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(photo credit: Courtesy Photo)
Real estate tycoon Donald J. Trump and Miami, Florida based Crescent Heights said Sunday they completed the purchase of the property earmarked for their planned "Trump Tower Israel" luxury apartment complex in Ramat Gan.
The buyers paid Strauss-Elite $44 million for the property and are planning to spend a further $256m. on construction of the tower, bringing the total investment in the project to $300m.
"I am confident that Israel is only heading in one direction, which is up," Trump said in a press release, adding that his edifice would bring the "level of sophistication and design that Israel deserves."
The planned building will be 70 floors high and will be comprised of "prestigious" luxury apartments. It will be the tallest tower in Israel once completed.
Crescent Heights spokesman Brian Dochman said Trump was renowned as an "international icon who sets new standards of elegance in every city that he [develops] in."
The site of the proposed tower is next to Migdal Aviv in Ramat Gan, and is one of two Israeli projects in which Trump is involved. In December plans were announced for Trump to construct a $500m. hotel complex in Netanya.