First Development in the History of Puerto Rico to Obtain Fundamental Approval
Rio Grande, Puerto Rico (May 19, 2009) Further establishing itself as a leading development in the Caribbean, Trump International Golf Club & Residences Puerto Rico (TIPR) has achieved another major milestone by securing the New York State Attorney General Andrew M. Cuomos approval of the offering plans for the Beach and Golf villas at the resort. With this in hand, TIPR can begin its sales and marketing efforts in New York and stands apart as the first development in Puerto Rico to ever obtain this important authorization.
Eric Trump, Executive Vice President of Development and Acquisition at the Trump Organization states, This is a key accomplishment for Trump International Golf Club & Residences Puerto Rico. I am thrilled that we can begin selling in Trumps home state and excited that we can officially bring this spectacular project to the many New Yorkers who know and love both Puerto Rico and the Trump brand.
After several months of working closely with the Puerto Rico Tourism Company and compiling all the detailed information necessary for the Attorney Generals consideration, today we are very proud to be the first and only development on the island to have the New York Attorney Generals approval states propertys developer Jorge L. Diaz of Empresas Diaz. The credibility of the Trump name combined with our impressive plans for the development is what allowed us to achieve this fundamental approval.
A requirement to promote and sell real estate directly to New York residents and brokers, the offering plan must be approved by the New York Attorney General, who sets out the rules of how a developer may proceed with sales and marketing efforts in the state. Application for such an approval was not allowed for properties in Puerto Rico until last year as there are several strict rules relating to the type of tourism offerings available on site. TIPR has all the components to fulfill the requirements and currently is the only development on the island to achieve it.
Craig Studnicky of International Sales Group is the Director of Sales for the project and explains, Now that we have the approval, we are planning a series of marketing initiatives in New York which include events with brokers as well as with current and potential buyers. This is also perfect timing as we are now providing amazing financing offers to buyers - a great incentive in todays difficult market, he adds. Weve already received a lot of positive feedback and anticipate an overwhelming response from the New York market.
In addition to the existing 36-hole Tom Kite golf course, all of the 56 Founder Residences at TIPR are fully built and the 10-acre Beach Club is well underway with completion scheduled for mid 2011. By fall/winter of this year, construction will begin for the Golf Villas followed soon thereafter by the Beach Villas.
~ Trump International Golf Club & Residences Rio Grande, Puerto Rico ~ Spread over one thousand lush acres directly on the Atlantic Ocean and at the foothills of the world famous El Yunque Rainforest, Trump International Golf Club & Residences is located just minutes outside of San Juan. This landmark residential community will showcase 500 exclusive residences at its completion comprised of Founders Residences, Estates, Golf and Beach Villas. Additionally, the property will boast a 10-acre Beach Club, which will be the largest in the Caribbean, featuring tennis facilities, Trump Tranquility Spa, superb international cuisine, bars, glistening swimming pools, and fitness centers, complementing the Tom Kite designed 36-hole championship golf course. This prestigious property, is being developed by Empresas Diaz, Inc., the construction conglomerate in Puerto Rico. This project is sold exclusively through International Sales Group; for sales information, please contact 1-877- 4 TRUMP-5 (1-877-487-8675) or visit www.TrumpPuertoRicoResidences.com.
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Media Contact: Sabrina Lacle, Senior Director, AMG PR Works (305) 856-8004 ext. 309 or Sabrina@amgwagency.com
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