The architect agreement signed on Thursday is between Chicago’s Magellan Development Group, bKL Architecture LLC, and a Chinese company, Wanda Group. Magellan will build for them Wanda Vista, a 250-room hotel, 390-unit condominium, and 9,000 square foot retail tower on Wacker Drive along the south side of the river. It will be just east of the Swissotel hotel.

Signing the agreement are (seated, left to right) Sean Muellers, U.S. Senior Representative for Wanda Group, Joel Carlins, Co-CEO at Magellan Development Group, and Thomas Kerwin, principal at bKL Architecture LLC. Photo obtained from bKL Architecture.

The design by Chicago architect Jeanne Gang was unveiled on Thursday. Gang also designed Aqua, located about one block south of the new project. bKL Architecture, whose offices are also one block south, is the project’s architect of record.

Mayor Rahm Emanuel presided over the signing. A news release from his office on Thursday links the project with a 2013 trip he took to Beijing, where an agreement was signed with government officials connecting Chicago with eight cities in China in which mutual investments would take place. Another development agreement between Chicago and China was signed in July.

(Above) From a lobby at Wanda Vista, a view imagined of the Chicago River. Centennial Fountain is in the distance at lower left. Navy Pier is at far right. (Click on images to view larger versions.)

Construction will start in 2016 and take two years. The project will create 2,000 construction jobs, according to Emanuel, and 500 permanent jobs.

It is the largest real estate investment in Chicago by a Chinese company. Emanuel called it “a major win for our city” and said it will solidify Chicago as “a destination for international business, tourism, and transportation.”

Joel Carlins, Co-Chief Executive Officer of Magellan Development Company, says they are looking forward to working with 42nd Ward Alderman Brendan Reilly, who will guide the project toward formal approval by the city. (Left) Inside a lobby, looking south toward lakefront condominiums. (Below) View of Wanda Vista from the river at sunset, looking east. Navy Pier in distance at left.