Multifamily N Illinois

Wanda Vista Tower up for sale

Wanda Vista Tower up for sale,ph01

The 98-story Wanda Vista Tower, currently under construction in Chicago, is up for sale. According to a report by the Chicago Tribune, Dalian Wanda Group, the Chinese firm that has been developing the project in partnership with Chicago-based Magellan Development, has put the combination residential/hotel tower on the market, along with another development in Beverly Hills, CA.

If completed as originally planned, Wanda Vista would rise to 1,186 feet, making it the city’s third tallest, and offer 406 luxury condos, ranging from $1 million to $18 million, as well as a 205-room hotel. That hotel was to be under the Wanda Group name, but that is now in question. Wanda is currently building eight five-star hotels outside of China in the US, UK, France, Australia and Turkey.

Designed by Chicago-based Studio Gang, in collaboration with bKl Architecture, the $900 million building is sited along the main branch of the Chicago River in the Lakeshore East neighborhood.

Amidst a company restructuring, Wanda refuted reports last November that they were trying to unload five overseas assets, including Wanda Vista in Chicago. The company has unloaded other real estate projects in recent months as it faces increased Chinese government scrutiny into its business practices.