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A Factual Update on Lisle’s Family Square Redevelopment
- Jake Kilts
- 7 hours ago
- 3 min read
As of April 2026, the redevelopment of the former Family Square Plaza at the southeast corner of Ogden Avenue and Main Street has transitioned from years of political debate into active site preparation. This $85.7 million project, led by Indianapolis-based Flaherty & Collins Properties, serves as the cornerstone of the Village of Lisle’s strategy to modernize its downtown "gateway."
Project Scope and Specifications for Family Square Redevelopment
The 2026 project plan reflects a shift toward higher residential density and a more focused commercial footprint than previous iterations.
Residential Units: The development will feature 224 market-rate apartments. This include a unique "live/work" component—units designed with integrated ground-floor workspaces (ranging from 273 to 317 square feet) to support local entrepreneurs.
Commercial Space: Ground-floor retail has been "rightsized" to approximately 13,000 square feet, down from earlier proposals of 37,000 square feet. This change was made to ensure long-term commercial viability and to attract a diverse mix of small businesses.
Parking Infrastructure: A multi-story parking garage with 426 total spaces will be integrated into the structure. Per the agreement with the Village, 90 spaces on the first floor are reserved for permanent public use to maintain downtown accessibility.
Financial Structure: The "Pay-As-You-Go" Model
The Family Square Redevelopment is supported by Tax Increment Financing (TIF), but with specific safeguards for Lisle taxpayers.
TIF Incentive: The developer has requested $13.7 million in TIF reimbursements for eligible costs, such as land acquisition and demolition.
No Village Debt: The Village is utilizing a "pay-as-you-go" model. This means no upfront taxpayer grants or municipal bonds are issued. Reimbursements only occur after the project is built and begins generating increased property tax revenue.
TIF Extension: To ensure the project generates enough incremental revenue to cover the incentive, the Village passed Resolution 2026-4666 in early 2026, supporting a 12-year extension of the Downtown TIF district to December 31, 2050.
Current Progress and Demolition Logic
While a final binding Redevelopment Agreement (RDA) is still being finalized, residents have observed significant activity at the site.
Status as of April 2026: Internal asbestos remediation is complete. Crews are currently finalizing utility disconnects. The structural razing of the exterior building is anticipated for late spring or early summer 2026.
The Inducement Resolution: The developer is currently performing this work at their own financial risk. An Inducement Resolution passed by the Village Board allows these early costs to be "eligible" for future TIF reimbursement without legally committing the Village to a final deal until all conditions are met.
Wider Impact: Downtown Streetscape and Arbor Station
The Family Square project is part of a larger synchronized transformation of the northern downtown corridor.
Main Street Reconstruction: Beginning in July 2026, the Village will launch a major Downtown Streetscape Project. During this time, Main Street will be reduced to one southbound lane from Ogden to Burlington Avenue to allow for the replacement of sidewalks, curbing, and planter boxes.
Arbor Station: Immediately to the east, Pulte Homes is progressing on "Arbor Station," a development of 62–66 townhomes starting in the $480,000–$500,000 range. This project includes a separate commercial outlot on Ogden Avenue, complementing the residential density of the Flaherty & Collins building.
The cumulative effect of these projects is expected to bring approximately 400 to 500 new residents to the downtown area, significantly increasing local spending power and supporting the viability of Lisle’s independent restaurants and shops.
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Jake Kilts
630.487.1896