An investment services firm could soon occupy a portion of the Barnes & Noble store that closed in a highly visible Naperville retail location nearly a year ago, based on a proposal city officials are currently reviewing.
Representatives from Fidelity Brokerage Services went before the Naperville Planning and Zoning Commission on Wednesday, Jan. 15, and unveiled the firm’s plan to occupy 2,437 square feet of first-floor space and a second-floor office space at the former Barnes & Noble site at 47 E. Chicago Ave.
Commissioners gave a favorable recommendation to the proposal. It advances to the city council for a final, binding vote at an upcoming meeting.
‘We could not be more excited about this location’
Fidelity’s plans of laying roots downtown are being reviewed within local government because of a technicality in the municipal code. The proposal has a general service use designation; the zoning code in the downtown core does not allow such uses on the ground floor of downtown buildings without a variance.
Sean Adair is branch leader of Fidelity’s Naperville location, which currently operates out of office space within Freedom Commons, 1823 Freedom Drive. He indicated that Freedom Commons location will close if the downtown site moves forward.
“Naperville means a lot to us, and we could not be more excited about this location, truthfully,” Adair said. “My staff continuously asks me, ‘When can we go downtown?’”
In his pitch to commissioners, Adair said he believed Fidelity would mesh well with the retail and restaurant mix that is heavily favored for ground floor tenant spaces in the downtown core area. Clients and employees alike, he said, would frequent the existing establishments.
While many of Fidelity’s back-office functions would be housed on the second floor, based on the plans submitted, Adair said the first floor would have a customer-friendly feel similar to a bank branch.
“It will serve as a vibrant hub for any and all walk-in traffic,” he said.
Residents share concerns
Commissioners reviewed public comments, verbal and written, on Fidelity’s plans for the site before rendering their favorable recommendation. Many of the comments sent in to the panel were against the plans.
Mary Lou Wehrli discussed the history of the downtown core and the intent behind the zoning regulations in place that are designed to shepherd restaurant and retail use on ground floor buildings as she provided public comment at the meeting.
“Downtown is where people want action; it’s where they want to be,” Wehrli said. “It’s where our retailers meet their greatest successes. We need to keep in mind the overall health and the overall commitment to the others who have invested in our town. I don’t want to see this as a beginning for more of this to happen.”
Kalyan Pathak is among the residents who submitted written comments in opposition to the plans for the former Barnes & Noble site.
“Downtown Naperville thrives on retail, dining and pedestrian-friendly businesses,” Pathak said. “A bank does not align with the character of this community space.”
Maya Cruz, however, provided favorable feedback on the future plans for the site in an email to city officials.
“A financial institution located near downtown will undoubtedly benefit surrounding businesses and the community as a whole,” Cruz wrote.
Commissioners cast 8-1 vote
Ultimately, commissioners voted 8-1 in favor of the zoning variance in their recommendation to the city council. Officials within the city’s transportation, engineering and development department also are giving Fidelity’s plans a favorable recommendation.
Commissioner Mark Wright said the ground floor space that is under the microscope in relation to Fidelity’s plans runs the risk of remaining vacant for a prolonged period of time because of its configuration.
“That side of Washington Street has struggled for years, and we all know that.” Wright said. “Is it the best use for this space? Maybe not. But the pros, I think, outweigh the cons.”
Commissioner Tom Castagnoli echoed the statement, saying, “I can tell you this space would be very hard to lease. It’s very narrow; it’s very long.”
But commissioner Meghna Bansal, who cast the dissenting vote, said she would have preferred waiting for a more compatible use at the site.
“I have no issue with the bank,” Bansal said. “I always appreciate the banking institutions coming into the city, but that is a very prime location, in the heart of the downtown. I’m sure we will have more good businesses coming in there. I have a concern of supporting this variance tonight.”
Barnes & Noble recently announced its plans to return to Naperville in a different location.
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