Posted Aug 18, 2015, 11:36 PM
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BANNED
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Join Date: Mar 2006
Location: chicagoland
Posts: 12,741
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Quote:
Originally Posted by munchymunch
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I wish someone told me to scroll down to page 21 on the large pdf
here it is
Quote:
Joint Venture Platform in the Americas and Chicago Project, America
In July 2014, the Company formed a joint venture with Wanda HK to establish a joint venture
platform in the Americas with a total capital commitment of HK$10 billion, in which the Company
holds 60% and Wanda HK 40%, for the joint acquisition and development of suitable real property
projects in the Americas.
On the same day, through Wanda Chicago, a wholly owned subsidiary of this joint venture
platform, the Company and Wanda HK entered into (i) the Formation and Contribution Agreement
with Magellan Parcel C/D LLC (“Magellan”) and Lakeshore East LLC; and (ii) the Operating
Agreement with Magellan to jointly develop the Chicago Project in which Wanda Chicago holds
90% and Magellan 10% of such joint venture.
The planned total gross floor area of the Chicago Project is approximately 173,000 sq.m. It is
located in the heart of Chicago, adjacent to Millennium Park and Chicago CBD. Many of the
well-known destinations are within walking distance of the project, such as the Theatre District,
Museum Campus and Michigan Avenue. This is the last unbuilt site within the Lakeshore East
area with excellent geographic location.
The project is expected to be developed into a 350-meter, [1148.29 feet tall]
93-story super five-star hotel (with estimated 160 rooms) and high-end condominiums, which will
be Chicago’s third highest building upon completion and a new landmark in Chicago.
The Chicago
Project is expected to commence pre-sale by the end of 2015, obtain the planning approvals,
complete settlement and commence construction work in the first half of 2016.
The development
of this project is expected to be completed in 2020.
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