Apartment developer breaks ground on major Wheaton project

An entire block in Wheaton has been cleared of buildings, setting the stage for a large-scale apartment development near the downtown Metra station.

Banner Real Estate Group has broken ground on the project on the south side of the train tracks running through the downtown. Plans call for more than 300 apartments, high-end amenities, plus ground-floor space for a longtime Wheaton brunch spot.

“This is one of the most significant developments in downtown Wheaton in the last decade,” said Ron DeVries, senior managing director of Integra Realty Resources.

A corner brick office building formerly occupied by a bank and other nearby structures have been leveled on the block bounded by Liberty Drive on the north, Hale Street on the east, Willow Avenue on the south and Wheaton Avenue on the west.

The demolition of the site paves the way for The Faywell, billed as a 334-unit Class A multifamily project years in the making. Banner also plans to welcome back Egg Harbor Cafe as the project’s anchor tenant.

“We’re excited to bring The Faywell to life as a best-in-class residential option in a location with so much vibrancy, charm, and walkability, as well as the convenience of the Metra commuter station,” Banner Real Estate Group CEO Bob Flannery said in a groundbreaking announcement.

“This development represents not only a significant investment in Wheaton’s continued growth but also a long-term commitment to improve the quality of life in the community and contribute to the vibrancy of downtown Wheaton,” Flannery added.

The Faywell is expected to offer a resort-style pool, fitness center, coworking lounge, ample bike parking and direct access to the Prairie Path.

Demand for that style of apartment living has been “really strong,” DeVries said.

“We have seen the rent increases in the suburban market in general have been pretty strong over the last few years,” he said. “There's a lot of people who normally would have gone out and maybe rented for a few years and then bought a home, are not doing that. They're staying in apartments longer.

“So you have the natural flow of new people coming in and less people walking out the door for home ownership, and a lot of that is just due to the high interest rate environment and people wanting to retain the flexibility of renting right now,” Devries explained.

Elsewhere downtown, the Courthouse Square apartment complex was built around a decade ago at Naperville Road and Willow Avenue. Since then, Wheaton has invested in new infrastructure, new downtown streetscape and public gathering spaces.

With the addition of new businesses, a lineup of events led by the Downtown Wheaton Association and the expanded French market, the downtown is “busier and more vibrant than ever before,” Mayor Phil Suess said in his State of the City speech earlier this year.

A common theme “in a lot of the developments we've seen over the last five or 10 years is working on higher-density deals in downtown areas that have walkable retail and restaurants,” DeVries said.

In Lombard, Synergy Construction & Development last year kicked off the first phase of a luxury apartment project called “Yorktown Reserve.” A plaza-like area will link the residential development with the shopping center.

“I do think there's not a lot under construction in DuPage, but there are a number of projects that are continuing to be started in the suburbs,” DeVries said. “So if you compare that to downtown Chicago, we haven't seen a lot of new construction starts there.”

Banner also thanked Wheaton officials, particularly City Manager Michael Dzugan and Suess, for “their collaboration and steadfast support of this development,” Flannery said in the statement.

The first move-ins are expected in fall 2026.