Water Tower Place Getting $15-Mil Makeover

CHICAGO-Water Tower Place, which became a retail landmark as quick as its nearby namesake, is undergoing a $15-million renovation, its first since opening 25 years ago. Newport Beach, CA-based Wimberly Allison Tong & Goo has designed the work to be done by Graycor.

Although final approval from city officials is required, work on the seven-story building begins Wednesday with scaffolding, and completion is scheduled in time for this year’s holiday shopping season.

Urban Retail Properties Co. says the work on the office, retail and hotel complex that draws 20 million visitors a year is being done in response to consumer surveys. Although there are new competitors further south on the Magnificent Mile, such as Nordstrom’s and North Bridge, that is not the motivation for the work, says Water Tower Place senior marketing manager Angela Herthl-Sweeney. “If you look at a property like Water Tower Place, it’s been 25 years since it’s been built and it’s never undergone any renovation,” she adds. “We just feel it’s a natural cycle. Our position is, after 25 years, it was time.”