U.S. magnate Donald Trump will invest in the construction of a residential and office complex in the run-down port zone of Brazil's second-largest city, his business conglomerate announced Tuesday.

The Trump Towers Rio, each 38 stories high, will have floor space totaling 332,000 square meters (3.5 million square feet).

At a press conference attended by Donald Trump Jr., the son of the magnate, and Rio Mayor Eduardo Paes, it was explained that pedestrian tunnels, bicycle paths and the rehabilitation of 700 kilometers of urban infrastructure, including sewers, public lighting, natural gas piping and a new fiber optic network are to be included in the project.

This initiative is part of the program to revitalize Rio's port zone, and it forms a portion of the works the city is undertaking as it prepares to host the 2016 Olympic Games.

In addition to the Trump Organization, participating in the project will be MRP International, hedge fund Salamanca, Brazilian construction firm Even and Caixa Economica Federal, Brazil's No. 2 state-owned bank.

The president of MRP International in Brazil, Stefan Ivanov, said that the first two towers are scheduled to be built starting in the second half of 2013, while the construction of the others will be accelerated "depending on the demand," as well as how "the market ... is going to be defined" in terms of pricing the properties.

This is the first project by the Trump Organization in Brazil and Trump Jr., the executive vice president of the company, said that they are keeping the country in their sights with an eye toward expanding their hotel empire. EFE