![]() ![]() Michigan Avenue, and built several full-scale condominium units, several blocks away from the site. and Urban Investment and Development took an entire floor in the Blair Building, 645 N. Īfter the product was designed, Richard A. Because of this unique design methodology, the condominium units are still considered well designed, even decades after their construction. The results were efficient units, where each room had a competitive advantage. The net result was a mathematically designed housing product that allowed for specific space allocation for each room in each unit. The product analysis was then compared with sales velocities of other projects to determine buyer needs and wants and their respective acceptable price points. Meyers, which included examining on a room-by-room basis over luxury 100 high-rise condominiums in the Chicago metropolitan area and a like number around the nation. Ī detailed product research study was conducted by Gary S. This was a challenging assignment in the recessionary climate of 1974–1976. In a recessionary market, the company was given the challenge of demonstrating the product and obtaining hard contracts before construction began. Meyers Realty, Inc., was the contracted sales and marketing consultant. The 360 condo units in the tower were designed in 1974. Decades after its construction, its residences and hotel remain sought after addresses, and the mall is typically fully leased, drawing large enough crowds that some retailers operate outlets both inside the mall and outside it along Michigan Avenue. It shifted downtown Chicago's retail center of gravity north from State Street to North Michigan Avenue. Water Tower Place's opening changed the economic dynamics of the Magnificent Mile by bringing middle-class shops to what had been a street dominated by luxury retailers, tony hotels, and expensive apartments. It contains a Ritz-Carlton hotel, condominiums and office space, and sits atop a block-long base containing an atrium-style retail mall that fronts on the Magnificent Mile. When built, it was the tallest reinforced concrete building in the world. The tower section is a 78-story, 859-foot (262 m) reinforced concrete slab, faced with gray marble, and is the eighth tallest building in Chicago and the twenty-sixth tallest in the United States. Dart, of Loebl Schlossman Bennett and Dart, was the chief architect. Nichols Prize from the Urban Land Institute in 1986. Originally planned in the late 1960s by the Mafco Company (the former shopping center development division of Marshall Field & Co.), the skyscraper was eventually built in 1975 by Urban Retail Properties, a company led by Philip Morris Klutznick and his son Thomas J. As reported by the Chicago Suntimes, Brookfield Property Partners handed the keys to the project back to their lender, MetLife, owing to numerous retail vacancies following the closing of Macy's and the impact of COVID and increasing crime along the Magnificent Mile. It is named after the nearby Chicago Water Tower, and is owned by affiliates of Brookfield Property Partners. The mall is located at 835 North Michigan Avenue, along the Magnificent Mile. Water Tower Place is a large urban, mixed-use development comprising a 758,000 sq ft (70,400 m 2) shopping mall, hotel, theater, and condominiums in a 74-story skyscraper in Chicago, Illinois, United States. Water Tower Place skyscraper The Water Tower Place shopping mall at the base of the skyscraper, with Chicago Avenue Pumping Station in foreground ![]()
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