The Water Street District mixed use development proposed for the southern end of Downtown Naperville will include a mix of retail businesses, restaurants, a 158-room upscale, urban boutique hotel with luxury amenities and class A office space, as well as a 524 space parking garage. Construction of the Downtown Naperville Water Street District, which will include a 520-space public parking garage and 158-room boutique Hotel Indigo will begin with demolition of several existing buildings on the 2.8 acre site the week of April 5. This will be followed by construction of a temporary dam to precede riverfront construction, as well as the installation and relocation of utilities. Construction of the parking facility and hotel building on the south side of Water Street will occur concurrently with development of the north side hotel and retail buildings and plaza. Official Groundbreaking ceremonies are scheduled for April 16. “We look forward to this project going up pretty fast,” says Jeff Prosapio, Executive vice President of Development for Marquette Companies. “It’s anticipated that we will be looking to completion by Fall of next year.” In addition to the hotel and City-owned parking structure, the development will include a Special Events and Banquet facility run by Chef David Miller of Chef By Request, as well as three street level restaurants, an in-hotel café and a rooftop restaurant overlooking the DuPage River. Additional space will be allocated to retail uses and eventually, office space. A second-story enclosed pedestrian bridge will connect north and south areas of the hotel and the Banquet space. “We are thankful for the emotional investment of the community to ensure this project was a win-win, we appreciate the extreme professionalism exhibited by the City Staff who worked closely with us throughout the process to make sure the project complied with standards in the interest of the City and taxpayers, and the many members of the City Council who met with us, listened, and carefully considered what was fair and best for the future of the City. Most of the Council understood the economic opportunity Water Street presents, and they challenged us to produce the best possible project to deliver that benefit,” says Marquette CEO Nick Ryan. “ I know there has been a lot of misinformation floating around, particularly during this election, “ says Ryan. “
The facts are clear and should be understood by the public:
- Regarding traffic, we can say with assurance that exhaustive studies have been conducted in conjunction with the City to ensure that the development and surrounding area will have an acceptable level of service.
- The City will own a 520-space parking facility and will lease 120 spaces to the Hotel Indigo. No other spaces will be reserved, but will be available to all.
- Additionally, as a boutique brand, the Hotel Indigo will create a separate downtown hotel submarket that does not currently exist. Because of its unique location and brand option, it is projected to create more stays overall in Naperville as it complements rather than competes with other hotels which have a current occupancy of approximately 70%.
- The TIF is projected to generate approximately $14.4M in cash flow through 2038, which the City, not the developer, will use to fund the City’s agreed portion of the public improvements.
- Finally, Marquette has agreed to reimburse the City for $103,000 for interest costs caused by construction delays in 2014” said Ryan.