Major $170 Million Redevelopment Planned for Iconic Chicago Retail Landmark
Water Tower Place in Chicago is set for a major transformation. MetLife Investment Management announced a $170 million redevelopment plan for the mall. The project aims to address rising retail vacancy and boost foot traffic at the property. On April 27, 2026, Water Tower Place announced a $170 million redevelopment plan. The renovation is expected to coincide with the mall’s 50th anniversary. The mall will remain open during the time of construction and is the largest construction project on North Michigan Avenue in a decade. MetLife Investment Management took control of the property in 2022 after the mall underwent financial struggles and Macy’s closure. The redevelopment plan is now underway, with construction set to begin in 2027. The renovation will be completed in 2028 and will introduce new retail stores and features. During the renovation, retail space will be concentrated on floors 1 through 3. It will feature flexible, small-to-medium-sized suite options. The spaces will target women’s apparel, beauty brands, and experiential retail tenants.
