Wanda Group to build Chicago’s third-tallest building

9 July 2014 (Last Updated July 9th, 2014 18:30)

China-based Dalian Wanda Group will invest $900m to build Chicago's third-tallest building.

DWG

China-based Dalian Wanda Group will invest $900m to build Chicago's third-tallest building.

The 350m-high skyscraper will be located at the Lakeshore East development area in downtown Chicago, and will share a close proximity with Theatre District, Museum Campus and Michigan Avenue.

The 89-storey mixed-use development will have a gross floor area of 131,400m² and will house a 240-room five-star hotel, apartments and a commercial centre.

Wanda Group chairman Wang Jianlin said that investing in Chicago property is Wanda's first move into the US real estate market.

"Within a year, Wanda will invest in more five-star hotel projects in major US cities like New York, Los Angeles and San Francisco," Jianlin said.

Jianlin recently invested €265m in the purchase of Madrid-based Edificio Espana, which will be converted into a hotel and a property in London.

The company is planning to invest in further multi-million dollar projects in Australia.

Jianlin said: "By 2020, Wanda will have Wanda branded five-star hotels in 12 to 15 major world cities and build an internationally influential Chinese luxury hotel brand."

The Chicago project is the company's third overseas five-star hotel project. Wanda made the investment by purchasing a 90% stake in the project, with the remaining 10% being owned by Magellan Development Group.

Construction of the tower is expected to begin later this year and is to be completed in 2018.


Image: Wanda Group's new tower will be located on Wacker Drive east of Michigan Avenue, Chicago. Photo: courtesy of Wanda Group.