Real Estate

AsiaÕ richest man building apartment skyrise in Chicago

This breaks all the records

Chicago, known for tall buildings like the Willis Tower, Trump Tower and the Aon Center to name a few, will soon welcome the 95-story Vista Tower, set to be the third-tallest building in the Windy City.

Its crowning glory is at the very top, and the highest floor will be home to a 7,000-square-foot duplex penthouse, currently offered for $17.1 million, according to Bloomberg writer James Tarmy.

From Bloomberg:

If it sells, the penthouse would just barely eke out an all-time record for Chicago’s most expensive residential real estate. (A penthouse on the 89th floor of the Trump Tower sold for $17 million in 2014, after its price was halved from the original listing price of $32 million.)

Given Chicago's current housing market, the penthouse's price tag might seem steep—the only comparably priced listing is a 12,000-square-foot Gold Coast mansion, according to Trulia. But consider that $17.1 million is just 0.05 percent of the personal net worth of Wang Jianlin, the building’s co-developer and, not coincidentally, Asia's richest person.

The article states that the building, designed by architect Jeanne Gang, will be located in Chicago’s Lakeshore East neighborhood and will be nearly 1,200 feet tall. Its first 11 floors will be filled by a branch of the Wanda Vista Hotels, a luxury hotel chain owned by Dalian Wanda. Above the hotel are the building’s 406 condominiums ranging from $1 million for a 1,000-square-foot, one-bedroom apartment to 17 times that for the penthouse.

Read the whole article here.

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