Water Tower Place, the mixed-use development consisting of 758,000-square-foot shopping mall in a 74-story skyscraper on Chicago’s Magnificent Mile, announced plans for a $170 million redevelopment.
The property, which first opened in 1976, will be reconfigured with a new atrium within the ground floor pedestrian arcade. The eight floors of retail space will be reduced to the first three floors of the complex, with the fourth through eighth floors separated for other uses, including office and medical office space.
Construction is expected to begin in 2027 and substantially wrap in 2028. Current plans phase construction so existing tenants can remain open to customers throughout the process.
“Water Tower Place is woven into the fabric of Chicago’s cultural narrative as the retail pillar of the Mag Mile,” said David Stone, founder and principal at Stone Real Estate and lead retail leasing agent for Water Tower Place. “This historic investment is about filling a supply gap on Michigan Avenue while also preserving the legacy of America’s first and most heralded vertical shopping center. We will deliver new opportunities for retailers, offering flexible suite sizes, all within this iconic setting that continues to attract visitors from all over the country and the world.”
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