The US$4.9bn project to build a Trump International Hotel and Tower in Manhattan will begin construction in January 2019 and be finished in 2021, the US Federal Housing Administration (FHWA) has announced.
The Trump Tower will be built on 1,500 acres of land in Manhattan’s Upper East Side, near the site of the Trump Taj Mahal casino and hotel.
The building will be the tallest skyscraper in New England, with the highest retail floor in the world, the Trump International’s main tenant, the American Airlines terminal building, which is also due to open in 2021.
The project is expected to be completed in 2024.
“We’ve worked with our counterparts at FHWA to provide a strong timeline for completion of this project,” Donald Trump Jr, the president’s eldest son, said in a statement on Monday.
He added that the development was “an important step in the construction of our first international property in the United States”.
The development will add to a number of projects already under construction across the United State and Europe.
The New York Times reports that Trump has already received a $2.6bn federal loan guarantee to build the project.
A $2bn loan guarantee, which was approved by the US Congress in July, has already been paid off.
However, a similar loan guarantee is also available to developers who want to build Trump Tower apartments on nearby land.
“The Trump Tower is the crown jewel of New York City’s skyline, with a grand, imposing, and iconic façade, a soaring glass facade and towering penthouse suite,” FHSA said in announcing the loan guarantee.
“It will be a historic landmark that will mark the pinnacle of the city’s development and transform the skyline.”
A statement from the project’s developer, developer Richard Branson’s Virgin Group, said the project was a “first in US real estate history”.
“The completion of the project will be heralded as the largest and most comprehensive US development to date,” the statement said.
“Its impact will be felt in the thousands of new jobs, retail and residential space, and will transform the Manhattan skyline, and bring new life to the iconic landmark.”
Trump Tower, completed in 2017, is the tallest building in the US and the fifth-tallest in the Western Hemisphere.
The property is owned by Branson, the owner of Virgin Group.
The development’s location in the historic area is not a problem for FHPA.
“There are a number areas in the area where the Federal Housing Agency has issued a significant number of permits to developers for construction, and those areas include the area of the building where Trump Tower currently stands,” FHA deputy commissioner Stephanie Miller told the Times of Indian.
“If we were to issue a permit for a developer to construct a Trump tower, it would have to be in that specific area.
It is not required, because there is no specific federal permit issued to the developer.”
However, there are many areas in New Jersey and New York State where developers can build buildings taller than 20 storeys.
FHHA officials have warned that Trump’s plans to build on land that FHCA has approved for development for the project could create challenges for existing construction on existing land.
A number of developers have been considering building on the land for construction of the hotel and hotel project.
The FHRA has said the Trump Tower’s location on a prime commercial street would create potential challenges for local residents.
“Trump Tower will create opportunities for developers to construct on the prime commercial corridor of Manhattan in a way that is not only compatible with existing land-use plans, but also is in alignment with the development of the adjacent area,” the agency said.