South Korea’s conglomerate Hanwha Group is seeking to join Chicago-based real estate developer Magellan Development Group in building a 60-story multiplex building in the heart of the Windy City in Illinois, the U.S.
According to Hanwha Group and local daily newspaper Chicago Tribune, Hanwha’s U.S. corporation is considering joining the Magellan Development Group-led project to build a skyscraper in Lakeshore East in downtown Chicago. The 60-sotry building is expected to be a multiplex building housing an apartment with 640 units and a hotel with 569 rooms.
An unnamed senior official from Hanwha Group confirmed that the company’s U.S. entity is reviewing the Chicago project to be led by Magellan with great interest.
Hanwha Group and Magellan have already completed their joint projects to build three multiplex buildings since they entered into strategic cooperation relationship in 2010.
Magellan is currently seeking to receive approval from related authority in the city to begin construction of the high-rise building with an aim to possibly break ground early next year at the earliest.
By Kim Jung-hwan
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