I would think both, though it seems a bit higher than originally reported:
http://www.crenews.com/general_news/...tch-30mln.html
Quote:
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The parcel can hold 1,200 residential units, 1,500 hotel rooms or 325,000 square feet of office or retail space.
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Hard to make too many judgements based off this one rendering alone as we don't know what the upper half looks like or if this is even the right design. But, I'm pretty underwhelmed. The first thing I thought of was 1130 S Michigan or an older highrise along LSD and I'm not sure that's a great idea for bordering Grant Park.