Chicago’s highest-profile project is reportedly up for sale according to multiple news outlets. As first reported by Bloomberg News, prominent Chinese developer Dalian Wanda Group is seeking buyers to assume its 60% ownership stake in the mesmerizing new Vista Tower near the city’s lakefront, along with the $900 million Vista hotel and condo development in Beverley Hills, California.
According to the reports, the sell-off seems to be directly tied to Chinese regulators cracking down on risky offshore spending rather than current market conditions or the long term outlook for what will undoubtedly be one of Downtown Chicago’s premier residential high-rises.
It’s estimated that Wanda’s investment between the California project and Vista Tower here in Chicago is a combined $2.1 billion, and the company is also looking to sell-off real estate developments in both London and Australia as well.
Construction for Vista Tower is of course well underway, and once finished, it’ll be Chicago’s third tallest skyscraper.