$170 million redevelopment planned for Water Tower Place

Water Tower Place owner MetLife Investment Management recently announced plans to redevelop the nine-story mall at 845 N. Michigan. Located on the Magnificent Mile, Water Tower Place originally opened in 1975 and was acquired by MetLife in 2022.

Designed by Neumann/Smith, the $170 million redevelopment will have shoppers entering from Michigan Avenue on the ground floor immediately encounter retailers in a large atrium with a ground floor pedestrian arcade. Beyond the entrance, updates to vertical circulation, sightlines and wayfinding will enhance the visitor experience via a transformational reinterpretation of the interior design aesthetic.

Retailers will be brought together onto the first three floors, creating a more intuitive experience for shoppers designed to increase foot traffic and store performance. At the same time, floors 4-8 will be separated from the retail center for other uses, including office and medical office space.

With Pepper Construction set to be the project’s general contractor, construction is expected to begin in 2027 and substantially wrap in 2028. Current plans phase construction so existing tenants can remain open to customers throughout the process. The updated center will offer retailers right-sized spaces with access to high-volume, cost-effective locations on the Mag Mile.