ittle over a quarter of the units have gone under contract in Chicago’s planned 95-story luxury Wanda Vista Tower, and developer Magellan hopes to begin construction this month or next.
As the project awaits approval of building permits for its riverfront location at 363 E. Wacker Drive, Magellan National Marketing Director Jim Losik said 110 of the 406 condominiums are under contract. Among them are entire-floor units in the $9 million price range.
$1M to get in on ground floor at Vista, Chicago’s newest luxury high-rise
$1M to get in on ground floor at Vista, Chicago’s newest luxury high-rise
Construction on the city’s third-tallest building is expected to be complete by late 2019. According to materials available to real estate agents, the condos range in price from about $900,000 for a single bedroom unit, up to $10 million for upper-floor units that take up an entire floor and have at least four bedrooms and four bathrooms. The upper-floor units are about 6,000 square feet, and buyers will spend additional money to complete the units to their taste. There will also be a $17.4 million penthouse.
Amenities in the building include indoor and outdoor swimming pools and a 47th-floor temperature-controlled wine room and demonstration kitchen for private dinners with celebrity chefs.
The bottom 12 floors of the building will house a 191-room Wanda Vista Hotel, Losik said.
“We have sold our share” of multimillion-dollar condominium units, he said. “They are selling at an even pace,” with the average unit totaling 2,500 square feet.
Magellan is developing the project with Dalian Wanda Group, the largest real estate developer in China. Although the China stock market decline and regulations may slow individual investment in the building, Losik said he still expects to draw Asian buyers.
“There is nothing like this in the city,” said Amy Duong Kim, an agent with Jameson Sotheby’s International Realty. She said she has secured buyers of Vista units ranging in price from $1.2 million to $2 million to a person from Hong Kong and two people from China.
