900 North Michigan Shops

Energy + Neighborhood Hub

Client: JMB Realty | Location: Chicago, IL | Kick-off: 2014

66-story mixed use building featuring a 450,000 square feet shopping mall on seven levels, The Four Seasons, Luxury Condos, Class A Office, Surgical Center and a 2,700 space parking deck.

APPROACH

Stabilize this anchor on the north end of the Magnificent Mile by reimagining the vertical mall and integrating its ground floor with Walton & Rush Street retail corridors. Change retail industry’s long-held perception of mall as quiet and underperforming.

STRATEGY

Drive traffic and energy to upper floors of mall with frequently visited anchor uses; Determine the most productive customer segment and remerchandise the mall to this audience’s lifestyle.

RESULTS

Guided strategy for reimagining the vertical mall, which led to owners making first capital investment in the asset since 1989 and 30% of existing tenants reinvesting in their spaces by YE 2018.

$52 million capital investment delivered a bold new entrance on Michigan Avenue, a video art experience called The Canopy on the atrium ceiling, and a 22,000 square foot food hall on levels 5 & 6 by local restauranteur Brendon Sodikoff of Hogsalt Hospitality. All opened in Q4’18.

Tenant reinvestments during interior mall construction period included:

Michigan Avenue storefront remodels for Bloomingdales, Gucci, Max Mara and Montblanc.
Club Monaco choosing to renew and open a flagship store at 900 with entrances on Walton Street and mall interior.

Retenant /reposition 42% of specialty retail space by YE 2018.

900 North Michigan Shops now considered a stronger location.

LEASING HIGHLIGHTS