Bye, bye Lord & Taylor. You had it good for a long time at Water Tower Place. According to Crain’s, Water Tower won’t renew the old department store’s lease early next year. The store has paid a base rent of around $7.50 a square foot since the 1970s, which is a tad lower than the average commercial rate of $55 on Michigan Avenue in 2006. One tenant rumored to be interested in occupying at least part of the seven-story space is American Girl Place.
If that happens, Marisol will really have arrived. Surely Water Tower Place can come up with a better tenant than that freaky store. Does anyone have suggestions for retail that fits in with the whole Michigan Avenue shopping scene, but also is convenient for residents of the new high-rises in the neighborhood?