The Water Street Historic District is a distinct, compact commercial area located along the north side of the Chippewa River directly across from the main campus of the University of Wisconsin - Eau Claire. Approximately one block in length, the District developed around a steamboat landing in the 1850s and originally included a working-class mix of retail and trade businesses. Often referred to as Eau Claire's "other downtown," this district is situated about one mile downstream from the central business zone in downtown Eau Claire. Today, the economic vitality of the Water Street district is due primarily to the proximity of the university community.

The hallmark of the Water Street Historic District is the High Victorian Gothic style Pioneer Block (1882) at 401-407 Water Street. This ornate, two-story, red brick commercial block of four contiguous storefronts anchors the east end of the District and is the most recognizable of its buildings.

Currently, the Water Street Historic District features a mix of specialty retail and service shops and contemporary dining and beverage establishments.