Bridge Street Properties Development in Downtown Lisle: An In-Depth Analysis
- Jake Kilts
- Mar 3
- 22 min read
Downtown Lisle, Illinois could soon see a significant boost from a new mixed-use residential project at School Street and Spencer Avenue. The Bridge Street Properties development proposes a blend of townhomes and apartments on a site that has sat underutilized. This in-depth analysis covers everything you need to know – from the project’s scope and design to its anticipated community impact, alignment with Lisle’s downtown revitalization goals, potential challenges, and how it stacks up against similar developments in nearby suburbs.
Project Overview: Townhomes, Apartments, and Amenities to downtown Lisle
Bridge Street Properties has outlined an ambitious plan to transform the corner of School Street and Spencer Avenue with a mix of 56 townhome units and a 30-unit apartment building. The townhouses would be built on both the east and west sides of Center Avenue, while the apartment building is planned as a four-story structure serving as a transition between the busy downtown core and the adjacent residential neighborhood. The development would also include community open space for residents to enjoy, creating a small park-like area within the complex.
Importantly, the site plan carves out a half-acre parcel along Ogden Avenue reserved for future commercial development. While no specific commercial tenants are confirmed yet, this signals potential for shops or a café that could further energize the area down the line. Architecturally, the project team is conscious of scale – they intend to use design elements and building height that ensure the new apartment building won’t be overshadowed if a larger development rises next door on the long-vacant strip mall at Ogden and Main. All 30 apartments are planned as studio or one-bedroom units aimed at young professionals, particularly those who want a downtown lifestyle near transit but at a more affordable rent (under about $2,000 a month). Planned amenities for the apartment building include ground-floor indoor parking (34 spaces) and likely modern fixtures catering to today’s renters, though specific amenity details beyond parking and open space have yet to be announced.
Site plan for the proposed Bridge Street Properties development at School & Spencer in Lisle, showing the layout of the 30-unit apartment building (left) and clusters of townhomes (labeled as 4-unit and 6-unit buildings) on either side of Center Avenue. The plan also indicates the half-acre future commercial parcel along Ogden Avenue at the top, as well as green space and internal driveways for resident parking.
In terms of timeline, the project is moving through Lisle’s approval process. In January 2025, the developer’s attorney Russ Whitaker presented the concept to the village’s Planning and Zoning Commission for informal feedback. Whitaker expressed that the development is “ready-made to move forward” without needing an extensive fundraising period, suggesting that construction could begin in 2025 if approvals fall into place. The estimated investment in the project is $30–$35 million. This budget would cover demolishing the site’s current structures – a vacant bank building and several dilapidated single-family houses – and building the new townhomes, apartment building, and site improvements. If the project stays on track, Lisle may see new residents moving in perhaps by late 2026, given a typical 18-24 month construction period for a development of this scale.
Community Impact: Housing Market, Local Economy, and Infrastructure
The Bridge Street development promises to bring notable changes to Lisle’s housing market and local economy. By introducing 86 new residences (56 townhouses and 30 apartments), it will modestly increase the housing supply in the village, offering options that fill gaps in the current market. The townhomes could attract families or empty-nesters looking to own new-construction housing in a walkable area, while the apartments target young professionals who desire an urban-style environment without the high price tag of larger nearby cities. This dual approach means the development can appeal to a diverse range of residents, strengthening the economic and social mix downtown.
From a housing market perspective, the additional inventory may help ease some pressure in Lisle’s rental market, where newer apartments are limited. Downtown Lisle’s last major residential project was Marq on Main, a 201-unit luxury apartment complex opened in 2019 with ground-floor retail. Marq on Main quickly leased up its high-end 1- and 2-bedroom units (starting around $1,800 for one-bedrooms) and injected hundreds of new residents into downtown. The Bridge Street apartments are positioned a bit differently – smaller units and likely lower rents – which could fill a niche for more attainable rental housing for local employees, commuters, or grad students. These new residents will support local businesses – Whitaker noted that an influx of people living downtown will help sustain the restaurants Lisle has attracted in recent years. More foot traffic can lead to higher sales for eateries, cafes, and shops, creating a positive feedback loop that makes downtown more vibrant and economically resilient.
