Front Street Lofts in the News

Wanted: Retailers Seeking Charming Suburban Downtown Space

Lemont redevelopment plan includes rare waterfront and mixed-use commercial sites

Lemont, Ill. - To make it more convenient for shoppers and diners to enjoy suburban Lemont's downtown, the Village of Lemont has partnered with developer Marquette Companies to create the Lemont Downtown Redevelopment District, which will feature 150,000 square feet of new commercial space.

The $250 million mixed-use project, which will comprise 10 city blocks along the historic I&M Canal, will also bring 400 new residences and 750 structured parking spaces to the downtown area.

The first retail opportunities are available as part of The Front Street Lofts development, which is currently under construction. This includes 24,000 square feet of first-floor retail space along with a 262-car parking structure and 82 loft condominiums. The Front Street Lofts commercial space averages $275 per square foot to purchase and $24 per square foot to lease.

"We envision the new downtown Lemont as the shopping place of choice for area residents, who currently have few local retail venues," said Teresa Ryan, partner with MRH Condominium Sales and Marketing and broker/owner of Ryan Hill Realty. "This is one of the most dynamic opportunities today for small to mid-sized retailers and businesses in Chicago's burgeoning southwest suburbs."

According to Carol Gies, president of 4Insights, a Lisle, IL-based retail market analysis firm consulting on the development project, a village center in Lemont will serve as a local option for the 39,000 households within a 5-mile radius. It also will help Lemont capture a larger share of the annual retail spending among area residents that is currently outflowing to surrounding suburban communities, she said.

"The other very positive factor is growth and improved access from densely-populated adjacent northern communities with the completion of Interstate 355 in the near future. Plus, the 5-mile radius from downtown Lemont is expected to gain 3,300 new households by 2011, according to Census projections," said Gies.

The redevelopment will be achieved through a special 'town building' approach that is one of the first of its kind in Illinois. In town building, development is governed by designated zoning codes that create a vibrant, compact, pedestrian-friendly downtown area, which, in turn, fuels economic growth.

This means all new buildings in downtown Lemont must have first-floor retail space; parking must be located behind buildings; and storefronts must come up to the sidewalk without interruption by parking lots. Certain materials that reinforce the local vernacular also must be incorporated, such as Lemont yellow limestone and brick, to preserve the town's character and blend in with a number of existing historic buildings and structures that will remain.

"Town building is great for retailers because all zoning has been pre-approved, plus the entire downtown has been specially designed to be comfortable to shoppers and pedestrians," said Ryan.

For example, downtown Lemont has been designed as an outdoor town center with 'paeseos' or specially designed circulation routes and pedestrian paths lined with retail.

According to Kennedy Smith, principal of The Community Land Use and Economics Group and consultant on the Lemont Downtown Redevelopment project, a mixed-use development like Lemont provides more stability for retailers than a free-standing shopping center, as residents will serve as a built-in customer base. New retailers also benefit from a core of existing businesses, which will remain and will help form the character of the new downtown.

Smith said while Lemont's new downtown will likely attract a few big-name national retailers, the goal is to draw an eclectic mix of independently owned businesses that will give Lemont its own distinct personality. Ideal retailers for the space include 'mom-and-pop-style' businesses such as: flower shops, boutique clothing stores, coffee and tea shops, a salon/spa, bakery, ice cream shop, restaurants and wine bars. The first-floor retail space is also conducive for professional offices like a dentist or small businesses like a brokerage firm.

"There's also the opportunity for live/work space, which is increasingly in demand," she said. "Loft condo space on the second floor can be purchased for commercial use by small-scale industries such as technology, software, consulting and small jewelry companies."

For retailers seeking a truly unique venue within the Lemont Downtown Redevelopment District, much of the prime retail space will front a Canal Walk that will be the central attraction for the new downtown. The Canal Walk will include a linear park and a 1800s-era barge that will serve as a museum and restaurant.

Already, much of the waterfront commercial space is leased in the first phase, said Ryan, which is designated for restaurants and entertainment venues.

"There's something about a waterway running through an urban center that consumers find very appealing," said Ryan. "Being near water is a relaxing experience. Businesses that want to distinguish themselves in the marketplace will love this environment."

Retail vendors in the Lemont Downtown Redevelopment District will be encouraged to adapt common operating standards including storefront lighting, window displays, signage, advertising and promotional events. The Institute for Community, a national non-profit community building organization, will help to build and guide the efforts of the retailers to succeed within the downtown redevelopment district. It will assess and monitor retail activity in downtown Lemont and serve as an informational resource to retailers and local businesses locating to the new downtown.

Retailers can be open as early as the 2007 holiday season, and first move-ins for the residential lofts are expected in October 2007.

To reach the Lemont Information Center and commercial sales office 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 St. Visitors can also access the Information Center via a stop on the Metra's Heritage Corridor line, located a few blocks from the sales center. 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.