A new chapter is ahead for Chicago’s Water Tower Place, as the iconic Michigan Avenue mall marks its 50th anniversary and moves forward with a full‑scale upgrade.
A big symbol of the city’s first vertical mall – the escalators that sweep you up to stores – are just one aspect that will soon change.
“That’s been one of the many things we want to fix… make it better for todays shopper, more intuitive, interesting,” said David Stone, president of Stone Real Estate.
Stone, the exclusive leasing agent for the property, said the first floor will be solid retail – all the way back to the Ritz Carlton.
Design work has gotten underway, with construction planned for next spring.
“When you walk in you’ll see color, stores, a lot of digital around, and you’ll be able to see who is in Water Tower,” Stone said.
The redevelopment aims to retain key shops while adding new retailers and restaurants across the first three floors. The upper levels will be leased for medical, office and other commercial uses.
“All the different development, there’s big one big question mark, that’s Water Tower. This answers that question,” said Kimberly Bares, president and CEO of the Magnificent Mile Association.
Since 1975, Water Tower Place has been an anchor on the Magnificent Mile, and after several years of struggling – largely due to the pandemic – Michigan Avenue is finally seeing a resurgence.
“Just over your corner is the new UNIQLO,” Bares said. “Just to my right is the Hand and the Eye, huge magic venue.”
“I think Water Tower is essential to Michigan Ave. – period, but to Michigan Ave’s full recovery,” Stone added. “I think we’re the last piece of the puzzle.”
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