Lincoln Property Company (LPC), with its Midwest headquarters located in Chicago, is one of the nation’s largest full-service real estate firms. With nearly 65 years of experience and an extensive track record of development and ownership in the Chicago region since 1986, LPC has proposed to invest in Naperville to create The Residences at Naper & Plank, a professionally managed community of 90 single-family townhomes and rowhomes on more than 8 acres of land in northeast Naperville. LPC will own, operate, and maintain the community offering single-family townhome and row home rental opportunities, providing increased housing diversity to Naperville. Single-family rental communities are popular in other markets across the country because they are compatible with the lifestyle needs of residents, providing the flexibility and opportunity to experience the benefits of living in a single-family residence without the maintenance obligations of ownership.

The existing underutilized properties were platted initially in 1938 but have remained mainly vacant in unincorporated DuPage County despite the significant investment and redevelopment of Naperville’s northeast gateway. LPC proposes annexing the property into the City. In 2022, a different developer suggested building a 268-unit apartment complex on the eastern portion of the site but withdrew the proposal after considerable feedback that the property was more appropriate for medium-density use. As proposed, the development meets the City’s definition of medium-density residential, provides 30% open space, and includes creating a public park.

The community will contain a mix of 34 townhomes and 56 rowhomes ranging in size from 1,550 to 1,950 square feet, with two- and three-bedroom configurations. Each home will have two and a half bathrooms. Naperville has vertical multifamily rental units, including apartments and condominium buildings. However, there is a lack of single-family rentals that provide residents with high-quality housing that is professionally managed and maintained.

The proposal is consistent with the City of Naperville’s goal to ensure housing options are diverse and responsive to community needs. By developing and operating The Residences at Naper & Plank as a rental community, LPC provides residents with a flexible path to enjoy a single-family residence that avoids the financial barriers and maintenance obligations typically associated with property ownership. Naperville is a sought-after community, and increasing the availability of professionally managed, single-family rentals will provide additional options in the local housing market.

 In 2014, a MacArthur Foundation survey found that 54% of adults believe owning a home has become less appealing than it once was. Over the past decade, the market has responded to the growing preference for “Rent by Choice,” with rental communities across the country being constructed to meet this population segment’s needs, preferences, and lifestyles. However, single-family rental communities are scarce in Naperville, and the lack of choice is inconsistent with the City’s goal of having housing options responsive to community needs.

According to Entrata’s 2024 “The New American Dream” national survey of renters:

• 66% of renters say renting fits their current lifestyle more than owning a home;
• 33% say they could afford a home that meets their needs in 2024 but choose not to buy; and
• 1 in 5 renters who’ve previously owned a home say they didn’t want to be responsible for property maintenance.

Residents will attain the benefits of single-family living while retaining the mobility and benefits of renting. Nationally, the average tenant resides in a single-family rental community between 36 and 48 months, considerably longer than the tenancy in a traditional vertical multifamily property.

The City of Naperville’s long-term planning, including the 2010 Plank Road Study and 2022 Comprehensive Plan, identified medium-density residential as an appropriate future use for the site. The Plank Road planning document specifically recommended multi-unit, townhome and duplex housing options at the property and encouraged improved pedestrian mobility in the area to connect residents to the revitalized retail Ogden Ave. corridor.

LPC is prepared to invest over $50 million in the largely vacant property and annex the property into the City, providing new fiscal resources for schools, local government, and public services. As part of the development, the property will be improved with walking trails and sidewalks to enhance the neighborhood’s walkability, and a new public park will be added. Additionally, the public roadways adjacent to the property will be upgraded to municipal standards.

The proposed site plan has been thoughtfully designed to provide effective buffering, both spatially and through landscape screening, ensuring seamless integration for adjacent neighbors and the surrounding community’s character. There will be considerably more on-site parking than the city code requires to support visitors, reduce street congestion, improve safety, and enhance resident convenience.

Lincoln consistently ranks among the top managers and developers in markets across America and leverages its local insights, national perspectives, and global reach to deliver premier properties, bespoke solutions, and superior outcomes for communities and clients. More than 100 in-house real estate professionals support the company’s Midwest regional office, headquartered in Chicago.

An affiliate of the company recently completed the successful development of Domain CityGate apartment community in Naperville, which was awarded the, 2023 Multifamily Development of the Year by the Chicago chapter of NAIOP’s Commercial Real Estate Development Association. This recent experience informed the company’s market assessment and determination that there remains an unmet need that can be met by investing and operating The Residences at Naper & Plank, helping the City of Naperville advance towards its goals of diversifying housing options to meet the evolving needs of current and future residents.