Redevelopment
A new chapter for Water Tower Place, coming soon…
As Water Tower Place celebrates its 50th anniversary, planning is underway for a major redevelopment to reimagine Chicago’s most iconic retail destination. This transformative investment will modernize the center while honoring its enduring legacy as the United States’ first vertical shopping center. The result? A brighter, more intuitive, and more dynamic experience for shoppers, visitors, and retailers alike.
Designed for tomorrow’s shoppers, today
The reimagined Water Tower Place will introduce a significantly enhanced arrival experience from Michigan Avenue. Visitors will enter a dramatic atrium, anchored by a ground-floor pedestrian arcade, soaring ceilings, and abundant natural light.
Throughout the center, updates to vertical circulation, sightlines, and wayfinding will create a seamless, intuitive journey, bringing new energy to every visit.
A deeply connected retail and dining experience
Retail and dining options will be thoughtfully concentrated across the first three floors, creating a more cohesive environment for visitors to enjoy.
This new layout supports a wide range of retail concepts, including:
- Flexible suite sizes for emerging and established brands
- Smaller-scale spaces currently rare on Michigan Avenue
- Prominent anchor spaces with street-level visibility and access
By addressing the shortage of right-sized retail space on the Magnificent Mile, the refreshed Water Tower Place will open the door for new brands and concepts to establish a presence in one of the country’s most visited shopping corridors.
Beyond retail
Moving upstairs, floors 4 through 8 in the center will be repositioned for complementary uses, including office and medical office space—broadening the role of Water Tower Place as a mixed-use destination in the heart of Chicago.
Looking forward: a timeline for evolution
- Now: Design and planning underway
- 2027: Construction expected to begin
- 2028: Substantial completion anticipated
Construction will be phased to allow existing tenants to remain open and continue serving visitors. Stop by throughout the process for fun photo ops and community events, to be announced.
Built by an experienced team
The redevelopment is guided by a leading team of key players, including:
- Neumann/Smith, retail architectural studio
- Pepper Construction, general contractor
Together, we are working to deliver a modern, experiential destination while preserving the character and legacy that have defined Water Tower Place for the last half century.
More to come…
Water Tower Place has long been woven into the cultural fabric of the city, and the center’s next phase is about ensuring it remains a must-visit destination for decades to come. We are excited to welcome a new generation of shoppers, diners, and visitors from around the world to an elevated retail experience built for the modern age.
Check back here for more details, which will be shared as this project reaches key milestones.