The Planning and Zoning Commission gave unanimous approval of the rezoning and variances for the Regency Inn, to allow it to become a micro-apartment building.
Need for Affordable Housing
“According to our research over 40% of Naperville’s rental population is considered rent burdened, which means that they’re spending 30% of their annual income on rent and utilities. As such, the proposed community addresses this growing concern by providing an attainable rental opportunity, which will then preserve and enhance our population base,” explained Vince Rosanova, who is representing the petitioner MZ Capital Partners.
It’s a total restoration of the current building on East Ogden Avenue that converts the existing 123 hotel rooms into 112 300-square-foot, studio apartments. They’ll be geared toward recent college graduates, millennials, and seniors.
The uplift is something residents say they’re eager to see.
“Naperville needs to be involved in this movement as a leader and innovator in the affordable housing market,” said Rob Williams, the co-chair of the Naperville Senior Task Force.
And the commission agreed, seeing it as an opportunity to further develop the East Ogden Avenue corridor – something the city has been working on over the years.
“From a land use perspective this is exactly the type of out-of-the-box thinking that we need to see more in Naperville,” said Commissioner Andrew Margulies. “Because I do think this type of a project can actually help enhance a lot of the businesses, potentially, that are around here.”
Now the proposal goes to Naperville City Council for final approval.
If the micro-apartments are approved by council their construction would take 6-8 months to complete.
Naperville News 17’s Christine Lena reports.
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