Trump`s son-in-law intends on redeveloping NATO-blasted constructions
Date
5/19/2024 8:44:35 AM
(MENAFN) Former White House aide Jared Kushner, alongside another former trump administration official Richard Grenell, has struck a deal with the Serbian government to transform a former military complex, bombed by NATO in 1999, into a lavish hotel. The Serbian government signed a 99-year lease agreement with Affinity Global Development, a firm associated with Kushner, to undertake the ambitious project, expected to cost around $500 million.
Under the terms of the agreement, the heavily damaged former Yugoslav army headquarters will be revitalized into a luxury hotel, marking a significant step towards the revitalization of the area. The investment firm, backed by notable entities like Saudi Arabia's sovereign wealth fund, plans to integrate the hotel development with apartments, retail spaces, and a memorial honoring those who lost their lives during NATO's bombing campaign.
The initiative stems from Grenell's proposal during his tenure as a special envoy to the Balkans in 2019, suggesting that United States investors take part in the redevelopment of the bombed-out army complex. This venture aligns with Kushner's broader strategy, which includes similar luxury hotel projects in neighboring Albania, aimed at bolstering Belgrade's status as a leading international destination.
Moreover, the agreement outlines provisions for profit-sharing between Affinity Global Development and the Serbian government, with the latter retaining ownership of the site. Additionally, stringent timelines have been set, with the government reserving the right to terminate the lease if the development fails to meet the specified completion deadlines. This ambitious undertaking not only promises economic revitalization but also seeks to commemorate the historical significance of the site while transforming it into a modern hub for hospitality and commerce.
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