01/16/1998 at 12:00 AM EST

By the Chicago City Council, Wednesday, plans to build the world's tallest building, a 108-story, 1,550-foot-tall skyscraper. The $500-million structure (to include offices, condominiums, retail stores and parking spaces) will be built about six blocks from the 1,450-foot Sears Tower, knocked from its spot as world's tallest building in 1996. The Petronas Towers in Kuala Lumpur, Malaysia, currently reign as the tallest buildings in the world at 1,483 feet.

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