After submitting an initial budget report of over $60 million for its new retail store in Chicago, Apple has changed the game. The tech giant submitted a new building permit with a much lower price tag: $27 million.

The Chicago Tribune reports that the initially submitted budget report was priced at $62 million. The new report now says the amount needed to complete the North Michigan Avenue store only sums up to $26.9 million.

Apple's new store, once it's completed, will be the newest addition to the Magnificent Mile's line of stores. The building in construction is located at 401 N. Michigan, with an entrance overlooking the Chicago River's riverwalk area. The site will be the new relocation of the current Apple store that's found in 679 N. Michigan.

A separate report by the outlet notes that the new Apple store will be glass-enclosed and its design could pave the way for it to become a tourist spot in the Chicago area. The Chicago River's natural charm also adds to the possibility of the upcoming Apple retail store to become a tourist attraction.

David Stone, the president of Stone Real Estate Corp., said many are expecting Apple to be "a major driver of traffic" and this will lead other retailers to move over to North Michigan Avenue. Ari Glass, Zeller Realty Corp. president, added that there is buzz all around since landlords and tenants know that the arrival of Apple on the north end of Magnificent Mile will bring about a "very different and dramatic" impact.

According to Apple Insider, the new store is slated for an October 2017 opening. It will feature wide internal spaces, a foyer of glass, an elevator, two impressive staircases, and a flat carbon fiber roof that will cover the building.

Norman Foster of Foster + Partners is reportedly the one who designed the new Apple Chicago store. Foster is a longtime partner of the company and has impressive credits and awards to his name. However, there is no official confirmation regarding this matter yet.