Reporters from Univision and Columbia Journalism Investigations have looked into Trump deals in Cap Cana, in southern Punta Cana after the organization is reportedly reviving a folded 10-year old real estate relationship in Cap Cana.
The participation of Trump in a new deal in the tourism and residential development is making headlines. Behind it all is a Ministry of Tourism authorization for the construction of high rises in the Punta Cana area, a step back from land use regulations that have capped heights in the area to around the height of a coconut tree. The change is opposed by the National Hotel & Tourism Association (Asonahores).
Trump had promised not to pursue any new overseas business deals while in office but, recently Fast Company reported that “the Trump Organization is close to an agreement in the Dominican Republic with a developer to partner on a project on the east coast of the island.”
The project is reportedly a partnership between the Trump Organization and local island developer, Cap Cana Group. According to Fast Company, the Cap Cana Group, was given permission to build 17 towers, which would increase the height restrictions of buildings along the coast, something that is causing controversy locally.
The Univision and Columbia Journalism Investigations reporters look into the past losses of investors in the failed Trump Farallon Estates development in Cap Cana as well as the participation of the Dominican government bank, BanReservas in this and other past luxury residential deals.
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5 March 2018
