July 31, 2020
Wanda Hotel Development has agreed to sell its ownership stake in Vista Tower for $270 million, the Chicago Tribune reported. Locally based Magellan Development Group has agreed to buy the 90% ownership stake from the unit of Dalian Wanda Group.
Magellan owns the other 10% stake in the 1,191-foot-tall condominium and hotel project, which has been under construction for almost four years at 363 E. Wacker Dr. It’s part of Magellan’s Lakeshore East mixed-use development.
The sale agreement was reached July 24, according to a Hong Kong stock exchange securities filing. The deal was first reported by Bloomberg.
Construction of the 101-story skyscraper along the Chicago River is expected to cost $1 billion, including construction debt.
It’s backed by a Chicago-record $700 million construction loan, which the developers secured in 2017, almost a year after the project broke ground without financing in place. Construction topped out in April.
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