The project also brings infrastructure considerations. Adding dozens of homes on currently underutilized land will increase demand on utilities, roads, and public services. The Village of Lisle is proactively addressing some infrastructure needs in this area – for example, a water main improvement project for School Street and Spencer Avenue is scheduled in the FY2024/25 budget. This upgrade will replace about 900 feet of old water main with a new 6-inch main in the Downtown TIF district (which includes the Bridge Street site). Such improvements ensure the water supply and pressure can accommodate new residences and fire safety needs. Traffic and parking are another concern: the apartment building will include 34 indoor parking spaces, but a planning commissioner did raise questions about whether that is sufficient for 30 units (especially if some renters have two cars). The developer will likely need to work with the village on a parking plan, possibly leveraging on-street spaces or shared arrangements, to prevent any overflow onto neighboring streets.
In terms of local infrastructure and services, an influx of residents means Lisle’s roads, schools, and public safety could see minor impacts. The location is on the edge of downtown, so residents will mostly utilize existing main roads (Ogden Ave, Main St) which can handle the traffic, and the proximity to the Metra train station encourages public transit use. For schools, if a portion of the 56 townhomes attract families with children, there could be a modest uptick in enrollment for Lisle District 202. However, any impact is expected to be gradual and within manageable levels, given the scale. On balance, the development’s design – with its own internal streets/driveways and ample open space – should integrate these new homes into the fabric of the community without straining infrastructure beyond what the village can support.
Economically, there’s also the benefit of construction activity itself. A $30+ million project will create construction jobs and related spending locally over the build period. In the long term, the increase in property value on the site will boost the tax base. Notably, the site lies in Lisle’s Downtown Tax Increment Financing (TIF) district, meaning a portion of the new tax revenue generated can be reinvested into public improvements in the downtown area. This mechanism helps fund things like streetscape beautification, parking facilities, or incentives for more business development – ultimately enhancing the community for everyone.
Integration with Lisle’s Redevelopment Goals
The Bridge Street Properties project aligns closely with Lisle’s broader efforts to revitalize its downtown and attract new businesses. In 2018, Lisle adopted a Downtown Master Plan aimed at guiding growth and energizing the village center over a 10-year span. A key theme of that plan is encouraging transit-oriented development (TOD) and mixed-use projects that capitalize on downtown’s assets – like the Metra station – to create a more vibrant, pedestrian-friendly district. The proposed development embodies this vision: it’s a higher-density housing project within walking distance of the train and Main Street, converting underutilized land into a productive use that will bring more people (and thus more life) downtown.
Lisle’s officials have also invested heavily in paving the way for such private developments. The village poured about $20 million into downtown enhancements over the past decade – improving infrastructure, redesigning traffic patterns, upgrading streetscapes, and adding amenities like the PrairieWalk Pond park. They also established the Downtown Lisle TIF district, anticipated to generate $17.5 million for redevelopment incentives. These moves signal a strong commitment to revitalization. The Marq on Main apartments (a $40 million project with 201 luxury units and 15,000 sq.ft. of retail) was one early success from this strategy, bringing new residents and businesses to a key corner downtown. The Bridge Street project would build on that momentum by rejuvenating a different section just a few blocks north. By replacing a vacant bank and blighted houses with attractive new homes, it directly supports the goal of redeveloping underutilized properties in the downtown area.
Furthermore, the inclusion of a future commercial parcel along Ogden Avenue in the Bridge Street plan dovetails with Lisle’s aim to expand its business base. Even though the initial phase is residential, reserving land for a shop, café, or office means the project can later incorporate a revenue-generating commercial element that serves both residents and visitors. This is a strategic way to phase development – get the housing established to provide customers, then add commercial when the market is ready. Village officials have noted that downtown Lisle has historically struggled to attract and retain retailers, partly due to limited foot traffic. Adding dozens of new households within walking distance can change that dynamic, making the area more enticing for businesses.
Another important aspect is how this development might catalyze other stalled projects. Just west of the Bridge Street site is the notorious Family Square Plaza at Ogden & Main – a shuttered strip mall that’s been an eyesore and redevelopment target for years. Plans for a large mixed-use apartment building there (dubbed “The Lisle”) fell through after developers pulled out, citing financial and site constraints. Whitaker, the attorney for Bridge Street, suggested that by moving forward with their project they could “show confidence” in downtown Lisle’s market and encourage others to take on Family Square. In other words, success at School & Spencer might convince investors that Lisle is worth another look, possibly reviving interest in redeveloping the vacant shopping plaza nearby. Village leaders likely share this hope; they have TIF funds earmarked (up to $10.5 million) to incentivize the Family Square site redevelopment, and a thriving residential community next door could be the missing ingredient to finally turn that “gateway” corner into a productive use.
