Water Tower Place Getting a $170 Million Makeover

Water Tower Place to get $170 million makeover, accelerating the Magnificent Mile’s recovery

The 813,000-square-foot mall, long the retail anchor of Chicago’s Magnificent Mile, fell on hard times after getting hit by the rise of online retail and then the pandemic.

MetLife bets $170 million on Water Tower Place transformation

Water Tower Place is set for an estimated $170 million redevelopment that will reimagine the lower floors of the Magnificent Mile shopping destination, as it celebrates its 50th anniversary this month.Owner MetLife Investment Management announced Monday that it would consolidate the first three floors of the property for retailers — opening up the area and adding an atrium — and have floors four through eight be used for other tenants, such as o…

Water Tower Place plans major transformation as Michigan Avenue rebounds

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 S…

Water Tower Place getting a $170 million makeover

Water Tower Place Announces Major Redevelopment

Plans have been announced for a major remodel of Water Tower Place at 835 North Michigan Avenue in the Magnificent Mile area. The historic vertical mall has been one of the core anchors of the shopping district since its completion in 1975. The remodel is being led by the mall’s current owner, MetLife Investment Management.

MetLife plots $170M Water Tower Place revamp as part of Mag Mile rebound

MetLife is injecting $170 million into Chicago's Water Tower Place, eyeing medical office conversions as Magnificent Mile retail leasing bounces back.