Chicago announces plans to build 88-story skyscraper

Chicago officials have announced that a Chinese developer is planning to build an 88-story hotel and condominium tower that would be the city's third-tallest building.

Mayor Rahm Emanuel announced an agreement Thursday between the Beijing's Wanda Group and the Magellan Development Group for a $900 million project to build a downtown high-rise designed by Chicago architect Jeanne Gang. It will be known as Wanda Vista.

Construction is scheduled to begin in 2016, and when completed it would be the third-tallest structure in Chicago, behind Willis Tower and Trump International Hotel & Tower.

Emanuel's office says the project represents the largest real estate investment by a Chinese company in Chicago and will create more than 2,000 construction jobs and 500 permanent jobs.

According to a news release from the mayor's office, Wanda Vista will be located at the intersection of East Wacker Drive and North Field Boulevard. It will house approximately 250 hotel rooms and 390 condominiums, as well as approximately 9,000 square feet of retail space.