Operations

Trump Offers Comp Limousines to Attract Buyers

Posted on August 17, 2005 by LCT Staff - Also by this author - About the author

TORONTO, ONTARIO – Donald Trump, building his first residential condominium in Toronto, is offering 24-hour access to chauffeured Mercedes-Benz S-Class sedans and a chef for parties as incentives to attract buyers. The New York-style amenities may help the 70-story Trump International Hotel & Tower stand out, said Barry Landsberg, marketing director for the project.

”That's very unusual for Toronto," said Marisha Robinsky, a real-estate agent for Sutton-Granite Hill Realty Inc. in the city. Robinsky said developers usually offer kitchen appliances, parking spaces or access to compact cars as incentives. “The standard perks are becoming more common." Trump, 59, is taking advantage of a surge in demand for city apartments. About 50,000 to 60,000 people will move downtown this year, Toronto developer Harry Stinson said in an interview. Stinson made headlines in the Toronto Star and the National Post with plans to build the 88-story Sapphire Tower hotel and condominium a few blocks away from Trump's building.

At least six Toronto properties are selling units at up to $1,000 (Canadian dollars) a square foot, or about $2.2 million (Canadian dollars) for a two-bedroom apartment, according to SimplyCondos.com real-estate agent Laurie Hanes.

“We're rapidly becoming Manhattan," said Hanes, who described Trump's incentives as “smoke and mirrors." Trump's plans for Toronto were delayed by four years as he switched financial backers and designs. The site in Toronto's financial district will round out Trump's collection of buildings, bolstered by his construction of a 92-story hotel-condominium tower in Chicago that's slated to open in 2008.

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