The construction of the Trump Tower project in Batumi has been officially cancelled.
The developer of the project, Silk Road Group reported regarding this in a joint statement with the Trump Orgnization.
“The Trump Organization and Silk Road Group (SRG) jointly announce their decision to formally end the development of Trump Tower, Batumi, a residential condominium in the Republic of Georgia under the license agreement executed in March 2011. As such, the Trump Organization continues to hold SRG and the Republic of Georgia in the highest regard. SRG, in turn, is grateful to the Trump Organization for the time and attention they have dedicated to this project and fully understands the circumstances and accepts this request. Going forward, SRG plans to build a luxury condominium tower along the Georgian Black Sea coast in Batumi and is confident that this spectacular project envisioned by Mr. Trump during his visit to the Republic of Georgia in 2012, will strengthen Georgia’s bid to become a global destination.”, reads the joint statement.
On April 22, 2012 an unveiling of the first Trump tower in the region [Caucasus] was held in Batumi. The unveiling was attended by the then president of Georgia, Mikheil Saakashvili and Donald Trump. The Silk Road Group put forward the idea of building a Trump Tower in Batumi initially.
The total expected cost of the 47 - floor Trump tower was 250 million US dollars. The apartments were marketed for high - income earners.
On December 16, ABC reported that in order to avoid conflict of interests, the president - elect has chosen to withdraw from certain business relations.