A Chinese company has announced plans to building a high-rise development in Lakeshore East that will be the city's third-tallest building.

The Wanda Group says the $900 million skyscraper will be 1148 feet high and 89 floors, housing a 240-room luxury five-star hotel, luxury apartments and retail space.

The development will be the company's third overseas project and the first in the U.S., joining luxury hotel projects in London and Madrid.

Construction is slated to begin this year and the development will open in 2018, according to company officials.

The company says additional U.S. luxury hotel projects are planned for New York, Los Angeles and San Francisco.