Plans have been announced for a major remodel of Water Tower Place at 835 North Michigan Avenue in the Magnificent Mile area. The historic vertical mall has been one of the core anchors of the shopping district since its completion in 1975. The remodel is being led by the mall’s current owner, MetLife Investment Management.
A new flagship Chase Bank location has been announced at 830 North Michigan Avenue in the Magnificent Mile area as we check in on additional developments nearby. The evolving retail strip has seen its ups and downs in recent years, hovering around a 29 percent vacancy rate, largely concentrated in its northern portion.
Plans for a new retail building were approved by the Plan Commission earlier this month. Located at 67 East Oak Street, the mid-block structure will replace an existing five-story building along the city’s highest-value retail corridor. The effort is being led by a local LLC along with the design firm Myefski Architects.
Demolition has begun on the former discount furniture store at 1950 West Lawrence Avenue in Ravenswood. The back wall of the structure has been broken through, allowing a clear view from the alley all the way the the front windows of the store’s showroom. Not much progress has been made, but enough to get a small excavator through the back of the building and keep the alley clear.
Some new shake ups and openings have been announced for retail stores around Michigan Avenue, Rush Street, and Oak Street within the Near North Side. Two very different stories have been forming over the years between the iconic shopping drag and the boutique anchored side streets, both of which are heating up post-pandemic.
