US magnate Donald Trump will invest in the construction of a residential and office complex in the run-down port zone of Brazil's second-largest city, his business conglomerate has announced.
The Trump Towers Rio, each 38 storeys high, will have floor space totalling 332,000 square metres.
At a press conference attended by the magnate's son, Donald Trump Jr, and Rio Mayor Eduardo Paes, it was explained the project would include pedestrian tunnels, bicycle paths and the rehabilitation of 700 kilometres of urban infrastructure, including sewers, public lighting, natural gas piping and a new fibre optic network.
The initiative, under Rio's port zone revitalisation program, is part of the city's work to prepare for the 2016 Olympic Games.
In addition to the Trump Organisation, MRP International, hedge fund Salamanca, Brazilian construction firm Even and Caixa Economica Federal, Brazil's No 2 state-owned bank, will also participate in the project.
MRP International in Brazil president Stefan Ivanov said building of the first two towers would start in the second half of 2013, while the construction of the others would be accelerated "depending on the demand," as well as how "the market ... is going to be defined" in terms of pricing the properties.
This is the first initiative by the Trump Organisation in Brazil, and Trump Jr, its executive vice president, said the company was keeping the country in its sights with an eye toward expanding its hotel empire.