Water Tower Place is a large urban, mixed-use development comprising a 758,000 sq ft (70,400 m2) shopping mall in a 74-story skyscraper in Chicago, Illinois, United States.

In 2022, Brookfield Property Partners turned the building over to their lender, MetLife Investment Management, due to numerous retail vacancies following the closing of Macy's, the impact of the COVID-19 pandemic, and increasing crime along the Magnificent Mile.

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.

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.

[citation needed] A detailed product research study was conducted by Gary S. 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.

The product analysis was then compared with sales velocities of other projects to determine buyer needs and wants and their respective acceptable price points.

The net result was a mathematically designed housing product that allowed for specific space allocation for each room in each unit.

[citation needed] After the product was designed, Richard A. Meyers Realty, Inc. and Urban Investment and Development took an entire floor in the Blair Building, 645 N. Michigan Avenue, and built several full-scale condominium units, several blocks away from the site.

In 2001, a program of refurbishments was begun, including enclosing the exterior arcade along Michigan and adding a loading dock in the middle of the block for additional retail space.

In 2022, Brookfield Property Partners turned the building over to their lender, MetLife Investment Management, due to numerous retail vacancies following the closing of Macy's, the impact of the COVID-19 pandemic, and increasing crime along the Magnificent Mile.

[citation needed] Remaining stores include Akira, American Girl, Bath and Body Works, Chico's, Eileen Fisher, Express, Finish Line, Inc., Forever 21, Hollister Co., J. Jill, Lacoste, Lego, Sunglass Hut and White House Black Market.