The EB-5 approved Vista Tower project in Chicago is ready to go. The 95-story riverside tower designed by Jeanne Gang will break ground on this summer. At nearly 1,200 feet tall, the high-rise in the Lakeshore East development will be the third-tallest in Chicago.
Chicago-based Magellan Development Group is building the tower in a joint venture with Dalian Wanda Group, the largest real estate developer in China. The building at 375 E. Wacker Drive will include 200 hotel rooms and 400 condominiums at prices as high as $1,750 per square foot, which would also make it one of the most expensive residential buildings in the city.
Buyers have already signed contracts for about 20 percent of the condos. The city has approved the project, but the developers are still working through the permitting process.
Magellan and Wanda are putting together their financing for the project, which will cost an estimated $1 billion. They are authorized to raise as much as $200 million from EB-5 investors. The Vista project will create more than 2,000 construction jobs and 500 permanent jobs.
EB-5 is alive and well!