I'm a little confused if this is for top level navigation, as opposed to a filter bar that scopes data in a dashboard. If space is a concern, you might be able to consolidate into one row.
Since dashboards work best by having high value data available at a glance, space is often a concern. This may be an opportunity to get more vertical space, while bring more clarity and functionality to the filtering elements.
I don't know too much else about your context, but here's a quick take of the controls:
I'm not sure of your constraints, but you could make this a input dropdown (or even an open search, where users can tab into the field and start typing their location right away, or select from the dropdown. Allow search and recent (or favorite) locations to save users effort.
You mentioned adding potential date ranges. Perhaps you can give users some canned ranges, and allow a 'custom' with a range picker.
Segmented controls for format selection
Since the choices might not be clear to users who don't come to the product every day, surfacing a small amount of choices with a segmented control allows users to see all choices at once. These choices don't seem obvious, unlike a date (which we're used to seeing and understanding in several formats).
See 'Obvious always wins' by Lukew. You'll find some thoughts against dropdowns, but it's almost always about tradeoffs in UX, which is why location is a dropdown.
Scaling for the future: additional filters, and date ranges
I'm not sure of your viewport constraints, but consolidating to one row seems possible, at least on standard desktop. The +filter at the end allows for further scoping.
What do you expect the users to gain? Test with them.
While all of us are somewhat averse to change, understand why you're doing a redesign: In your case, you have a feeling it's 'cluttered', but you also want to introduce more functionality.
You can structure some tasks for your users, especially filtering and date selection. This will help you find out if you're on the right path, and may uncover some concerns you've never heard about previously.