Banner Real Estate Group Breaks Ground on Downtown Wheaton Multifamily Development

WHEATON, Ill., July 8, 2025 /PRNewswire/ -- Banner Real Estate Group, and/or it's affiliated entities, is pleased to announce the successful closing on its latest development at 220 W. Liberty Drive in the heart of downtown Wheaton, Illinois directly adjacent to the Metra Union Pacific West station with service to downtown Chicago. The future site of The Faywell, a 334-unit Class A multifamily community, marks a major milestone for the firm and the City of Wheaton alike.

Nearly five years in the making, this infill suburban project will deliver high-quality residential living paired with thoughtful design and amenities that integrate seamlessly into the surrounding community. Upon completion, The Faywell will feature a resort-style pool, state-of-the-art fitness center, coworking lounge, ample bike parking, and direct access to the DuPage County Prairie Path — one of the region's popular recreational trails.

As part of its ground-floor retail offering, Banner is proud to welcome back Egg Harbor Café as the project's anchor tenant — a cherished local favorite returning to its original Wheaton roots.

"We're excited to bring The Faywell to life as a best-in-class residential option in a location with so much vibrancy, charm, and walkability, as well as the convenience of the Metra commuter station," said Bob Flannery, CEO of Banner Real Estate Group. "This development represents not only a significant investment in Wheaton's continued growth but also a long-term commitment to improve the quality of life in the community and contribute to the vibrancy of downtown Wheaton. We extend our sincere thanks to the City of Wheaton, particularly City Manager Michael Dzugan and Mayor Phil Suess, for their collaboration and steadfast support of this development."

Key partners in the project include our institutional investor, PNC Bank, JLL, W.A. Randolph, Inc. (General Contractor), BKV Group (Architecture), and CAGE Engineering, Inc.

Construction is currently underway, with first move-ins expected in Fall 2026.

About Banner Real Estate:
Founded in 1989 and based in Chicago, Banner Real Estate Group and/or its affiliated entity(ies) ("Banner") acquires, manages, and develops multifamily properties, acquires and develops self-storage properties, and acquires industrial properties, across the U.S. Banner is a family-owned, independent real estate investment group that is led by an experienced, tenured team and a majority independent Board of Directors. Since inception, Banner's steadfast focus has been on capital preservation, value creation, and wealth generation for our high-net-worth investors, family offices, and institutional partners.

SOURCE Banner Real Estate Group