Chicago is gearing up for the addition of one more building to its skyline, only this one plans to be just as pronounced as the Willis Tower and the Trump International Hotel and Tower.
Mayor Rahm Emanuel announced today that construction on the 95-story Vista Tower, otherwise known to be the city’s third tallest building when complete in 2020, will begin this summer in Chicago’s Lakeshore East.
The project, designed by award-winning architect and Chicago native, Jeanne Gang, is expected to create more than 2,000 construction jobs and more than 500 permanent jobs. It will also be the largest real estate investment ever by a Chinese company in Chicago and one of the largest nationally.
A joint venture of Magellan Development Group and the Wanda Group finalized the purchase of the land last week. This marked the final major step before construction on the project commenced.
Built to stand at nearly 1,200 feet tall at the corner of Upper Wacker Drive, the tower will have 406 apartment units, a five-star Wanda Vista hotel made up of approximately 200 hotel rooms, and roughly 9,000 square feet of retail space. The building will be seeking LEED silver certification.
Eddy Tiftik, Wanda Hotel’s deputy general manager for overseas development, said Chicago is the perfect city for the firm to showcase its capabilities.
“We have been the market leader everywhere we have opened,” he said. “We have practiced this, we know it works, and we are ready to present our concept to America. In my personal opinion, Chicago is amazing. It will be our signature project.”