Updated 12/18/14 – 11:14 a.m.

CHICAGO (CBS) — City officials have unveiled a Chinese developer’s plans for an 88-story hotel and condo skyscraper, designed by Chicago architect Jeanne Gang,

The $900 million project in the Lakeshore East neighborhood would be the city’s third tallest building, located at the corner of Wacker Drive and Field Boulevard, just east of the Swissotel Chicago.

The deal with Wanda Group, owned by China’s richest man, Wang Jianlin, would be the largest real estate investment by a Chinese firm in Chicago.

The skyscraper, called Wanda Vista, would be three interlocked towers, the tallest at 1,148 feet, with the middle tower straddling Field Boulevard.

Plans called for a five-star 250-room hotel, nearly 400 condominiums, and a 9,000-square-foot retail center.

“This is a nice neighborhood, it’s got a bunch of great buildings in it. I don’t know about having the third biggest building in the city. It’s going to get crowded around here,” Lakeshore East resident Rick Hannon said. “I think Jeanne Gang does a great job, and yeah, I’m sure it will be a beautiful building; just huge.”

Construction of the skyscraper would create more than 2,000 jobs.

Once completed, more than 500 permanent jobs would be created.

Gang also designed the Aqua tower a few blocks away. That 859-foot skyscraper currently is the tallest building ever designed by a female architect.

Wanda Vista, an 88-story skyscraper, would be built in the Lakeshore East neighborhood, and at 1,148 feet would be the city's third-tallest building. (Credit: Wanda Group)

Wanda Vista, an 88-story skyscraper, would be built in the Lakeshore East neighborhood, and at 1,148 feet would be the city’s third-tallest building. (Credit: Wanda Group)

Mayor Rahm Emanuel said Jianlin chose Chicago for his project over New York and Los Angeles.

“The Wanda Group was looking at both New York and L.A., and they saw a city – in my view – that was making some of the necessary and tough decisions. They saw a city that was on the move, a city with great promise, and Chicago became the choice of investment after looking first at New York and L.A,” he said.

Although Jianlin was not in Chicago for the announcement of the project, he did send a letter saying he hopes the hotel, once built, becomes a tourist destination for Chinese visitors to the U.S.

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