CHICAGO (WLS) -- Chicago's skyline is about to see a major transformation. Construction is expected to begin this summer on the Vista Tower, which will be the city's third-tallest building.
The work is expected to create more than 2,000 construction jobs and more than 500 permanent jobs.
The 95-story skyscraper will be built on East Wacker Drive near Lake Michigan. By the time it's complete, the tower will be nearly 1,200 feet tall, spanning over Lower Field Drive.
Once completed, it would trail only the Willis Tower and the Trump Tower as the tallest building in Chicago.
The Vista Tower was designed by Chicago native Jeanne Gang. It will house a five-star hotel with approximately 200 hotel rooms, more than 400 condos and retail space.
The skyscraper is the largest real estate investment by a Chinese company in Chicago and one of the largest in the United States. The Wanda Group, owned by China's wealthiest man, chose Chicago over New York and Los Angeles.
Mayor Rahm Emanuel said the Vista Tower is not getting any tax breaks or financial incentives.
Vista Tower is expected to be complete in 2020. Work will break ground in the next couple of months.