An aerial view of the long-vacant Family Square strip mall at Ogden Avenue and Main Street in Lisle (foreground). This large site remains undeveloped after multiple failed proposals, highlighting the challenges of downtown revitalization. Village officials hope that successful projects like Bridge Street Properties will spur confidence and investment to tackle such difficult sites.
Overall, the Bridge Street development fits neatly into Lisle’s strategic blueprint: it promotes transit-oriented living, repurposes underused land, and brings new energy and spending power downtown. If executed well, it will help Lisle continue its evolution into a more dynamic suburban downtown, bridging the gap (both literally and figuratively) between the traditional Main Street area and the more auto-oriented Ogden Avenue corridor.
Potential Challenges and Local Opposition
No significant development comes without its challenges, and the Bridge Street Properties proposal is no exception. While village officials have reacted generally positively so far, a few concerns and points of scrutiny have emerged:
Parking and Traffic: As noted, one Planning and Zoning Commissioner applauded the project’s direction but specifically questioned whether 34 parking spaces for 30 apartments would be adequate. Lisle, like many suburbs, is sensitive to parking overflow. If apartment residents or their guests can’t find on-site parking, they might spill over onto residential side streets or public lots, potentially upsetting neighbors. The development team will need to demonstrate that their parking ratio (slightly above 1 space per unit) plus any street parking is sufficient, or consider adjusting the plan (e.g. adding more spaces or limiting tenants’ car ownership through lease terms). Traffic flow is another consideration – the cluster of townhomes will generate cars entering and exiting onto local streets (Center, School, Spencer). The village may examine if any traffic control or improvements (like adding stop signs or turn lanes) are needed to maintain safety with increased vehicles in the area.
Density and Character: Some residents may be uneasy about the density or height of the project, especially those living nearby in single-family homes. A four-story apartment building is a new element for that specific block. Even though it’s at the edge of downtown, neighbors might worry it could loom over their properties or alter the small-town feel. During other local proposals by Bridge Street Properties (such as a Naperville townhouse project in 2020), a few residents complained that the number of units was too high for the lot size and required variances on height and setbacks. In Lisle, the development team will likely emphasize that their plan meets or reasonably fits the zoning parameters, and that they’ve incorporated setbacks, landscaping, and architecture to blend with the neighborhood. The townhomes, for instance, create a gradient of density – lower-rise buildings that transition from the single-family homes on Spencer and Spencer’s existing streetscape to the taller apartment building towards the interior.
Commercial vs. Residential Mix: A point of contention could be the lack of immediate commercial space in the plan. Commissioner Steve Bauer voiced that he’d like to see more commercial use, lamenting the “loss” of part of downtown that could have been shops or offices. Some business owners or residents might agree, preferring developments that draw shoppers. However, Whitaker responded that there’s currently no sign of demand for another block of retail, which is why the plan focuses on housing with just a placeholder for future commercial. The challenge here is balancing market reality with long-term vision – Lisle’s downtown isn’t Naperville’s; it may not support ground-floor retail on every block at present. The compromise of reserving land for eventual commercial use is one way to address this, but it requires faith that the retail market will pick up. Until then, some may criticize the project for being too residential.
School and Service Impacts: While not loudly raised yet, it’s common in local debates for questions to arise about new developments adding children to the school district or increasing calls for police/fire services. The townhomes could attract families, which might prompt concerns about class sizes or school capacity. Lisle’s schools have not been reported as overcrowded recently, so this may be a mild issue, but it could come up at public hearings. Similarly, more residents mean slightly more demand on police, fire, snow removal, etc. – the village will analyze whether those services can easily accommodate growth (and typically, the tax revenue from new development helps fund the needed services). Since the site is currently a mix of tax-exempt (former bank) and low-value properties, its redevelopment should actually boost funding for schools and services in the long run, via increased property taxes.
Construction Disruption: Nearby homeowners and businesses might have short-term concerns about the construction process – noise, dust, construction traffic, and the timeline of building. A multi-phase project (townhomes and apartments) could mean a couple of years of on-and-off construction activity. The developer and village will need to mitigate these impacts with proper construction management (restricted working hours, dust control, clear communication, etc.). While this is a temporary challenge, it’s something that can cause friction if not handled well.
So far, formal opposition has been limited, possibly because the plan is still early in the approval journey. As more details emerge and the village schedules official public hearings, we can expect more voices to chime in. Lisle’s experience with the failed Family Square proposal (which faced little resident opposition but struggled with financing) shows that economic viability can be a bigger challenge than public pushback. In contrast, the Bridge Street project is scaled more conservatively – which may actually help it avoid the pitfalls that doomed the larger 198-unit venture. Still, addressing community concerns proactively will be crucial for the developers to earn the necessary approvals and buy-in. The village board will weigh these factors, aiming to ensure the development benefits Lisle without undue negative impacts on the community.
