Striking designs for what could be the third tallest skyscraper in Chicago have been unveiled by Studio Gang Architects.

The 1,100ft (335m) high, mixed-use Wanda Vista Tower has a facade of reflective blue-green glass and would sit at the north edge of the thriving Lakeshore East community, adjacent to the Chicago River.

The development will include more than 1.8m sq ft (167, 225 sq m) of hotel and residential space, and the distinctive design features three vertical towers nested side by side at various heights, creating a step effect.

Studio Gang said it had designed the skyscraper with the aim of maximising views of the city and river below.

The Chicago-based architects said the distinct tapering block used to form the towers is derived from a “frustum” shape in geometry, effectively a truncated pyramid. Alternating these blocks allows for multiple column-free corner rooms on each floor, it said, while the subtle gradient of the exterior glazing provides both visual interest and performs an energy-saving function.

Wanda Vista Tower – backed by Chinese developer Wanda Group and Chicago-based Magellan Development Group – is expected to cost more than $950m (€887.6m, £637.6m). The skyscraper will need city approval because its proposed height would be 500ft (152m) taller than the limit set for the area.

If approved by city planners, the project is expected to be completed in 2019, and the tower would measure up as Chicago’s third tallest skyscraper, trailing only the Willis Tower and the Trump International Hotel and Tower.