Water Tower Place is a shopping destination located in Chicago, IL. As a Lifestyle/Specialty Center, it occupies a prime spot at Michigan Ave. @ Pearson & Chestnut. The center first opened its doors in 1976 and underwent a significant renovation in 2008. Shoppers can explore 710,000 sqft. of retail floor space featuring approximately 100 stores. With 700 parking spaces available and a food court, comfort and convenience are priorities here.