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'Trump Tower' Planned for Tel Aviv

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Real estate tycoon Donald Trump said on Sunday he will build a $300 million " Trump Tower" in Tel Aviv, his first investment in Israel in what would be the largest building in the country.

Trump , along with U.S.-based Crescent Heights Investments, will build the 70-storey tower of luxury apartments after paying $44 million to buy the current complex that houses the headquarters of food company Strauss-Elite, across from the Diamond Exchange, they said.

"We are developing a signature landmark property so impressive that it will set a new standard for luxury condominium living in Israel," Trump said.

"I am confident that Israel's future can only go one direction and that is up," he said, adding he had been negotiating to buy the site for a year.

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  " Trump Tower Israel will redefine the city's spectacular skyline and bring the level of sophistication and design that Israel deserves."

Copyright Reuters 2006.

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