China's Dalian Wanda To Build $900 Million Tower In Chicago

China's Dalian Wanda and Chicago's largest real estate developer Magellan Development Group have announced plans for a $USD900 million ($1.17 billion) skyscraper in the American city.

Builders will break ground within months on the Vista Tower, a 95-storey condominium and hotel complex that will be Chicago’s third-largest skyscraper.

The Vista Tower will house a 5 star hotel with approximately 200 hotel rooms, more than 400 condominiums and approximately 9,000-square feet of retail space. The building will stand at nearly 1,200 feet tall, spanning over Lower Field Drive with views to the river, lake and city. The building will be applying for LEED silver certification.

Designed by award-winning architect and Chicago native Jeanne Gang, upon completion Vista Tower will be the third tallest building in Chicago.

“The Vista Tower will be more than one of the tallest buildings in Chicago, it will stand tall as a testament to Chicago’s status as a global destination for investment, commerce and tourism,” Chicago Mayor Rahm Emanuel said. “This project will also create thousands of jobs, benefiting every neighborhood in the city of Chicago.”

“We are so honored to partner with the Dalian Wanda Group and to have the support of Chicago for this pivotal step toward making this project a reality for the city,” says David Carlins, President of Magellan Development Group.

“This fantastic project will greatly complement the Windy City and set new standards on a local level through investing in the community and better connecting Lakeshore East with the rest of the city. This multi-year project will bring many jobs to Chicago and help to amplify its vibrancy.”

Late last week a joint venture between affiliates of Magellan Development Group and the international Dalian Wanda Group finalised the purchase of the land where the Vista Tower, which includes Vista Residences and the Wanda Vista Hotel, will rise. The acquisition was the final major step before construction on the project can begin.

The tower will include 406 residential units and the five-star Wanda Vista hotel, stands to be one of the most innovative residential developments to date.