Jared Kushner and his partners are eyeing a significant redevelopment project in Belgrade, Serbia, a move that mirrors Donald J. Trump’s interest in the same location a decade earlier. This project also aligns with a proposal from a senior aide now collaborating with Kushner, highlighting a continuous interest in the site.
Kushner’s team has struck a preliminary deal with the Serbian government. This deal would give Kushner’s investment firm a 99-year lease on the site of the former Yugoslav Ministry of Defense in Belgrade, which suffered damage during NATO’s 1999 bombing. The lease, surprisingly, comes at no cost. In return, Kushner plans to erect a luxury hotel, apartment complex, and a museum on this historic site. A Serbian official shared a draft outline of this agreement with The New York Times.
Before his presidential campaign, Trump had expressed a desire to construct a luxury hotel on this very site. His team even visited Belgrade to assess the potential for development. However, the project did not materialize before his election, and Trump pledged not to pursue new foreign deals once in office.
Yet, the idea of redeveloping the site resurfaced within Trump’s circle. Richard Grenell, appointed by Trump as a special envoy in the Balkans, advocated for a similar redevelopment plan. He pushed for American investment to revitalize the Belgrade location while still serving as an American diplomat in 2020.
Kushner, in a recent interview, stated he was unaware of Trump’s previous interest in the Belgrade project and had not discussed it with him. Representatives for Trump did not comment on Kushner’s current efforts or Trump’s past interest in the development.
Grenell, now working with Kushner on the new development deal, played a significant role in persuading Kushner to consider the Belgrade investment. As a special envoy, Grenell facilitated economic talks between Serbia and Kosovo, aiming to improve relations between the two countries.
The collaboration between Grenell and Kushner on this project, especially as Trump considers another presidential run, raises questions about potential conflicts of interest. Kushner confirmed his firm is pursuing the deal in Serbia and luxury real estate projects in Albania, expecting to finalize agreements soon.
This overlap of official duties and business pursuits echoes similar actions by former Treasury Secretary Steven Mnuchin and Kushner in the Middle East after leaving office. Both secured significant investments from Middle Eastern governments following their diplomatic engagements in the region.
Kathleen Clark, a law professor specializing in government ethics, pointed out that the Serbian project could pose a conflict of interest if Trump were re-elected. She emphasized that foreign policy should be guided by national interest, not financial benefits to a president’s family.
In 2020, Grenell’s push for the redevelopment of the Belgrade site followed a White House visit by Serbian President Aleksandar Vucic, who praised the economic progress made under Grenell’s guidance. Trump also lauded Grenell’s efforts, suggesting they were a testament to the success of his administration’s economic policies.
Grenell’s ambition to strengthen U.S.-Serbia relations was evident during his tenure as envoy. He developed close ties with Serbian officials, including Vucic and Serbian Finance Minister Sinisa Mali, who reportedly played a role in approving the Kushner hotel deal.
After Trump’s presidency, Grenell returned to Serbia and Albania to promote development projects now pursued by Kushner’s company. The draft agreement includes an option to transfer the property to Kushner’s partnership free of charge after the construction of the hotel and residential units.
Kushner, in discussing the project, highlighted the encouragement he received from Grenell and the significance of an American company rebuilding a site bombed by NATO. He stressed the importance of acting within legal and ethical boundaries, given his high-profile position and family connections.
The proposed redevelopment in Serbia is part of Kushner and Grenell’s broader efforts in the Balkans, with negotiations for additional projects underway. Kushner remains hopeful for the finalization of these deals, emphasizing the need for transparency and adherence to ethical standards in his business dealings.