Trump's Next Project: Reopening New York's Tavern on the Green

Donald Trump is looking to reopen New York's famous Tavern on the Green restaurant, which had been a Central Park icon for 75 years before closing on New Year's Day in 2010.

Trump's company already has reached an agreement with the New York Hotel and Motel Trades Council, a union which represents about 400 of the Tavern's former employees, to operate the restaurant, Ron Lieberman, Trump Organization's vice president for special projects, said Thursday.

New York City previously granted Dean Poll, who operates Central Park's Loeb Boathouse restaurant, a license to take over the Tavern, but Poll failed to reach an agreement with the union, according to Lieberman.

If he's successful, Trump, who already operates two skating rinks in Central Park, would be taking over a restaurant that reportedly grossed $38 million in sales one year. His company is willing to invest as much as $20 million to reopen the restaurant, Lieberman says, estimating that upgrades to the restaurant would take about a year to complete.

"Donald decided that this is such a great iconic New York restaurant and that he would be just the right person to return it back to its glory," he says.

But before the Tavern can reopen its doors, Trump will have to reach an agreement with the city. The restaurant had been operating as a city concession. Mayor Michael Bloomberg said the city will "take a look" at having Trump reopen the restaurant, The Associated Press reported Thursday.

Trump Entertainment Resorts (TRMPQ), which owns Atlantic City's Taj Mahal and Trump Plaza hotel-casinos, filed for Chapter 11 in early 2009 and emerged from bankruptcy last July.