A consortium including the Trump Organization is proposing an extensive office tower project in Rio de Janeiro in order to capitalize on the city's Olympic revitalization. The development would feature six 50-story waterfront skyscrapers in the city's central port district.
A proposal submitted to the Brazilian government earlier this year outlines a project with 322,400 square meters of office space, valued at BRL5 billion (US$2.5 billion).
Although they have not yet acquired the land from the Brazilian government, the consortium hopes to complete Rio Towers before the start of the Olympic Games in August 2016, according to the Wall Street Journal.
The potential site of Rio Towers belongs to the Port Authority of Rio de Janeiro. "Negotiations with the federal government haven't advanced much," a municipal spokesperson told the Journal.
“The [revitalization] initiative, called Porto Maravilha, or Wonderful Port, was inspired by similar projects in Buenos Aires, Hong Kong, London, and Barcelona,” the Journal reported. “Begun in 2009, the Porto Maravilha initiative seeks to invest BRL3.5 billion ($1.7 billion) of public funds in overhauling the port district's infrastructure, also hoping to facilitate private development efforts such as Rio Towers.”
Rio de Janeiro's downtown office vacancy rate stands at 1.6 percent, which is attracting developers, the paper said. The consortium also anticipates benefits “from the positive medium to long term growth of the Brazilian economy, which continues to be one of the few large and fundamentally strong economies, as well as the improvement of the economy of Rio de Janeiro coming from the large discoveries of oil off of its coast.”