“A national residential developer has proposed constructing a 668-foot, mixed-use tower on Chicago’s Magnificent Mile. AMLI Residential envisions a 56-story building with 498 units replacing the property best known as the home of Nike Chicago, the brand’s flagship store at 669 N. Michigan Ave., according to a Friday newsletter from Ald. Brendan Reilly, 42nd.

“AMLI still needs to win approvals from city planners, City Council and Streeterville residents before it can break ground. It would be the first new skyscraper built in years on the Magnificent Mile, and could provide a much-needed shot in the arm for the well-known shopping district, which has suffered from a high retail vacancy rate.

“It could also help transform the Magnificent Mile into more of a residential neighborhood, boosting foot traffic and increasing the demand for retail. Other planned residential developments include 500 N. Michigan Ave., a 58-year-old office tower that developer Commonwealth Development Partners will early next year begin gutting and rebuilding into more than 300 new apartments.

“A London-based investor bought the existing property, including Nike’s five-story outlet, for $295 million in 2015. It’s not certain whether Nike will stay and anchor the two-level, 27,000-square-foot retail space proposed by AMLI for 669 N. Michigan Ave., or move elsewhere.

“Many Streeterville residents support the idea of building a residential skyscraper on the Magnificent Mile, but still have concerns about possible traffic congestion, said Deborah Gershbein, president of Streeterville Organization of Active Residents.

“We like to see positive things happening on Michigan Avenue and in the neighborhood,” Gershbein said. “We just want to make sure people can get through the neighborhood.” (Rogal, Chicago Tribune, 9/23/25)

Preservation Chicago encourages the developer to incorporate the historic Art Deco Indiana Limestone facades into a new development to preserve them, to maintain the human scale, and streetwall of historic Michigan Avenue. This style of Art Deco Building once defined the character of Michigan Avenue, but these buildings have been disappearing over the past 50 years.

• Developer proposes 56-story residential tower for the Magnificent Mile, Brian J. Rogal, Chicago Tribune, 9/23/25
• 56-story mixed-use tower proposed at 669 N. Michigan; The 668-foot-tall tower would have 498 units, retail, and parking, Lukas Kugler, Urbanize Chicago, 9/30/25