In a recessionary market, the company was given the challenge of demonstrating the product and obtaining hard contracts before construction began. Meyers Realty, Inc., was the contracted sales and marketing consultant. The 360 condo units in the tower were designed in 1974. ![]() Decades after its construction, its residences and hotel remain sought after addresses, and the mall is typically fully leased, drawing large enough crowds that some retailers operate outlets both inside the mall and outside it along Michigan Avenue. It shifted downtown Chicago's retail center of gravity north from State Street to North Michigan Avenue. Water Tower Place's opening changed the economic dynamics of the Magnificent Mile by bringing middle-class shops to what had been a street dominated by luxury retailers, tony hotels, and expensive apartments. It contains an award-winning Ritz-Carlton hotel, luxury condominiums and office space, and sits atop a block-long base containing an atrium-style retail mall that fronts on the Magnificent Mile. When built, it was the tallest reinforced concrete building in the world. The tower section is a 78-story, 859-foot (262 m) reinforced concrete slab, faced with gray marble, and is the eighth tallest building in Chicago and the twenty-sixth tallest in the United States. ![]() Dart, of Loebl Schlossman Bennett and Dart, was the chief architect. Nichols Prize from the Urban Land Institute in 1986. Originally planned in the late 1960s by the Mafco Company (the former shopping center development division of Marshall Field & Co.), the skyscraper was eventually built in 1975 by Urban Retail Properties, a company led by Philip Morris Klutznick and his son Thomas J.
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