You've probably walked past 700 North Michigan Avenue a hundred times without really looking up. Most people just see the glass and the crowds. It’s that massive, vertical urban ecosystem better known as Chicago Place. But honestly, this address tells a bigger story about how Chicago’s Magnificent Mile is trying to find its soul again in a world where everyone shops from their couch.
It sits right at the intersection of Huron and Michigan. Prime real estate. The kind of spot where every square inch is worth a small fortune. For decades, this was the home of Saks Fifth Avenue, the anchor that kept the whole ship floating. But the city is changing. 700 North Michigan Avenue isn't just a shopping mall anymore; it’s a weird, fascinating hybrid of high-end retail, medical offices, and luxury living.
The Identity Crisis of Chicago Place
Back in the late 80s and early 90s, the dream was vertical malls. Think Water Tower Place or 900 North Michigan. Developers thought people wanted to go inside, ride an escalator, and stay there all day. 700 North Michigan Avenue was built on that exact premise.
Saks Fifth Avenue was the crown jewel. It was the place you went when you wanted to feel like "Old Money." But then the 2010s happened. Shopping habits shifted. Saks eventually consolidated, moving across the street, and suddenly, this massive 700,000-square-foot giant had some very large shoes to fill.
It’s kinda fascinating how the building adapted. Instead of just rotting like some suburban malls, it pivoted. You see, the upper floors of 700 North Michigan Avenue are actually home to some of the most expensive condos in the city. The Residences at Chicago Place. Living there means you’re basically hovering over the heartbeat of the city. You get the 24-hour doorman, the fitness center, and a view that makes most people's Instagram feeds look like junk.
The Medical Takeover
Here is something most tourists don't know: a huge chunk of 700 North Michigan Avenue is now dedicated to health. Northwestern Memorial Healthcare took over a massive footprint here.
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Why? Because convenience is king.
If you live in the Gold Coast or Streeterville, you don't want to hike to a sterile hospital basement. You want to see your specialist in a building that feels like a Five-Star hotel. It’s a brilliant move for the landlords. Retail is fickle. People stop buying $500 shoes during a recession. But they never stop needing doctors. This "medtail" trend—mixing medical services with retail—is basically what saved the building's occupancy rates.
What’s Actually Inside Right Now?
If you walked in today, you’d see a mix that feels a bit disjointed but strangely functional. You've still got high-end names. Zara has a massive presence here. It’s one of those flagship stores where they actually get the good inventory before the suburban malls do.
Then you have the specialty spots.
- Optica: For when you want glasses that cost more than your first car.
- The body shops and boutiques: Small-scale luxury.
- The Food Court Legacy: There used to be a famous food court on the top floor with amazing views. It was a local secret. Now, the dining scene is more focused on street-level access and quick, high-quality bites.
The architecture itself, designed by Solomon Cordwell Buenz and Skidmore, Owings & Merrill (SOM), still holds up. The pink granite and the glass atrium give it that "Postmodern Classic" vibe. It feels heavy. It feels permanent. In an era of "fast architecture," there’s something nice about a building that feels like it could survive an apocalypse.
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Living Above the Fray
Let’s talk about those condos for a second. There are roughly 200 units up there. If you’re looking at real estate at 700 North Michigan Avenue, you’re looking at a specific lifestyle. You aren't just buying a kitchen and a bedroom; you're buying the ability to walk to the lakefront in five minutes and the Chicago River in ten.
The prices vary wildly. You might find a one-bedroom for $400,000 or a renovated penthouse for several million. The HOA fees are usually high—that’s the trade-off for having a staff that handles your packages, your security, and your maintenance 24/7. It’s urban living at its most intense. Some people hate the noise of the Michigan Avenue sirens. Others find it's the only way they can sleep. It's the "city pulse," right?
The Challenges Facing the Mag Mile
It isn't all sunshine and luxury sales. 700 North Michigan Avenue is fighting the same battle as the rest of the district. Vacancy rates on Michigan Avenue hit record highs around 2023 and 2024. The "Mag Mile" brand took a hit.
The city is trying to fix this. There’s a lot of talk about more "experiential" retail. More art installations. More reasons to show up that don't involve just swiping a credit card.
The building owners at 700 North Michigan have been smart by diversifying. By bringing in the medical offices and keeping the residential side strong, they aren't relying on a single department store to keep the lights on. It’s a lesson in urban survival. If you rely on one thing, you die. If you evolve, you stay relevant.
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A Note on Accessibility and Safety
Look, people have concerns about downtown Chicago lately. It’s a reality. But the 700 block of North Michigan remains one of the most heavily patrolled and monitored stretches in the world. Private security, CPD, and the "Ambassadors" in the bright jackets are everywhere.
For a visitor, it’s remarkably easy to navigate. The parking garage at Chicago Place is actually one of the better ones in the area—though "better" in downtown Chicago still means you’re going to pay a hefty price for a few hours of stationary car time. Use an app like SpotHero if you’re driving. Seriously.
Why You Should Care About This Address
700 North Michigan Avenue is a microcosm of Chicago itself. It’s got the gritty determination to stay relevant, the flashy exterior, and a surprisingly practical core. It’s where the wealthy live, the sick get treated, and the fashion-conscious hunt for deals.
It represents the shift from "Grand Shopping Mall" to "Vertical Neighborhood."
If you’re a tourist, it’s a landmark. If you’re a local, it’s a service hub. If you’re an investor, it’s a case study in how to pivot a massive asset during a retail apocalypse.
Next Steps for Visiting or Moving to 700 North Michigan Avenue:
- Check the Zara inventory online: This specific location often stocks "Studio" collections and limited runs that you won't find elsewhere in the Midwest.
- Look at the Upper Floors: If you’re a fan of architecture, stand in the atrium and look up. The way the light hits the glass and steel shows off that late-80s ambition that defined the Chicago skyline.
- Validate your parking: If you are visiting a medical office at Northwestern, make sure you get your ticket stamped. The rates at the 700 N Michigan garage are eye-watering if you pay the full "drive-up" price.
- Monitor the Real Estate: For buyers, keep an eye on "pocket listings" in this building. Many of the best units in the Residences at Chicago Place never even hit the public MLS because they’re traded between wealthy owners privately.
The Mag Mile isn't dead. It's just growing up. And 700 North Michigan Avenue is leading the way by being a little bit of everything to everyone.