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Chicago's 1,186-foot Vista Tower is ready to rise

Nick Kotecki

The skyscraper slated to become Chicago's third-tallest building is ready to begin construction, the Mayor's office announced today.

Construction on the Jeanne Gang-designed 95-story tower is set to start this summer. The announcement comes less than a month after Magellan Development and Chinese partner Dalian Wanda Group opened a sales office. It appears to be a vote of confidence that the building will have enough tenants willing to fork over the small fortune it will take to own a unit. About 20 percent of the real estate in the building has been sold, according to Crain's.

Prices for condos in the Vista Tower are as high as $1,750 per square foot, with total costs of individual units reaching well into the millions. The site, located at 375 E Wacker Drive, will include more than 400 luxury-style condominiums and 200 hotel rooms, and will likely become one of the priciest places to live in Chicago.

Building is scheduled to take four years, creating more than 2,000 temporary construction jobs and 500 permanent jobs. Although the tower will be the third-tallest building once complete, it will have the second-highest rooftop in Chicago. In true, over-compensating Trump fashion, the Trump International Hotel & Tower relies on its tall antenna to gain extra height.

The Vista Tower is all beauty

Here's Mayor Emanuel making the announcement.

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