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Beijing-based Wanda Group and Magellan Development signed an architect agreement to build $900M, 88-story Wanda Vista (hotel, condo, retail) in Lakeshore East, the largest investment by a Chinese company in Chicago, the City reports.
Designed by Bisnow Power Woman Jeanne Gang’s Studio Gang Architects with bKL Architecture, the tower could be the city’s third-tallest, Curbed writes, though updated designs have cut it from 89 floors to 88. (An updated rendering is pictured.)
Magellan Development is Wanda’s first US JV partner, and CMO Robin Loewenberg Tebbe (another Bisnow Power Woman) tells us the firm has built 21 mixed-use communities and 7,000 residences in downtown Chicago. Its JV with Wanda will be the biggest condo project the city has seen in years, perhaps a sign of things to come as rental rates continue to shoot up and Millennials consider homeownership.
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