Chicago high-rise will be city’s biggest Chinese deal so far
China’s largest commercial property company, Dalian Wanda, and a Chicago real estate developer on Monday announced they will build a $900 million skyscraper, the largest-ever real estate investment by a Chinese company in Chicago. retail space.
The companies did not say what percentage of the investment each of them owns.
Developers said the project would employ 2,000 construction workers and, eventually, 500 permanent, full-time employees in the completed building.
“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,” said Chicago Mayor Rahm Emanuel.
Dalian Wanda, owned by China’s richest man, Wang Jianlin, acquired US. movie theater chain AMC Entertainment in 2012 and owns buildings from Spain to Australia.
An executive for the Chinese hotel chain said the Chicago building would represent the company’s signature project.
“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.