Front Street Lofts in the News

Building Bonanza Recaptures Downtown Lemont's Famed Glory

As the construction crane swooping near the State Street Bridge in downtown Lemont testifies, this once sleepy suburb is experiencing a big building boom. More than 500 new homes and 150,000 square feet of retail are planned for the downtown, as well as two new streets and major infrastructure improvements. According to John Piazza, mayor of the Village of Lemont, the downtown hasn't seen this much activity since its heyday in the 1800s.

Back then, the I&M Canal, which runs through downtown Lemont, was a major waterway. In fact, the canal was so prosperous for the village that Lemont's population nearly surpassed that of Chicago.

"Our vision is to renew the spirit and vitality of downtown Lemont by developing the full potential of the I&M Canal to attract new residents and retailers to the area," said Piazza. "We want to bring back the charm and romance of Lemont from nearly 150 years ago. And as evidenced by all the construction activity, we're well on our way to achieving our goal."

Construction is in full swing in downtown Lemont as part of the Lemont Downtown Redevelopment Project. Numerous developers are building loft condominiums and townhomes, such as The Front Street Lofts pictured above. The Village of Lemont is making major infrastructure improvements and adding two new roads.

To help restore downtown Lemont to its former glory, the village entered a public/private partnership with Chicago-based Marquette Companies and created the Lemont Downtown Redevelopment Project, one of the first comprehensive "town building" projects in Illinois.

Upon completion, the $250 million mixed-use development will bring retail, residential, office space and entertainment venues to a historic location along the I&M Canal.

The first phase of the Lemont Downtown Redevelopment Project is The Front Street Lofts, a four-building site located adjacent to a stretch of the I&M Canal that will offer views of the water and easy access to a future Canal Walk.

Developed by Marquette Companies, The Front Street Lofts will include 82 lofts, 24,000 square feet of first floor retail space and a 262-car parking structure. Three of the four buildings are already well under construction.

"People see the huge construction crane from Lemont Road and come in to visit our information center at The Front Street Lofts," said Jeff Prosapio, partner of Marquette Companies. "We've already sold more than 30 percent of the loft condos, and retailers have reserved nearly half the retail space. However, there are still prime homes and commercial spaces available. And since pricing is sure to increase as progress continues, we encourage everyone to purchase during these early stages of construction."

Homes at The Front Street Lofts measure 863 to 2,232 square feet and include studio, one-, two-, and three-bedroom designs with 1 to 2½ baths. Buyers can choose from authentic lofts or two-story soft-loft condos. Base prices range from the low $200,000s to upper $400,000s, including a parking space. Parking will be located in the center of the four buildings.

"The design of the parking structure is an example of the most advanced new template for urban retail and living spaces," said Prosapio. "It's hidden from the street for nicer curb appeal, while providing convenient access and proximity to venues for residents and shoppers."

The Front Street Lofts' retailers will open in late 2007 while its first residents will move in this November. But buyers looking to partake of Lemont's downtown revival don't necessarily have to wait that long to move into a new home.

Drawn to the vision of the Lemont Downtown Redevelopment Project, three other developers have also decided to build new-construction housing in the area. The three communities offer multi-level townhomes that range from the $300,000s to the $500,000s. Select townhomes are available for immediate delivery.

"These townhomes are a great complement to The Front Street Lofts as they bring diversity to downtown Lemont's housing stock," said Piazza. "And much like The Front Street Lofts, all three offer a walkable lifestyle with access to the Metra, restaurants and retail."

This lifestyle is sure to be enhanced by various infrastructure improvements the Village of Lemont will oversee, including new water, sanitary and storm sewer systems. This summer, the village will begin the process of placing electric, cable and telephone utilities underground.

"Currently, these utilities are all aerial, as they are located on large poles throughout downtown. So this is a major transition," said Piazza. "Burying them underground will greatly improve the aesthetics of the downtown area and provide more open green space for landscaping. Overall, it will allow for a more pedestrian-friendly district.

"Another exciting improvement we are working toward is offering wireless Internet access throughout all of downtown Lemont," said Piazza. "While we're working to maintain the historic character of the downtown, we also want to be progressive as one of the first suburbs to offer this hi-tech service."

In addition, this fall the village expects to complete River Street and Front Street, two new streets that are part of the downtown redevelopment. Front Street will be located along the canal in front of The Front Street Lofts. River Street will provide access to the new parking structure for residents and shoppers.

The village also plans to improve streetscapes with paver stones, landscaping and tree planting, and new lighting fixtures that are consistent with existing historic-style lighting.

"The momentum in downtown Lemont right now is just contagious," said Piazza. "We're all working hard to get the downtown area ready for the first new residents and retailers to move in this fall. The revitalization of downtown Lemont is just beginning, but the improvements are already amazing. There's only more to come."

To reach the Lemont Information Center and the sales center for The Front Street Lofts, take Interstate 55 south to exit 271A/South Lemont Road. (Lemont Road becomes State Street.) Turn left onto Illinois Street, then turn left onto Stephen Street. The sales center is located at 102 Stephen Street, and is open from 11 a.m. to 6 p.m. Monday through Friday, from 10 a.m. to 5 p.m. on Saturdays and from Noon to 5 p.m. on Sundays. For more information, visit www.lemontlofts.com or call (630) 243-6162.

Marquette Companies is a Chicago-based real estate consortium engaged in the acquisition, management and development of specialized real estate assets. Since 1983, Marquette Companies has managed and developed more than 25,000 multi-family homes throughout the Midwest, while perfecting a brand of "advanced management" that has gained national recognition. The company's gross annual revenues total approximately $84 million.