Water Tower Place owner gives up the property (Chicago, Normal: lease, theater)

[Grlzrl]

Too bad. HOpe they don't close for good.

https://chicago.suntimes.com/busines...p-the-property

Water Tower Place owner gives up the property

..Brookfield Properties said Tuesday that it is turning over the vertical mall to its lender, a unit of New York-based insurer MetLife. The action indicates Brookfield believes the mall is worth less than an estimated $300 million in debt on the property..

[personone]

Saw this scrolling through Facebook. Very sad. There were some great memories of the mall there, even as a young teen visiting Chicago in the summer. The combination of things transitioning online to the way the BLM rioting was handled and stores not being protected, led to this.

I will always have fond memories of it. It's sad seeing the Mag Mile and downtown in general changing.

[Chi-town]

Sad indeed. Still does not mean a closure? Tourist back did not come fast enough.

MALLS dying all over this land. Most outside of major cities if high-end surviving....IF in a larger city metro. Still CHICAGO IS NOT ALONE. Having such a mall is unique and the era may be coming to a end.

Point is ...is it is not really the city it is the era we are in. Covid thru a wrench in that took a bit too long.

Let's hope it can survive as tourist return and more back to the office. It may just survive.... I believe it opened in 1971. That is a long ride.

[Avondalist]

Here's a great YouTube channel with a lot of videos exploring dead malls.

https://youtube.com/MovieDan

It was inevitable that Water Tower would shut down; it's out of step with the times. No different than the State Street department stores over the past several decades.

[Chi-town]

Originally Posted by Avondalist

Here's a great YouTube channel with a lot of videos exploring dead malls.

https://youtube.com/MovieDan

It was inevitable that Water Tower would shut down; it's out of step with the times. No different than the State Street department stores over the past several decades.

State Street DID bounce back from the dead. I lived thru it. Wiebolds closed, Sears, Montgomery Wards, Carson Pirie Scott.... and numerous smaller ones.

The State St mall was a huge failure in the 90s meant to help. Gone went Marshall Fields. It at least had Macy's saved the store. The only allowed diesel buses were a failure fuming black burst.

The opening up of the State St again and a MUCH better street-scape with green-space and flowers and new subway Red line entrances WORKED.

[Avondalist]

Originally Posted by Chi-town

State Street DID bounce back from the dead. I lived thru it. Wiebolds closed, Sears, Montgomery Wards, Carson Pirie Scott.... and numerous smaller ones.

The State St mall was a huge failure in the 90s meant to help. Gone went Marshall Fields. It at least had Macy's saved the store. The only allowed diesel buses were a failure fuming black burst.

The opening up of the State St again and a MUCH better street-scape with green-space and flowers and new subway Red line entrances WORKED.

State Street now is down market from what it was in the early 20th century.

I'm not saying Michigan Ave doesn't have a future as a retail strip, but its best years are behind it.

[Chi-town]

Originally Posted by Avondalist

State Street now is down market from what it was in the early 20th century.

I'm not saying Michigan Ave doesn't have a future as a retail strip, but its best years are behind it.

Welcome to America. Go into other city forums and .... NOT great retail news. Chicago is still coming from a MORE TO LOSE PLACE. Some cities never built it ..

Still really.... see what State St had by the mid-90s..... Yeah. The LOW point.

[Nearwest]

Originally Posted by Chi-town

Sad indeed. Still does not mean a closure? Tourist back did not come fast enough.

MALLS dying all over this land. Most outside of major cities if high-end surviving....IF in a larger city metro. Still CHICAGO IS NOT ALONE. Having such a mall is unique and the era may be coming to a end.

Point is ...is it is not really the city it is the era we are in. Covid thru a wrench in that took a bit too long.

Let's hope it can survive as tourist return and more back to the office. It may just survive.... I believe it opened in 1971. That is a long ride.

Water Tower Place opened in 1976.

Brookfield Properties was notified in early 2020 by Macy's parent company that the Water Tower Place store would close. This was part of a decision by the company to close about 125 Macy's stores nationally during a 3 year period. The decision to close this store was made before the urban unrest and the subsequent looting which took place in May, 2020.

[Chi-town]

Originally Posted by Nearwest

Water Tower Place opened in 1976.

Brookfield Properties was notified in early 2020 by Macy's parent company that the Water Tower Place store would close. This was part of a decision by the company to close about 125 Macy's stores nationally during a 3 year period. The decision to close this store was made before the urban unrest and the subsequent looting which took place in May, 2020.

Yes I remember reading what da mayor said.

So the writing was on the wall.

https://www.nbcchicago.com/news/loca...s/2322443/?amp

I try to keep up on some Chicago news. No one will claim the looting did not hurt and...

Covid lock-downs
Lost Conventions
Lost tourist in general.
Downtowns losing people moving by Covid as too urban and fears of density spread.

Add the pressure on retail Nationwide and the largest department stores closing Nationwide. Chicago is lucky the ole Marshal Fields Macy's will probably be the last to go with its Manhattan original.

