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.