Wanda Group making largest-ever real estate investment in Chicago

Wanda Group

We caught wind of this back in 2014, but further information is now out about Dailan Wanda's big-time real estate investment in Chicago that includes a hotel portion.

As Reuters writes, China's Dalian Wanda along with real estate developer Chicago-based Magellan Development Group are building a $900-million skyscraper, the largest-ever real estate investment by a Chinese company in Chicago.

Construction will reportedly will break ground this summer on the Vista Tower, a 95-story condominium and hotel complex that will be Chicago's third-largest skyscraper.

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Magellan and Wanda completed the land purchase for the building, which will have 406 residential units and a 200-room Wanda Vista hotel, last week.

There is no word of the investment split between the two companies.

"This is a very important day, a significant day for the city of Chicago, and allows us to continue to be the destination for major international investment that creates jobs here," Chicago Mayor Rahm Emanuel told reporters at a news conference.

"It's the perfect city to showcase our capabilities," Eddy Tiftik, Wanda hotel's deputy general manager for overseas development, said in a statement. "We have been the market leader everywhere we have opened. We have practiced this. We know it works, and we are ready to present our concept to America."

The building will be located near Chicago's Lake Michigan shoreline at the end of the city's Upper Wacker Drive, south of the Chicago River.

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