Marquette Companies on Naperville Commercial Development Panel
Naperville, IL -- Jeff Prosapio, Executive Vice President of Development of Marquette Companies, will take part in a panel discussion on the Zoning and Hearing Processes in the City of Naperville for commercial real estate professionals on Tuesday, May 10th. The program is sponsored by the Naperville Area Chamber of Commerce. Prosapio was instrumental in shepherding the recently-approved Water Street District development through the City approvals process over a period of several years. He has also overseen the approval of projects in several other communities, most recently a mixed-use residential and retail transit-oriented development in downtown Lisle.
Prosapio will be joined on the panel by attorney Russ Whitaker and Naperville City Councilman and former member of the Naperville Planning and Zoning Commission Kevin Coyne. The program is hosted by Naperville Bank & Trust.
"Getting approval for the Water Street project, which includes the complete redevelopment of a city block, the DuPage River south riverbank and Riverwalk, as well as a construction of a 520-space parking deck, 158-room boutique hotel, restaurant, retail and office components, meeting rooms, banquet space and pedestrian bridge, took meticulous attention to thousands of details. Cooperation with various City departments, the Township, police and fire, adjacent neighbors, downtown businesses, the community, Naperville Development Partnership and City Council was critical," says Prosapio. "I believe our success was based on the preparation we employed, our capacity to listen and respond, and the collaborative approach we took with our construction team and the City planning professionals. It took many hours, many meetings and lots of creative problem solving. Ultimately, I think we arrived at the best possible project for the community and the investors."
Panelists will address questions surrounding the process of real estate development from concept and design phases, feasibility and zoning, to construction and eventual ribbon cutting. All steps throughout the process will be covered to successfully develop commercial real estate in and around Naperville. The program is designed to give commercial real estate professionals a better understanding of what considerations are taken into account when planning a development and the steps needed to get the City and surrounding neighbors to approve the project.
With over 20 years' experience in the multi-family real estate industry, Jeff Prosapio joined Marquette to operate its first condominium conversion in 1995, and has led this multi-disciplined team developing condo conversions, new construction multi-family apartment and condominium, and new construction mixed-use developments totaling over $350,000,000. On a many of these developments, proforma metrics were far exceeded establishing new market standards for unit pricing and absorption rates. When market conditions turned, Marquette shifted its business plan to acquiring distressed assets. Prosapio was key in successfully repositioning, re-capitalizing, and condo reverting several these formerly distressed assets. A veteran of the United States Air Force, Prosapio re-trained from meteorology to real estate finance 25 years ago. He has established Marquette's brand of success in both robust and depressed markets.
The Water Street District, including the 520-space parking facility, Hotel Indigo Naperville Riverwalk, Elements Private Dining Events, upscale restaurants and retail shops, including a children's boutique and activity center is scheduled to open this fall in Downtown Naperville.