The iconic Water Tower Place mall on Michigan Avenue is getting a full-scale, $170 million makeover.
Chicago’s first vertical mall will undergo major changes, organizers said, starting with one of the mall’s most recognizable features: the escalators.
“That’s been one of the many things we want to fix… make it better for today’s shopper, more intuitive, interesting,” Stone Real Estate president David Stone said.
Stone, the exclusive leasing agent for the property, said the escalators on the first floor will be moved to the sides, making way for more retail.
“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.
According to Stone, 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.
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.
Officials say Water Tower will remain open during construction, which is set to start next year. The target completion for the project is expected to be 2028, officials said.
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