deal fell apart the following year after the luxury hotel chain pulled out.

At the time, some analysts expressed doubt that the Toronto market could support a development that upscale, pointing out that the $800-a-square-foot cost of the condos was much higher than what most luxury condos were selling for.

Trump sounds supremely confident this time around. "Toronto real estate is undervalued when it is compared to other leading cities in the world," he said in a release.

"It is only going to increase in value. That is why this is an excellent investment for those who buy a condominium residence or hotel suite," Trump said.

The Toronto Trump Tower is a joint venture between Trump and Talon International Development. Talon describes itself as a Canadian investment company with holdings in the shipping, metallurgy and high technology fields.