MetLife Investment Management plans a $170M redevelopment of Chicago's Water Tower Place to transition from a retail-heavy mall to a mixed-use property.
Water Tower Place in Chicago is set for a $170-million revitalization, with construction slated to begin in 2027 and reach substantial completion by 2028. The redevelopment aims to transform the eight-level shopping center by consolidating retail and dining options into the first three floors. The upper levels will be repurposed to accommodate office, medical, and other commercial uses, reflecting a broader market shift toward urban mixed-use environments.
Pepper Construction has been selected as the general contractor, with architectural services provided by Neumann Smith. The design includes a full renovation of the building's entrance, featuring high ceilings and improved natural light to enhance visitor experience. Existing retailers will remain operational throughout the construction process.
Development is active across an entire city block in Chicago's Fulton Market, with ongoing construction at 900 W. Fulton.
Foundation work is underway for a new five-story mixed-use development at 4650 North Magnolia in Chicago's Uptown neighborhood.
Chicago City Council approved a package of development measures including a 64-unit supportive housing project and the $500M first phase of the 1901 Project.
Daily emails covering the projects and news that match your service area, building types, and the project stages you bid on.
Free now — first 50 founding members lock in 30% off at launch.
Free. One click to unsubscribe. No tracking pixels.