The owner of Chicago’s Water Tower Place plans to invest more than $170 million redeveloping a massive retail property that is often referred to as the original urban vertical shopping mall.
Chicago’s Water Tower Place, an urban mall pioneer, set for $170 million overhaul
Owner MetLife plans major changes at 51-year-old property
By Ryan Ori
CoStar NewsApril 27, 2026 | 5:18 P.M.
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IN THIS ARTICLE
- Properties
- Water Tower Place
845 Michigan Ave, Chicago, IL
- Companies
- MetLife Investment Management
Finance and Insurance
- Contacts
- David Stone
Founder and Principal, Stone Real Estate Corporation