Developer planning more than 230 apartments near Naperville’s Route 59 corridor

A developer has the “working professional” in mind with its latest Naperville endeavor, The Atlas, a proposed five-story, 236-unit apartment complex.

Its residents would be able to walk to Whole Foods, Dick’s Sporting Goods and other major retailers around Route 59 and 75th Street. Most of the apartments — almost 90% — would be studio or one-bedroom units.

“With all the demand and waitlist we’ve had for apartments that are one bedroom or studio, this just made a lot of sense, I think, to be able to add to that and meet the demand that the town has,” said Alex Shalavi, partner at Bridge Capital Partners.

Demographic data estimates more than 36,000 people between the ages of 25 and 34 will live within a five-mile radius of the property by 2030, said Vince Rosanova, the attorney for the project.

“We know that this population is growing,” he said. “We know that they need suitable housing which is tailored to meet their needs, quality amenity space, socialization opportunities, work-from-home opportunities, recreation opportunities. So that was really Alex’s vision for The Atlas.”

What’s driving that growth?

“I believe that these folks in that age range, they want to be here because we have a wonderful social culture,” Rosanova said. “We have a downtown area that's second to none. We have an I-88 corridor with employment opportunities, which are all very attractive draws.”

And when a young adult “starts to think, ‘I'm going to move to a suburb, they also may be thinking, OK, in the next few years, I'd like to start a family, and I'd like to be somewhere with excellent schools,’” Rosanova said. “Naperville checks that box as well.”

Nearly three years ago, Naperville city council members approved plans for a convalescent home on the long-vacant property just east of Route 59 along Audrey Avenue. The project never got off the ground.

The apartment developer is asking the city to revoke the ordinances that were approved in 2023 for the 170-unit convalescent home and instead approve new zoning entitlements for The Atlas.

The city’s planning and zoning commission is slated to hold a public hearing on that request Wednesday night.

According to documents submitted to the city, the petitioner, through its related companies, owns and manages more than 1,500 apartments in Naperville, including those in Fifth Avenue Station, the revitalized former Kroehler furniture factory north of the city's downtown.

“Having something on a site where you can walk to all this great commercial, Whole Foods, Home Depot, Dick’s Sporting Goods and public transportation — everything just felt really unique and reminded me a lot of that Fifth Avenue Station property,” Shalavi said of the vacant site.

The Atlas complex would have an outdoor pool and patio area, a dog run, a large fitness center and a co-working lounge. The top floor would offer a terrace and a club room with a pool table, shuffleboard and a hangout spot to watch TV.

Currently, average monthly rents are projected to range from about $1,725 for studios, approximately $2,015 for one-bedroom units and approximately $2,465 for two-bedroom apartments.

The developer has asked the city to subdivide the 6.2-acre property into two lots. A dedicated lot adjacent to Route 59 would be set aside for future commercial development.