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Dalian Wanda, partner to build $1B Chicago tower

is on track to build the third-tallest tower in Chicago and set the record forthe "largest-ever" property investment by a Chinese company in theWindy City.

TheCity of Chicago said in a release that Dalian Wanda Commercial's parentcompany, Dalian Wanda Group Co. Ltd., and Magellan Development Group plan tolaunch the construction of the 95-floor Vista Tower this summer.

Ajoint venture between affiliates of Dalian Wanda Group and Magellan DevelopmentGroup recently finalized the purchase of the site for the project.

Thenearly 1,200-foot tall tower will feature a five-star Wanda Vista Hotel witharound 200 rooms, Vista Residences with 406 condominium units and approximately9,000 square feet of retail space.

Crain's Chicago Business said that work on theproject is expected to take four years, and the partners are expecting to pour $1billion into the scheme.

MagellanPresident David Carlins, meanwhile, was reported by the publication as sayingthat about 20% of the condominium units at the development are under contractfrom buyers.