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I have driven by Colony Tower dozens of times but never really read the placard to learn about it until recently. It was restored in 1998-2003 and new lighting was installed in 2017 so apparently the landmark will be maintained into the future which is good.
From the Historical Marker:
Built in 1925 by the Chicago Bridge and Iron Works, this steel-framed water tower was the main water supplier for "The Colony on the Ste. Claire" — a secluded residential community established in Clay Township during the 1920s. The Colony Tower marked the entrance to the Will St. John estate, the home of the real estate developer who founded The Colony subdivision. The 136-foot tower once housed a 60,000-gallon water tank. Constructed with curtain walls and steel plates to resemble a lighthouse. It demonstrates the early twentieth-century penchant for disguising the utilitarian function of highly visible structures. A light shone from atop the tower, aiding boat and aircraft navigation from 1925 until 1937, when the light was extinguished due to its high operating costs.