Assessing the Water Street development in Naperville

Several Naperville political and business leaders talked yesterday of the impact of the now open Water Street development:

There were lengthy delays, caused by the recession and by repeated rounds of changes to the plans. First there were condos, then a Holiday Inn, and finally developers proposed what actually got built: a 158-room Hotel Indigo that incorporates elements of Naperville’s history into its design.

Naperville Mayor Steve Chirico thanked the residents who supported public officials as they took “tough votes” in support of the hotel, shops and riverfront improvements…

Investors Peter Foyo and Dominic Imburgia, for whom the new plaza and fountain are named, told the crowd they were honored to put their money toward a project that created jobs in their hometown and beautified a public place for a bustling future…

Pradel said by the looks of it, he’d never guess the new Water Street District was in Naperville. Not the Naperville where he grew up, seeing the strip of land south of the waterway remain relatively underused for decades upon decades.

It is quite a sizable project along the Riverwalk in downtown Naperville; it is hard to miss. And I wouldn’t expect many local leaders to say bad things about a just completed project. However, here are some questions I would ask about the development moving forward:

  1. Is it a portent of things to come in downtown Naperville and elsewhere in the community? Naperville has very little open land remaining so for population and business growth, redevelopment is key. But, redevelopments can take a myriad of forms, including new larger structures. Is Naperville ready for more structures of this size?
  2. Who benefits the most from this new development? It would be worth keeping track of the jobs and taxes generated by this new development. In the long run, are the developers or the city residents benefiting? (Of course, both could benefit but the construction of a larger structure came at the expense of other options. And growth machines – collections of local politicians and business leaders – tend to do things that are in their financial self-interests.)
  3. How many residents will use the new structure and visit the business establishments? The construction of a downtown hotel is an interesting move, suggesting that there may be an interest for visitors to stay downtown rather than at the numerous other hotels in the community (particularly along the business corridor along Diehl Road and I-88). In other words, is this for the use of residents or others?

See earlier posts about Water Street in Naperville here and here.

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