WASHINGTON, DC-The General Services Administration and Donald and Ivanka Trump have come to terms on a 60-year lease deal for the Old Post Office Pavilion property here.
The deal clears the way for the Trumps to build a 275-room luxury hotel at the site on Pennsylvania Avenue, NW that should open in late 2015 or early 2016, according to the Washington Post. Construction on the project could begin in the first quarter of 2014. The deal now goes before Congress for a 30-day waiting period, although the agreement does not require Congressional action.
“This is our project. It will be all Trump equity,” Ivanka Trump said in a interview with the newspaper. “We have no equity partners. And that makes sense for us, given that our intentions are to hold the asset in the long term. Having the asset without partners allows us to do that. We view this and have always viewed it as a generational asset.”
“Redeveloping the Old Post Office with a private sector partner will save millions of taxpayer dollars while restoring a unique and important historic asset,” said Dan Tangherlini, acting administrator for the GSA, in a press release. See story in the Washington Post.
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