Chicago’s Water Tower Place Plans Major Makeover

The Water Tower Place shopping destination on Chicago’s Magnificent Mile has unveiled plans to update its retail, dining and tourist offerings. That $170 million-plus effort, timed to coincide with the locale’s 50th anniversary, will “transform the center with soaring ceilings and abundant natural light,” project backers said in a news release.

“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,” said David Stone, Founder and Principal at Stone Real Estate and lead retail leasing agent for Water Tower Place, which is owned by MetLife Investment Management. “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.”

The center, at 835 B. Michigan Ave., is currently home to 70-plus stores, including American Girl Place, LEGO and Adidas, along with such dining destinations as Harry Caray’s Restaurant and Sports Bar and a Gusto Slicey pizzeria, the 550-seat live theater venue Broadway in Chicago and the Chicago Sports Museum.

Here’s how the project backers describe the reimagined Water Tower Place:

“Shoppers entering from Michigan Avenue on the ground floor will immediately encounter retailers in a dramatic atrium with a ground floor pedestrian arcade. Beyond the entrance, updates to vertical circulation, sightlines and wayfinding will enhance the visitor experience via a transformational reinterpretation of the interior design aesthetic.

“Retailers will be brought together onto the first three floors, creating a more intuitive experience for shoppers designed to increase foot traffic and store performance. At the same time, floors 4-8 will be separated from the retail center for other uses, including office and medical office space.”

“So many people have cherished memories of their visits to Water Tower Place over the last half century; this redevelopment is designed to ensure that we continue to offer a must-visit destination for future generations,” said Matt Sharples, Regional Managing Director at MetLife Investment Management.

Construction is expected to begin in 2027 and substantially wrap in 2028. Current plans phase construction so existing tenants can remain open throughout the process.

Participants in the redevelopment team include retail architectural studio Neumann/Smith and general contractor Pepper Construction.

Click here to see a rendering of the Water Tower Place’s new interior.