City of Chicago approves Vista Tower construction

The mayor of Chicago revealed on May 2 that the developers of the high-rise Vista Tower will begin construction in the summer. The structure will be built in Lakeshore East over a four-year period and be the third-highest building in the city at almost 1,200 feet tall. The project is expected to create more than than 2,000 construction jobs as well as several hundred that are permanent.

Magellan Development Group, based in Chicago, has teamed up with Dalian Wanda from China to construct the Vista Tower. Despite having city approval to begin construction, the developers are still obtaining the necessary permits.

Both companies are putting together money to fund the $1 billion project. The president of Magellan Development Group said that it could decide to finance some of it through the EB-5 visa program. This program allows non-citizens to hold residency in the United States if they financially support eligible projects.

The developers can raise up to $200 million from non-citizen investors through the program, which has proved popular among real estate developers. However, critics say that the program is susceptible to scams.

Located on Wacker Drive, the Vista Tower will include 400 condominiums and 200 hotel rooms. The condos will cost as much as $1,750 per square foot, making the development one of the most costly residential structures in Chicago. However, the president of Magellan Development Group said following a news conference that about 20 percent of the condos are already under contract.

Gaining the approval and proper permits for the construction of a commercial real estate property could require some help from a team of real estate attorneys. Loan documents and construction contracts will also be reviewed by the attorneys.

Source: Chicago Business, "Construction to Begin on Vista Tower," Alby Gallun, May 2, 2016

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