Chicago’s historic Water Tower Place is about to undergo an extensive and expensive renovation—estimated at $170 million—as it celebrates its 50th anniversary.
Since its opening in 1975, Water Tower Place has been a landmark on the Mag Mile. After several challenging years of empty storefronts, Michigan Avenue is finally experiencing a resurgence.
The Water Tower Place will undergo a full-scale upgrade
One notable change of the Water Tower Place will be the removal of the escalators that transport shoppers to various stores. David Stone, president of Stone Real Estate, stated, “That’s one of the many things we want to fix—to make it better for today’s shopper, more intuitive and interesting.”
Stone, who is the exclusive leasing agent for the property, indicated that the first floor will be dedicated entirely to retail, extending all the way back to the Ritz Carlton.
Design work has already begun, with construction scheduled to begin next spring. The redevelopment project aims to keep key shops while introducing new retailers and restaurants across the first three floors. The upper levels will be rented for medical, office, and other commercial purposes.