Water Tower Place owner gives up the property

[SonySegaTendo617]

Originally Posted by Chi-town

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.

Disney is transitioning to selling more of their merchandise online, and in sections of stores like JCPenney and Target. I think that's why almost all Disney Stores have shut down, in the last year or 2. Honestly, I don't think there's anything any chamber of commerce(say for this example) could've done, to kept them from leaving. And as for Gap, they've been closing a lot of their stores down FOR YEARS, and that brand has been stuck in a decline for many years. Both in sales for their stores closing down, and more locations closing. Not just their stores at Lincolnwood Town Center and downtown Evanston, but a lot of their other stores also have closed too(i.e. State Street). And as I remember reading it has been Gap's other more profitable divisions(i.e. Old Navy, Banana Republic, Athleta), that keep them afloat as a company. They nearly chose as a company to split off Old Navy due to how profitable those stores are, but narrowly for whatever reason decided against doing that.

Back to Water Tower Place, yes it is sad Brookfield gave up that mall. As long as one of the mall slumlord companies that doesn't do jack crap to keep up their malls isn't the buyer in the end(i.e. Namdar, Kohan, Moonbeam, and Kohan has even been documented for not always properly paying the power bills at his malls, to the point power was briefly shut off in a few cases), I suspect Water Tower will be fine in the end. As long as one of the more competent companies purchases the mall(i.e. Spinoso, which bought Southridge Mall in the Milwaukee area after Simon decided they didn't want to continue owning that mall), it should be fine in the end. Just praying it isn't one of the mall slumlord companies(i.e. Namdar, Kohan, etc), that buys this mall in the end. It does give me comfort that the malls Namdar, Kohan, etc. buy on average(and per looking at each company's mall portfolio online page, in the past) are in worser shape, so hopefully none of them will be the one to take over this mall.

[BOBNCHI]

I can't wait until Halloween when this banner is hung on WTP!

[SonySegaTendo617]

Originally Posted by BOBNCHI

I can't wait until Halloween when this banner is hung on WTP!

Not quite the same store at BOBNCHI, but your post referencing Spirit Halloween made me laugh, and reminded me of this past joke on The Simpsons: https://youtu.be/vIs4xqRcIdQ

[mojo101]

Does Water Tower place still have hotel and independent living and condos as well?
or is it the John Hancock building?
I remember as a young just out of school graduate working downtown,the state street dept stores-Marshal Field,Carson Pirie Scott,Rothchild,Montgomery Ward,Sears,Sherman House,I Magnin and many cheap shoe stores featuring made in Brazil leather shoes starting $7.99 and up .
Fine restaurants like Epicurean,Jimmy Wong,Trader Vic,there is also a huge supermarket kind of like today Central Market.
I used to spend my lunch hour browsing in Marshal Field jewelry dept.
On Payday,I will walk by some S & L ,wondering why a long line of depositors,well,it offers 50 basis point higher savings rate !
We often eat at Montgomery Ward cafeteria for lunch,it is affordable

[Robert9]

We made national news yet again as the mayor that Chiraq voted for once again made a fool of herself when asked about this very subject of Water Tower place and the Mag Mile now being known as Fear mile!


https://www.youtube.com/watch?v=PEH3VTqOjVc