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Water Tower Place on the Magnificent Mile is about to get a major renovation.
The once popular destination mall is turning 50 and could be an economic driver for Chicago.
CHICAGO - The once popular destination mall is turning 50 and could be an economic driver for Chicago.
What we know:
Chicagoans shopping at Water Tower said the mall was lacking.
"It looked nice but really, really empty. Like, sad and lonely. Like it needs some more motivation or something," said Cathy Truell.
Rihanna Smith said, "It just needs more stores here. All they need is some more, like, popular stores in there."
John Boltage said, "It's a little lackluster. I've been once or twice, and it's the only time I can think of."
Water Tower Place has seen busier days. It opened in 1976 when malls were destinations. In 2021, Macy’s closed its flagship store. Other stores followed.
Now the owner, Metlife Investment Management is investing $170 million in construction to redesign the mall, freshen the entry, move the escalators and fountains to make a more welcoming entry.
Stores on the first 3 floors, offices on the upper floors. Food, drinks, and places where visitors can make memories.
Water Tower’s success could impact the future of the Magnificent Mile shopping district.
What they're saying:
Kimberly Bares, President & CEO of The Magnificent Mile Association said:
"What that one building produces in terms of sales tax and property tax that is enormously significant for Chicago and Cook County and the state of Illinois. I mean, that's really the story of Michigan Avenue is the, the fact that it's the economic engine of not just the city or the county or the state, but the region."
New stores are opening. Uniqlo returned. Harry Potter made magic. Gap, American Eagle, a new Chase Bank and the Candy Hall of Fame are coming to Michigan Avenue, which is evolving.
Boltage works nearby.
"But I will say that I do notice a lot of, like, turnover in a lot of the buildings. So, you know, looks can be deceiving," he said. "I think I'm probably holding on to my old perspective of Michigan Avenue."
What's next:
Construction begins next year, with completion scheduled for 2028.