You had to see the closed stores on State Street by the 90s. The XXX shops on South State St. I think the old State Lake theater was the few showing top movies. Closed about 1984 and and gutted it, but saved the building. Other theaters were lost. Preservationists fought to save the Chicago Theater almost list and others now live Theaters.

Other theaters too. Just like Times Square got shady... I mean it was ALL SHADY.

Just some cities lost and never had more 9-lives and bounced back. The city spent millions on the failed State St Mall and millions more on the successful redo. Some cities did not. Never got their retail back outside of malls even not downtown.

I was very pleased the city replaced all the Loop street-lights with original reproductions. Some cities never did.

I was surprised the Disney store closed. Still read a candy store is going in. Gap no loss. Loss across from the Water Tower was sad too. I remember when it had there the I Magnin store there. I remember Lord and Taylor base of Water Tower. Crate and Barrel left and the Starbucks Roastery came a success even without all tourist back. I hear it still gets lines outside still.

I remember pre-crash another full mall on Noth Michigan. I remember the Planet Hollywood bar like the Hard Rock one.

The smaller retailers not really. I remember when Marshal Fields was in 2 buildings. One building was the Men's building.

At least Macy's still has 6-levels. The downtown former Wannamakers downtown Philly is 3 levels left. In its heyday has 12 and 9 were retail + 2 lower-levels.

There are sooo many reasons I would go back to the 80s era in a heartbeat. Downtown Chicago's losses among some gains ..... not one of them. 1977 my arrival. Still had those swooping florescent beast of aqua street-lights on State St. Like War of the World's beast. The older dark green and off white L trains ugly inside. Those black billowing diesel buses fumes swept thru the buses.

You looked off DuSable bridge you saw a huge warehouse up to the water and remnant other things emptiness like parking.

Still plenty if great things. Just declines still showing all to well. Some things we never want to age or change and go.... others we are glade over the years.

If downtown can have the Loop even with more buildings converted to residential? That is not a bad thing. It reasons all the retail today will not survive. Time will tell as more a New Normal comes.

[Chi-town]

Originally Posted by Nearwest

Water Tower Place opened in 1976.

Brookfield Properties was notified in early 2020 by Macy's parent company that the Water Tower Place store would close. This was part of a decision by the company to close about 125 Macy's stores nationally during a 3 year period. The decision to close this store was made before the urban unrest and the subsequent looting which took place in May, 2020.

You missed Da mayor noted that the city was notified Macy's was not going to renew its Water Tower lease in like Feb of the year of the looting before the May looting.

So the writing was on the wall.

https://www.nbcchicago.com/news/loca...s/2322443/?amp

I try to keep up on some Chicago news. No one will claim the looting did not hurt and...

Covid lock-downs
Lost Conventions
Lost tourist in general.
Downtowns losing people by Covid too urban fears.

Add the pressure on retail Nationwide and the largest department stores closing Nationwide. Chicago is lucky the ole Marshal Fields Macy's will probably be the last to go with its Manhattan original.

You had to see the closed stores on State Street by the 90s. The XXX shops on South State St. I think the old State Lake theater was the few showing top movies. Closed about 1984 and ANC gutted it but saved the building. Other theaters were lost. Preservationists fought to save the Chicago Theater almost list and others now live Theaters.

Other theaters too. Just like Times Square got shady... I mean it was ALL SHADY.

Just some cities lost and never had more 9-lives and bounced back. The city spent millions on the failed State St Mall and millions more on the successful redo. Some cities did not. Never got their retail back outside of malls even not downtown.

I was surprised the Disney store closed. Still read a candy store is going in. Gap no loss. Loss across from the Water Tower was sad too. I remember when it had there the I Magnin store there. I remember Lord and Taylor base of Water Tower. Crate and Barrel left and the Starbucks Roastery came a success even without all tourist back. I here it still gets lines.

I remember pre-crash another full mall on Noth Michigan. I remember the Planet Hollywood bar like the Hard Rock one.

The smaller retailers not really. I remember when Marshal Fields was in 2 buildings. One building was the Men's building.

At least Macy's stull has 6-levels. The downtown former Wannamakers downtown Philly is 3 levels left. In its heyday has 12 and 9 were retail + 2 lower-levels.

There are sooo many reasons I would go back to the 80s era in a heartbeat. Downtown Chicago's losses among some gains ..... not one of them. 1977 my arrival. Still had those swooping florescent beast of aqua street-lights on State St. Like War of the World's beast. The older dark green and off white L trains ugly inside. Those black billowing diesel buses fumes swept thru the buses.

You looked off DuSable bridge you saw a huge warehouse up to the water and remnant other things emptiness like parking.

Still plenty of great things. Just declines still showing all to well. Some things we never want to age or change and go.... others we are glade over the years.

If downtown can have the Loop even with more buildings converted to residential? That is not a bad thing. It reasons all the retail today will not survive. Time will tell as more a New Normal comes.

If Water Tower Place goes .... It will be missed. But have plenty of company across America. Even others once on N Mich....