Chicago's Water Tower Place to undergo major renovation

CHICAGO (WLS) -- Chicago's Water Tower Place is set to get a big facelift.

The iconic Magnificent Mile spot is undergoing a $170 million renovation project to mark its 50th anniversary.

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The revamp will see retailers on the first three floors, with office and medical space on the higher floors.

There will also be a new atrium and pedestrian arcade on the first floor.

Work is expected to start next year and finish up in 2028.