The owner of The Shops at North Bridge will pour $40 million into a dramatic renovation of the complex, giving the Magnificent Mile another jolt of energy.
The phased reconstruction effort begins early next week, said Deb Mattes, senior general manager of Centennial, the property manager for the four-level shopping center at 520 N. Michigan Ave. It will include a new glass facade, a digital art installation at the Michigan Avenue entry corridor, an upgraded entrance on Rush Street and a reconstructed central atrium.
“We’re essentially rebuilding the entire entrance off Michigan Avenue,” Mattes said. “Right now, the building’s facade blends into the background, but our new digital installation will be a moving piece of art that transforms itself throughout the day and into the night. It will be the first of its kind on Michigan Avenue.”
The overall goal is to open up the mall, making it a gathering place more inviting to casual shoppers and pedestrians, she added. Centennial also plans to bring in a new crop of retailers, including a bar and lounge for the atrium, along with other dining and entertainment options.
“Like many in the industry, we’re repositioning ourselves as more than just retail,” Mattes said. “We want to give people experiences they can’t get through online shopping.”
The stores in the mall, including Nordstrom’s flagship location, will remain open throughout the renovation. Centennial expects to complete the new facade in 2027.
Several retail properties along North Michigan Avenue also recently launched multi-million dollar renovations, said John Vance, principal at Stone Real Estate. It’s a sign that Chicago’s premier retail district continues to recover from the pandemic and the rise of online retail, a double whammy that depressed property values and left behind a lot of vacant storefronts.
Foot traffic has rebounded along North Michigan Avenue, and new retail concepts including experiential tenants — such as the Museum of Ice Cream in Tribune Tower — helped fill up empty spaces, Vance said. That brought even more curious shoppers and tourists to The Magnificent Mile, so property owners increasingly see it as a good place to invest.
“The recovery has been going on for, call it two years, maybe more, and you can physically see how much better the Magnificent Mile is right now,” he said. “So, these investment committees get together and ask, should we really invest $40 million down there, and will we get a return on our investment? That’s a ton of money, and they don’t make these decisions lightly.”
Farpoint Development and Saxony Properties took a risk in 2023 when they plunked down $40 million for 830 N. Michigan Ave., a vacant retail building.
The bet paid off. This year the partners nearly filled the 120,000-square-foot property with new tenants, including the 60,000-square-foot Candy Hall of Fame Experience and a new two-story Chase/J.P. Morgan banking center.
Other big Magnificent Mile renovations include MetLife Investment Management’s recent decision to launch a $170 million makeover of Water Tower Place, the eight-story vertical indoor mall at 845 N. Michigan Ave.
Japanese clothing retailer Uniqlo reopened in March a Magnificent Mile flagship store, and the crowds it attracted to 600 N. Michigan Ave. helped convince Pacific Life, the owner of The Shops at North Bridge, that the time was right to renovate their property, Mattes said.
Pacific Life took control of The Shops at North Bridge in 2024 through a deed-in-lieu of foreclosure. Uniqlo had shuttered its previous flagship operation at 830 N. Michigan Ave. in 2021.
“(Pacific Life) recognized there was an opportunity to take advantage of the repositioning efforts,” Mattes said. “We see the momentum along the Mile and the momentum in the Chicago market as well.”
