In the last decade, more than 400 condominium towers of 14 storeys or more have been successfully built in Toronto, according to records at City Hall. Among those, the half-dozen industry insiders and analysts interviewed for this story could identify only one that went bankrupt after completion: the Trump International Hotel and Tower Toronto. In the end, every investor lost money on Toronto’s Trump Tower. Everyone except Trump, who walked away with millions.
The tower remains 75% empty.
Today, more than five years after the Toronto tower opened, the skyscraper on Adelaide St. remains three-quarters empty, current property records show. Last fall, the tower’s development company, Talon International Inc., went bankrupt, unable to repay more than $300 million owing on the construction loan. While the tower’s new owners have removed Trump’s name, the full story of who partnered with Trump to build in Toronto has never been told.
Trump didn't invest anything in the building but still pulled out millions of dollars.
“Trump never put money in; he just took money out,” said John Latimer, a former Toronto developer who worked briefly for the project.