Project to create construction jobs in Chicago
Posted on December 30, 2014
Beijing-based Wanda Group and Magellan Development Group have created a project that will help create construction jobs in Chicago.
The companies are building an 88-story mixed-use hotel, condominium and retail building at Lakeshore East on Upper Wacker Drive in Chicago. This marks one of the final steps to bringing the $900 million Wanda Vista project to Chicago.
The project is expected to break ground in 2016 and will create over 2,000 construction jobs and more than 500 permanent jobs. It will be the largest-ever real estate investment by a Chinese company in Chicago, and one of the largest in the United States.
The Wanda Vista project is Wanda Group’s first real estate investment in the United States. The architect agreement was signed today by Sean Muellers, Chief U.S. Representative for the Wanda Group, Joel Carlins, Co-Chief Executive Officer of Magellan Development Company, and Tom Kerwin, Founder and Principal of bKL Architecture LLC. This agreement follows the signing of a development agreement between the two parties on July 2014.
“Wanda’s decision to bring its first U.S. investment to Chicago is a major win for our city,” said Mayor Emanuel. “This $900 million project is an important investment in our city’s future – not only because of its size and scope, but also because of the thousands of jobs it will create and the impact it will have in solidifying Chicago’s place as a destination for international business, tourism and transportation.”
“The successful establishment of the joint venture with Magellan Development Group is Wanda’s first step into the U.S. real estate market. Furthermore, I sincerely believe that, when complete, the unique design and high quality of the Wanda Tower will provide Chicago skyline with a new landmark befitting the city known worldwide as the birthplace of the modern skyscraper,” said Wanda Group Chairman Wang Jianlin.
“Magellan is honored to be selected by Wanda as their first joint venture partner in the United States. We welcome them into the Lakeshore East neighborhood and Chicago. This is their inaugural project in the city and promises to be of a scale and stature worthy of future land marking. Few projects can make that claim, and we are proud to be a part of it. On behalf of my partners Jim Loewenberg and David Carlins, we appreciate Mayor Emanuel’s support, and look forward to working with Alderman Brendan Reilly, our residents and internal teams and partners as we move toward approval and groundbreaking.”