Beijing-based Wanda Group plans $900M hotel project in Chicago

CHICAGO (WLS) -- A Chinese real estate firm is planning to build a five-star hotel and luxury apartment tower that would become the city's third tallest building.

Beijing-based Wanda Group plans to invest $900 million to create the tower, which would be 89 stories - more than 1,100 feet high.

The new structure would go up along the Chicago River east of Michigan Avenue, in the development known as Lakeshore East, according to Wanda's website.

Construction would begin this year, with the building expected to open in 2018.