Chicago officials have announced that a Chinese developer is planning to build an 88-story hotel and condominium tower that would be the city's third tallest building.

Mayor Rahm Emanuel announced an agreement Thursday between the Beijing's Wanda Group and the Magellan Development Group for a $900 million project to build a downtown high-rise designed by Chicago architect Jeanne Gang. It will be known as Wanda Vista.

Construction is scheduled to begin in 2016 and when completed it would be the third tallest structure in Chicago, behind Willis Tower and Trump International Hotel & Tower.

Emanuel's office says the project represents the largest real estate investment by a Chinese company in Chicago and will create more than 2,000 construction jobs and 500 permanent jobs.