Believe it or not, it's been nearly 6 months since we first heard about a possible new development coming to Chicago's New Eastside neighborhood, but this past week, chatter about what could very well change Chicago's skyline has started to pick back up, and what's being said is rather excitng on a number of different levels.
Back in July, details were still a little hazy about what could become the Windy City's 3rd tallest building, but as the Chicago Triune reported yesterday, plans for this massive new downtown high-rise, now being called Wanda Vista, are starting to become a bit more focused.
The developers behind the project, The Wanda Group and Chicago-based Magellan Development Group, certainly have an ambitious plan for the New Eastside site, which would involve a five-star hotel with roughly 250 rooms, 390 condominium residences, and around 9,000 square feet of retail space. And aside from it's planned height of 1,148 feet, or 88 stories, it's spectacular design will only add to downtown Chicago's architectural allure.
Backing from the city also looks promosing, as Mayor Rahm Emanuel's office seems encouraged about what would be the largest real estate investment by a Chinese firm in Chicago, and also one of the largest in the U.S. Additionally, it's reported that the project would likely generate 2,000 constuction jobs, which is yet another testament of how large this project could be for the city.
If all goes according to plan, groundbreaking could begin as early as 2016 for the new Wanda Vista Hotel and Residences.