Fidelity Investments needs city permission before it can open part of its new location on the ground level of the former Barnes & Noble store in downtown Naperville.
The company’s request for a code variance for the 47 E. Chicago Ave. site goes before the Naperville Planning and Zoning Commission Wednesday night.
City code requires that the first floor of buildings in Naperville’s downtown district be limited to commercial purposes. Because Fidelity is a financial institution, it needs city permission to proceed with its plans.
Once commissioners offer their recommendation on the request, the issue goes to the Naperville City Council for a final vote. The soonest the matter could appear on a council agenda would be Feb. 4 or Feb. 18, according to Adam Beaver, a community planner for the city.
If approved, Fidelity would be moving from its existing location in the Naperville Investment Center at 1823 Freedom Drive. Its plan is to fill out the former Barnes & Noble building with both retail and office space, with the former taking 2,437 square feet of ground-floor space and offices filling second-floor space, according to a staff report prepared for Wednesday’s meeting.
“As a member of the Naperville business community for nearly two decades, we look forward to continuing to serve our local customers with an expanded space, meeting their growing demand for in-person service, as well as welcoming new customers working towards their financial goals,” a Fidelity spokesperson said in an emailed statement Tuesday.
Per project plans communicated to the city, the retail space would be designed to attract and serve walk-in customers in addition to providing an entrance to second-floor offices. On the first floor, people could work be able to make deposits, conduct account transactions and complete account-related documentation.
Though Fidelity is proposing the ground-level portion of plans to be retail-focused, the company itself is still a financial institution and requires a variance for its first-floor proposal, Beaver said. Due to the walk-in and retail services proposed, staff say they support the company’s request.
Six community members have voiced their opposition to the Fidelity plans in letters submitted prior to the meeting. The city also received one letter of support.
“Approving Fidelity’s appeal for a variance to this zoning code would be a missed opportunity to maximize the potential of this important space,” one opponent said.
“There (are) so many other places a bank can occupy that (are) not in the heart of our beautiful downtown. It’s bad enough the area (has) been under construction for so long,” another said.
Barnes & Noble closed its longtime downtown store in January 2024 when its lease expired. It plans to reopen this spring in the former Pottery Barn location at 9 W. Jackson Ave.
A few months later after the closure, real estate broker Nathan Tonnies — representing 47 E. Chicago Ave’s San Diego-based property landlord LLJ Venture — confirmed that both Fidelity and Wells Fargo had signed long-term corporate leases for different portions of the building.
While Fidelity seeks variance approval, Wells Fargo is going through permitting process, according to Allison Laff, deputy director of Naperville’s Transportation, Engineering and Development department.
Its first permit request was sumbitted Dec. 11 but rejected, Laff said. The city is awaiting the resubmission of technical drawings, she said.
