Fidelity Investments Sparks Debate Over Downtown Naperville Space

NAPERVILLE, Ill. — Fidelity Investments is seeking to occupy a portion of the former Barnes & Noble building in downtown Naperville, sparking a debate about the future of the city’s retail landscape. The financial services company has proposed using 2,437 square feet of first-floor space at 47 E. Chicago Ave., a move that requires a zoning variance due to local restrictions on ground-floor financial institutions.

The proposal has divided residents and city officials, with some arguing that the space should remain dedicated to retail or family-friendly businesses. “Downtown is where people want action. It’s where they want to be. It’s where our retailers meet their greatest successes,” said Naperville resident Mary Lou Wehrli during a recent planning and zoning commission meeting.

Fidelity, which currently operates a branch in Naperville’s Freedom Commons, aims to relocate to the downtown area to increase its visibility and customer base. Caitlyn Culbertson, an attorney representing Fidelity Brokerage Services, LLC, stated, “The property was deliberately chosen for its visibility and downtown location to increase Fidelity’s customer base in the area.”

The former Barnes & Noble building, a longtime downtown landmark, closed in January 2024 after its lease expired. The space has since been divided, with Wells Fargo also planning to open a retail bank on the first floor. “That main part of the Barnes & Noble building is going to be a Wells Fargo,” said Commissioner Mark Wright. “We don’t have a say in that. They have the opportunity to go into that space by right.”

Fidelity’s proposal includes a second-floor office space in addition to the ground-floor retail area. The company argues that the layout of the first floor is not suitable for traditional retail but is ideal for serving walk-in customers. “The ground-floor area that we’re proposing to use in this limited portion of this building is not designed or well suited for a traditional retail layout,” Culbertson explained.

While most planning and zoning commissioners cast advisory votes in favor of the variance, some expressed concerns about parking, crowding, and the dense population of the area. Commissioner Meghna Bansal, who voted against the proposal, called the location “very prime” and raised issues about its impact on the downtown environment.

Supporters of the plan, however, argue that bringing Fidelity employees downtown could boost local businesses. “They complain about not having lunch traffic. Well, it’s because our office buildings are empty,” Wright said. “We need to get some action into these office buildings where people are bringing clients in and entertaining.”

The final decision on Fidelity’s variance request will rest with the Naperville City Council, with a vote expected as early as Feb. 4. Meanwhile, Barnes & Noble is set to return to downtown Naperville in the former Pottery Barn space at 9 W. Jackson Ave., offering a potential revival of the area’s retail appeal.