Comparison to Similar Projects in Lisle, Naperville, and Downers Grove
To put the Bridge Street Properties development in context, it’s helpful to compare it with other recent or ongoing residential/mixed-use projects in Lisle and neighboring suburbs like Naperville and Downers Grove. How does this project’s scale, investment, and reception measure up?
Lisle – Marq on Main (2019): As mentioned, Marq on Main was downtown Lisle’s first modern luxury apartment project, built on the former Village Hall site at Main & Burlington. Developed by Marquette Companies, it delivered 201 apartments across five stories with about 14,000 sq.ft. of retail/restaurant space on the ground floor. At roughly $40 million investment, Marq on Main is larger in both unit count and commercial component than Bridge Street (which has 86 units and no immediate retail). Marq on Main was positioned as a transit-oriented development (steps from the Metra station) and included amenities like indoor parking, a fitness center (operated by a third-party gym), and a public plaza. The community reception was generally positive – it filled a long-vacant municipal lot and brought new dining options. However, leasing up over 200 units took time; by mid-2019 (a few months after opening) it was about 50% occupied, and it likely reached stabilization thereafter. In comparison, the Bridge Street project is smaller scale and more residential-focused, which might make it easier to absorb in the market. Unlike Marq on Main’s all-rental approach, Bridge Street offers a hybrid of for-sale townhomes and rental apartments, potentially distributing risk. Both projects are seen as pivotal pieces in Lisle’s downtown renaissance, but Bridge Street’s impact will be more incremental versus the single big splash of Marq on Main.
Lisle – “The Lisle” Proposal at Family Square (unbuilt): It’s also worth noting the contrast with the ill-fated Family Square redevelopment proposal. Approved by trustees in 2022, that plan (by Flaherty & Collins) called for a 198-unit apartment building with ground-floor retail on the site of the old shopping plaza. It was a bold, large-scale project – essentially trying to create another Marq on Main-sized development. The plan fell through due to financing issues, even with extensions and a sizable TIF incentive on the table. A second developer, Synergy, also walked away, deeming the site “too tight” to fit the desired mixed-use density along with required public parking. The collapse of “The Lisle” underscores that bigger isn’t always better if the economics don’t pan out. Bridge Street’s proposal is far more modest in unit count and presumably more straightforward in design (no parking garage or extensive retail piece to build). This could make it a more viable and financeable project in the current market, a point Whitaker highlighted by saying it doesn’t require “$80 million in debt and equity” to get going. In terms of community reception, residents and officials might actually be more comfortable with Bridge Street’s scale after witnessing the struggles of the larger concept. It feels like a “right-sized” development for Lisle, bridging what’s achievable with what the village wants.
Naperville – Central Park Place (2020): Downtown Naperville, just a few miles away, has a much more mature and bustling downtown, and its recent residential projects reflect a different market. One notable project is Central Park Place, a mixed-use development completed in 2020 that integrated the historic Nichols Library building. It includes 17 luxury condominium units in a four-story building attached to the preserved old library (which is slated for a restaurant). While Bridge Street is adding rentals and townhomes, Central Park Place delivered high-end condos priced from the $700Ks into seven figures. Naperville’s project was smaller in unit count but very upscale and had to navigate historic preservation concerns, which it successfully did. In terms of scale, Central Park Place’s four-story height and mixed-use nature are somewhat analogous to Bridge Street’s apartment building (also four stories), but the latter spreads its density across a larger area by incorporating dozens of townhouses. Naperville’s development also had built-in demand given the city’s affluent buyer base and prime location; it sold units even through the 2020 pandemic. Bridge Street’s units will cater to a different demographic (renters and mid-level buyers), but both projects show how downtown areas in the suburbs are evolving to include multi-story residential buildings that mesh with existing urban fabric. Naperville’s community largely embraced Central Park Place as it preserved a landmark and added vibrancy. We can expect Lisle officials to point to examples like this as proof that new development can respect a town’s character while bringing it into the future.
