A 160-room hotel housed within the $85 million downtown Naperville Water Street District now has a name - and a concept.
Hotel Indigo Naperville on the Riverwalk, an upscale boutique hotel, will be the focal point of the 2.4 acre, multi-use Water Street development, which will sit south of the Riverwalk between Main and Webster streets.
Naperville developer Marquette Companies announced Wednesday that the hotel is set to open in 2015. Retail shops, a restaurant, office space as well as a parking deck will also be within the development.
According to Marquette Companies, the hotel will be managed by global hotel company, InterContinental Hotels Group.
In May, Naperville City Council approved tax incentives for the downtown project. Under the incentive, Marquette Companies receives up to $7.5 million in sales and hotel tax rebates over the course of 20 years.
The development must "actually generate the sales tax revenue before the city rebates to the developer," according to the city.
Hotel Indigo will still sit at five stories and have a height of 61 feet, with a 69-foot architectural element. The Loggia Building, located north of the hotel, connected by an elevated pedestrian bridge, is also the same height.
Along with retail and commercial space, the Loggia Building will hold a rooftop restaurant overlooking the DuPage River.
The second- floor lobby will feature a great room with fireplace, a bistro-style dining area and wine bar, as well as a health facility, according to Marquette Companies.
The hotel will also incorporate a touch of local flare within its rooms and overall design. Marquette Companies plans to team up with the Naperville Heritage Society in order to bring Naperville's "history and culture to life within the hotel space via unique interior designs and signature murals," according to Marquette Companies.
“By design, the brand is refreshingly local, reflecting the culture, people and personality of the community," said Nick Ryan, Managing Director of Marquette Companies in a release. "When you walk into our lobby, you will get the Naperville vibe immediately. We’re proud of that.”
Previously, concerns have been raised regarding the TIF district, which is located within an area where the hotel will be built. Since the district was created in 2007, it has generated about $500,000 and is projected to reach a total of $9.5 million in the next 18 years, according to the city.
Earlier this year, City Manager Doug Krieger said the TIF revenue will not be paid to the developer, but will instead be used for city improvements.
"None of the TIF dollars are envisioned going back to the developer," he said. "They are restricted to city assets and the developer is limiting their incentive request simply to incremental hotel and incremental sales tax."
However, TIF dollars will go toward Rivewalk improvements and a 524-space parking deck that will sit east of the development.
Marquette Companies plans to donate the property where the Riverwalk improvements and extension will take place. As far as the parking deck, the city said it will purchase a share of the land where the garage will be built for $100 per square foot, but not until it is constructed.
The city's share of the cost of the parking deck will be partially financed through downtown food and beverage tax revenues, according to the city.
In terms of financial impact on the community, the development is estimated to contribute an additional five percent in revenue, or $28 million over 23 years. The project is also expected to create an estimated 550 construction jobs and 200 permanent jobs.
For more information on the Water Street District, visit www.waterstreet communityinfo.com.