A system and method are provided for manufacturing a tower structure. Accordingly, one or more layers of a wall element are deposited with a printhead assembly. At least one recess is defined in the wall element. The recess(es) has a single, circumferential opening positioned along an inner reference curve or an outer reference curve of the wall element. The recess(es) also has a depth which extends in a radial direction and intersects a midline reference curve. A reinforcing element is placed entirely within the recess(es) at the midline reference curve.