Dalian Wanda’s joint venture luxury residential project in Chicago has sold US$200m since March
US$1 billion project, jointly developed with Magellan Development Group, is slated for completion in 2020
Dalian Wanda Group’s first joint venture luxury hotel-residential project in Chicago has generated US$200 million in revenue from the sale of 20 per cent of its condominiums since the official launch in March, the co-developer said.
The US$1 billion mixed-use luxury project, Vista Tower, comprises 406 apartments and a five star 191-room hotel, called Wanda Vista Hotel.
The project, jointly developed with Chicago-based Magellan Development Group, is slated for completion in 2020 and is located in the city’s Lakeshore East neighbourhood.
Unit prices start at US$1 million for a 1,000 sq ft, one-bedroom flat, and go up to US$17.1 million for the penthouse on floors 92 and 93.
Sean Linnane, executive vice president of Magellan Development Group, said buyers have so far snapped up about 80 units worth a total of US$200 million. “Most buyers are locals and include some mainland buyers,” he said.
Linnane said Vista Tower was the firm’s second project jointly developed with a Chinese partner.
The US group won the Chicago site for a total of US$150 million, including infrastructure development. Wanda is responsible for marketing the development in major mainland Chinese cities such as Shanghai and Beijing.
“We will focus on Hong Kong, Singapore and the Middle East,” Linnane said, adding that it was the firm’s first project to be marketed overseas.
Apartments at Vista Tower are selling for an average of US$1,000 per square foot, less than half of New York City’s US$2,000 to US$3,000 per square foot, with some projects in New York even fetching as high as US$5,000 to US$6,000 per square foot.