A project that was left uncompleted in downtown Naperville is expected to be finished with a flourish now that well-known Naperville developer Dwight Yackley plans to see it through.
Main Street Promenade East, located on the east side of Main Street between Benton and Van Buren avenues, will enclose the expanded Van Buren parking garage with a mix of retail and office space.
The founder and owner of BBM Incorporated, Yackley acquired the property after a planned development that was a partnership between the city of Naperville and a different developer fell through, according to a news release from the developer.
Yackley is also the owner of Main Street Promenade, which houses and , and the Washington Corners property, which is home to .
“I feel a special responsibility to have this project be as successful as the original Main Street Promenade and contribute to the growth and health of downtown Naperville,” Yackley said in a news release. “The recession has been tough, but we’ve weathered the market better than other areas and kept vacancy rates comparatively low. So while it’s been quite a journey over the past 25 years. I’m as optimistic as ever about downtown Naperville’s future.”
According to a story in Crain’s Chicago Business, Yackley has not secured funding for the project yet, but expects to close on financing that will total between $27 million to $30 million in the next three months.
Design plans for the development would include an enclosed pedestrian bridge that would link the original Main Street Promenade building to the new building and the Van Buren parking garage, according to the news release.
Construction work is expected to begin over the summer and when it is completed there will be 99,000 square feet of retail and 194,000 square feet of office space, according to the developer. The project is expected to be completed in time for the 2013 holiday season.