After months of meetings with Naperville community members, stakeholder groups, city staff and the City Council, Ryan Companies released a first round of concepts for its Fifth Avenue project, in anticipation of the public meeting scheduled for August 22nd. Ryan was directed by the City Council on July 17, 2018 to create initial concepts for review by engaged parties.
Feedback has been gathered for concept principles involving design, land use, storm water, traffic, parking, pedestrian safety and connectivity, among other important aspects of the development. The first round of concepts reveal a mix of uses, blending in and addressing issues identified by the working groups.
“One of the most rewarding aspects for our team over the course of the past nine months of meetings has been the opportunity to engage with Naperville residents and stakeholders on their hopes and concerns for this project. We’ve worked hard and had a lot of fun,” said Jim McDonald, senior vice president of real estate development at Ryan Companies. “We have a passion for our business and firmly believe in Naperville as a destination for a development of this significance. Our ability to take on a project like this and deliver concepts that work to fit in with the community and city stakeholder’s interests is what makes Ryan unique.”
The first round of concepts include more than 100,000 square feet of Class A office space, 400 multifamily units, 30–50 for-sale condominiums, 15–30 brownstones, 30,000–50,000 square feet of retail, professional space and over 2,800 commuter and private parking spaces. Ryan will continue to study the inclusion of attainable/workforce housing, with the goal of dedicating up to 10 percent of the multifamily units to this product type.
“I am pleased with our team’s effort and creativity with these initial concepts,” said McDonald. “This is the beginning of our design efforts, not the end. Moving forward, we will continue to push for public/green space, efficient parking and transit, a diverse mix of uses and the highest quality design.”
After the August 22nd community meeting, next steps will include a presentation to the project’s steering committee followed by a presentation to Naperville’s City Council, ultimately working toward the approval of a final concept, financials and key business terms by the end of the year.