Owner could repurpose several floors of Water Tower Place, iconic building for Gold Coast, Chicago shopping on North Michigan Ave.
Share and Follow

CHICAGO (WLS) — Less shopping and more business.

That could be the future for the upper floors of Chicago’s iconic Water Tower Place.

ABC7 Chicago is now streaming 24/7. Click here to watch

For years, both the Water Tower Place and North Michigan Avenue have been destinations for upscale shopping. Both have seen a decline in recent years, but that could be changing.

Tuesday was a special day for 9-year old Adriana Martinez as her aunts bring her down to the famous Water Tower Place to shop, just like they did when they were kids.

“We used to come to the Water Tower Place once a year to American Girl. It was just like a special time as a child, because we love Michigan Avenue,” said Cristal Reider.

But the fancy mall they remember could be a thing of the past, if the property’s owner moves forward with plans to revitalize the space by repurposing several floors of the Michigan Avenue space.

“I think it would make it a little less mall feeling decreasing the amount of floors you have and the stores you could actually go to,” said shopper Leah Broyles.

Supporters say it would be part of an effort to keep the iconic shopping mall from becoming another retail casualty by converting the upper floors into office and medical space while leaving the first three floors for retail.

The owners of Macy’s State Street did the same thing a few years ago.

“I still love to come and it’s nice to walk around and be in the city. I still very much enjoy it,” said Adela Del Real.

Water Tower Place first opened on the Magnificent Mile back in 1975.

As the was the first indoor mall in the city, it became an anchor for North Michigan Avenue shops.

But like retail most places, the mall took a hit following the COVID-19 pandemic, losing its food court and retail giant Macy’s.

Water Tower Place was bought by MetLife Investment Management in 2022.

Their spokesperson did not confirm the plan or any details, but, in an emailed statement, wrote, in part, “As any property owner does, we are exploring many different options for how we can optimize Water Tower Place as a destination, all of which include maintaining a significant retail presence on the Magnificent Mile.”

“I don’t think downtown Chicago’s ever going to die,” said shopper Treauna Scott. “Shopping downtown is pretty much the life down here. You’ve got to love it.”

Many hope a revival is on the way.

But with the economy still a little shaky, the future of Water Tower Place and North Michigan Avenue remains to be seen.

Copyright © 2025 WLS-TV. All Rights Reserved.

Share and Follow
You May Also Like
Piers Morgan says the quiet part out loud in clash with Joy Reid

Piers Morgan speaks his mind during heated debate with Joy Reid

Joy Reid got into it with Piers Morgan after being asked about…
Surrogacy scandal: Woman wants baby back from California couple

Surrogacy Controversy: Mother Seeks Return of Child from California Family

() A Texas woman is seeking custody of a baby she carried…
Packaging for an electronic cigarette and menthol pods from Juul Labs is displayed on Feb. 25, 2020, in Pembroke Pines, Fla. (AP Photo/Brynn Anderson, File)

FDA Lifts Ban on Juul E-Cigarette Sales

(The Hill) – The Food and Drug Administration has authorized Juul Labs…
Texas activates emergency resources for tropical weather threat

Texas Mobilizes Emergency Services in Response to Tropical Weather Risk

() Gov. Greg Abbott directed state emergency management officials on Thursday to…
AG Pam Bondi in San Francisco visiting Alcatraz to announce Trump admin's reopening plans as Nancy Pelosi blasts 'stupidest' idea

AG Pam Bondi Visits Alcatraz for Trump Administration’s Reopening Plans Despite Pelosi’s Criticism

SAN FRANCISCO (KGO) — U.S. Attorney General Pam Bondi and Interior Secretary…
Nick Saban's daughter makes one thing clear amid coaching rumors

Nick Saban’s Daughter Sets the Record Straight on Coaching Speculations

The rumors continue to swirl about Nick Saban potentially returning to the…
Trump announces 'decisive and powerful' airstrikes against Houthi terrorists in Yemen

Trump urged to aid Yemen’s anti-Houthi forces as terror group escalates attacks on shipping

NEWYou can now listen to Fox News articles! The State Department on…
Triple murder suspect dad seen in police footage days before daughters found dead

Triple murder suspect dad seen in police footage days before daughters found dead

NEWYou can now listen to Fox News articles! Newly released police dashcam…