Chicago’s iconic Water Tower Place is officially stepping into its next era. As the famed Michigan Avenue mall celebrates 50 years on the Magnificent Mile, plans are underway for a massive makeover designed to bring new energy, new stores and a completely refreshed shopping experience to one of the city’s most recognizable destinations.
Yes — even the legendary escalators are getting attention.
The soaring escalators that have carried generations of shoppers from floor to floor are expected to be redesigned as part of the overhaul. Developers say the goal is to make the mall feel more modern, easier to explore and far more exciting for today’s visitors.
“We want it to feel intuitive, energetic and fresh,” said David Stone of Stone Real Estate, the firm leading leasing efforts for the property.
The vision? Think brighter interiors, more color, digital displays throughout the building and an open layout that immediately shows visitors what’s happening inside. The lower levels will become the centerpiece of the experience, packed with retail, restaurants and entertainment stretching all the way toward the Ritz-Carlton entrance.
The transformation comes with a hefty price tag — roughly $170 million — and will completely rethink how the eight-story property is used. The first three floors will focus on shopping, dining and experiences, while the upper levels are expected to house office, medical and other commercial tenants.
Construction is expected to begin in 2027 and continue through 2028, with renovations happening in phases so stores can remain open during the process.
Water Tower Place has had a rocky few years. The pandemic hit hard, leading to the closure of major tenants like Macy’s, Gap and Banana Republic. Vacancy rates have doubled since before COVID, leaving noticeable empty storefronts throughout the mall.
But there’s a new sense of momentum building along the Magnificent Mile.
Recent openings from brands like Mango and Uniqlo — plus upcoming flagship concepts — are helping revive Michigan Avenue’s retail scene. According to Stone, that renewed energy is making retailers view the area as an opportunity again rather than a gamble.
Today, Water Tower still draws crowds with popular tenants like Lego, Adidas and American Girl, along with attractions like the Chicago Sports Museum. The redevelopment aims to build on that mix by adding more fashion, beauty and experiential brands that encourage people to stay longer and explore.
And food is getting a serious upgrade too.
The former Foodlife food hall space may soon become a collection of cafés, cocktail bars and locally driven restaurant concepts. Conversations are already happening with several notable Chicago restaurant operators to help bring fresh dining options into the mall.
For longtime Chicagoans, Water Tower Place has always been more than a mall — it’s a piece of the city’s culture. Now, after five decades on the Mag Mile, it’s getting ready for its next big chapter.