Vista Tower, Lakeshore East’s newest skyscraper, has sold $200 million worth of condominiums since this past March, according to a report from Curbed and a Hong Kong-based news source.
Vista Tower’s relatively low price of $1,000 per square foot (which is notably cheaper than New York City’s average price of $2,000 per square foot) is one of the reasons why foreign buyers are investing in both Vista Tower and Chicago real estate in general, according to a report from the South China Morning Post.
Sean Lindane, the executive vice president of one of the building’s developers, Magellan Development, told the South China Morning Post that while many of the Vista Tower’s buyers are from Chicago, his firm is also marketing the building in Singapore, Hong Kong, and the Middle East. In China, co-developer Wanda is in charge of attracting buyers in the prominent Shanghai and Beijing markets.
The $1 billion tower, which is designed by Aqua Tower-architect Jeanne Gang, is expected to rise 1,200 feet (94 stories) to become Chicago’s third tallest building, behind Willis Tower and Trump Tower. Vista is being developed by the Chinese Dalian Wanda Group and Chicago-based Magellan Development, and will contain both a 191-room Wanda hotel and 406 luxury residences; Vista Tower is expected to break ground this summer.
This past year set a record for Chicago real estate with $3.27 billion in foreign investment, according to Curbed Chicago.