The next phase of the Main Street Promenade campus will look a lot different at this time next year.
Developers LFP Holdings LLC have arranged several of the tenants that will occupy the street level of the building northeast of Van Buren Avenue and Main Street that will be known as Main Street Promenade East, and they say doors will be open for business next fall.
High-end women’s retailer Anthropologie has signed on as the primary tenant in the 31,000 square feet of retail space, LFP owners Ruth and Dwight Yackley said this week. Also slated to use a portion of the first floor, beneath the existing parking deck, are Frost Gelato, upscale cosmetics retailer Bluemercury and Hot Mama, the women’s clothing store now using space it has outgrown in the original Main Street Promenade development just west of the new one.
Ruth Yackley said the remaining retail tenants can’t yet be divulged because their leasing arrangements have not been finalized. And Dwight Yackley said he couldn’t yet name the occupants of the 23,000 square feet of offices on the development’s second floor either, because they remain in negotiations.
Initially approved by the city in 2007, the east segment of the Main Street Promenade project was to include four stories, wrapped around the expanded Van Buren parking deck. Anastasia Urban, development manager for the city, said the arrangements called for a public-private partnership with the city to enable the project to include shared components, such as the stairs and elevator on the Main Street side of the building.
The city’s portion of the endeavor was completed in 2009.
“We added about 276 parking spaces to that location,” Urban said, noting that at just shy of 800 slots, the Van Buren deck is now by far the largest parking facility in the downtown area. Like all parking in the commercial core, the deck can be used at no charge to drivers.
LFP Holdings acquired the property through foreclosure in 2011, and earlier this year came back to the city with downsized plans for the commercial development.
“Based on current market conditions, the developer now proposes to modify the project by reducing the building from four to two stories,” read a memo to the City Council in June.
At the Naperville City Council’s June 4 meeting, council member Grant Wehrli commended the Yackleys for the “lesser scale” design change.
“Typically we see people coming in, asking for everything and then some,” he said. “You’re actually moving in the other direction, because it’s a responsible thing to do, so thank you.”
The plan to use the first floor for stores and the second for offices remained intact, despite the reduced size of the project.
“The market for office space isn’t as strong as we thought it was,” Dwight Yackley said.
The original building height of 60 feet was reduced only to a peak of 52 feet.
Ruth Yackley said the developers wanted to allow for higher ceilings in the design. She added that the company is eager to finish the East portion and begin on the next phase of the Main Street Promenade, which will go on open land southwest of Benton Avenue and Main Street.
Urban said city officials are pleased to see the long-dormant Promenade East moving forward.
“Obviously we’re excited to see the project completed, because we’ve been looking at that parking deck for a long time,” she said.