What You Need to Know
Water Tower Place, the eight-story shopping center on Chicago’s Magnificent Mile, announced a redevelopment plan expected to exceed $170 million as it marks its 50th anniversary. The project will update the retail, dining and tourism destination with soaring ceilings, more natural light and a redesigned Michigan Avenue entrance. Retailers will be consolidated onto the first three floors to increase foot traffic and store performance, while floors four through eight will be converted to office and medical office space.
Construction is expected to start in 2027 and wrap in 2028, with current tenants staying open throughout the process. The redevelopment addresses a shortage of smaller retail spaces on Michigan Avenue, which has pushed emerging brands to less-trafficked streets in recent years. MetLife Investment Management, which owns the property, says the project reflects long-term confidence in the Mag Mile and a commitment to keeping Water Tower Place a destination for the next generation of shoppers.
