Parking lot sale reignites Naperville development talk

The recent sale of the downtown Naperville post office parking lot has reignited talk of development in that area.

Several projects are being considered for the block of Washington Street between Franklin and Benton avenues, according to Michael Conway, commercial real estate adviser for the properties. He believes Naperville will be one of the first markets to recover as the economy improves.

"We are definitely seeing a return of activity in downtown Naperville I'm not seeing in other markets," he said.

Medical Properties LLC has purchased the former post office lot at the northwest corner of Washington and Benton. The group of doctors also owns the land immediately north of the lot and is evaluating the possibility of building a medical office, according to Conway, although he did not specify what type.

The remaining lot on the block, a former gas station, is owned by Bronwyn LLC and also is being brokered by Conway. He said several projects are being explored for that lot, including constructing a new retail building or renovating the existing building for retail purposes. Asked about past talk of a hotel on the property, he said that option is still being considered as well.

"The question is, is the time right or not," he said.

He expects a decision to be made in the next six months. The gasoline tanks already have been removed from the station property and the contamination has been cleaned, according to Conway, but Bronwyn LLC, which is led by Andrew Trasatt, is waiting for a letter from the EPA confirming the remediation is complete.

Conway and Trasatt also have been involved in the nearby project at the Van Buren parking deck. Originally called Naper Main, it is now known as Naperville Town Centre. That project called for an expansion of the parking deck, along with a development that would include residential, office and retail space.

The parking garage expansion opened in November 2008. However, the mixed use development has been in foreclosure since January. Conway said negotiations with the bank are ongoing and he believes the project will move forward.