Posted Nov 20, 2015, 3:51 AM
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MPLSXCHI
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Join Date: Feb 2014
Location: Omicron Persei 8
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Chicago Plan Commission approves tower that would be city's 3rd tallest
Blair Kamin-Contact Reporter
Chicago Tribune
November 19, 2015, 8:20PM
Quote:
Plans for a $1 billion hotel and condominium tower that would be Chicago's third tallest skyscraper easily won approval Thursday from the Chicago Plan Commission.
At 1,186 feet, about 40 feet higher than previously announced, the glass-sheathed Wanda Vista Tower, designed by noted Chicago architect Jeanne Gang, would supplant the 1,136-foot Aon Center as the city's No. 3 tower by height. It would rank behind only the 1,451-foot Willis Tower and the 1,389-foot Trump International Hotel & Tower.
"This is going to be an iconic tower in the heart of downtown Chicago," said Ald. Brendan Reilly, 42nd, before the vote, which amended an agreement governing development in the Lakeshore East area near the Aon Center. The previous height ceiling for the vacant lot on which Wanda Vista would rise was 640 feet. The amendment allows a tower of up to 1,200 feet.
The riverfront skyscraper is backed by the Wanda Group, a leading Chinese real estate developer, and Chicago's Magellan Development Group. Located in the 300 block of East Wacker Drive, it would be built alongside a viaduct that creates multiple street levels. The lowest one, known as Sub Wacker Drive, is home to a city auto pound.
The developers want to start construction next summer and complete the tower by 2020, Magellan Executive Vice President Sean Linnane said after the vote. He expressed confidence that the project can avoid the fate of the Chicago Spire, a planned 2,000-foot tower which received plan commission approval but lapsed into bankruptcy after construction began.
Financing for the Wanda Vista Tower is still being arranged, the developers said.
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