Naperville – Water Street District (2017): For a view of larger-scale mixed-use, Naperville’s Water Street District is a benchmark. Completed in 2017, this $93 million redevelopment turned a riverfront block into a hospitality-anchored mixed-use hub, featuring a 158-room Hotel Indigo, several restaurants and shops, a parking garage, and public plaza – but notably, no residential units (it’s hotel and retail focused). It’s an example of the kind of transformative project only a strong market like Naperville’s downtown could likely support. Christine Jeffries of the Naperville Development Partnership said of Water Street, “It couldn’t be small. It had to be ‘wow’”. By contrast, Lisle’s approach with Bridge Street is more about incremental growth – it’s not a single game-changer like Water Street, but part of a series of improvements. The community reception to Water Street was generally excitement (after a decade of planning). For Lisle, a massive $90M project is not on the table, but a $30M one that slots into existing neighborhoods might actually integrate more smoothly. Comparing the two underscores the different scales: Naperville’s downtown can absorb large commercial developments, whereas Lisle is focusing on residential infill to gradually build up its downtown ecosystem.
Downers Grove – Maple & Main Apartments (2018): Downtown Downers Grove, another nearby suburb, has seen redevelopment somewhat parallel to Lisle’s, with a couple of notable residential projects in recent years. One is Maple & Main, a luxury apartment building opened in 2018 at Maple Avenue and Main Street. This project brought 115 upscale rental units in a 6-story building, with around 3,500 sq.ft. of retail space included on the ground floor. Amenities at Maple & Main feature a heated outdoor pool, a rooftop “sky lounge,” fitness center, and indoor parking, catering to high-end renters. At an estimated cost of $27 million, it’s in the same budget ballpark as Bridge Street but concentrates all that into one larger building. The reception in Downers Grove was positive as well – it replaced a former auto dealership lot and added modern housing within walking distance of the Metra station. Maple & Main leased relatively quickly given strong demand for luxury apartments in the area. If we compare, Bridge Street’s 30-unit apartment building is far smaller, likely with more limited amenities (no pool or rooftop deck expected) since it’s a smaller community. However, Bridge Street complements those apartments with townhomes, whereas Maple & Main was purely rental. Community-wise, Maple & Main faced some typical concerns about height and traffic, but the success of a prior project – Burlington Station – helped pave the way. Burlington Station is another downtown Downers Grove project: a 4-story, 89-unit luxury apartment building that opened in 2018 one block from the train station. It transformed a former bank site and added features like a large outdoor terrace and indoor parking. The quick lease-up of Burlington Station demonstrated demand, and by the time Maple & Main came, the community had seen the benefits of more downtown residents (new shops and restaurants followed). Lisle is essentially following a similar trajectory: add transit-oriented apartments (Marq on Main akin to Burlington Station), then follow with another development (Bridge Street akin to Maple & Main) to keep the momentum. If Bridge Street succeeds, Lisle could likewise see increased interest from developers for additional projects, just as Downers Grove did.
In summary, compared to its peers, the Bridge Street Properties development in Lisle is moderate in scale and investment – not as large as the biggest Naperville or Lisle proposals, but a meaningful addition for a smaller downtown. It skews more residential and less mixed-use than many comparable projects (with its commercial component being deferred). The community reception so far appears cautiously optimistic, especially given Lisle’s eagerness for downtown investment. Learning from Naperville and Downers Grove, Lisle officials know to watch for concerns over parking and density, but also see the upside of adding downtown housing – increased vitality and economic growth. Bridge Street’s project stands as a test of whether Lisle’s market can absorb new housing outside of the immediate Main Street core. If it leases and sells well, it will validate the village’s strategy and likely lead to more interest in redeveloping other sites.
Economic and Market Considerations: Viability and Demand Outlook
The viability of the Bridge Street Properties development hinges on both current market trends and specific local demand in downtown Lisle. Several factors come into play when assessing whether this project makes economic sense now and in the near future:
Strong Demand for Transit-Accessible Suburban Housing: In the mid-2020s, suburban Chicagoland has seen solid demand for rental housing, particularly in transit-accessible hubs. Demographic trends show many young professionals and downsizing seniors prefer to live in walkable suburban downtowns rather than isolated subdivisions. Lisle’s downtown offers that lifestyle – with the Metra train to Chicago, restaurants, parks, and events – but currently has a limited inventory of modern housing. The quick occupancy of projects like Marq on Main in Lisle and similar developments in Downers Grove (e.g., Burlington Station was fully leased within a year of opening) indicates a healthy appetite for new apartments in DuPage County’s downtowns. Bridge Street’s apartments, targeting rent under $2,000 for studios/1BR, hit a sweet spot for affordability relative to nearby Naperville (where rents often exceed $2,000). This positioning should attract renters who work along the I-88 corridor or commuters who want a short walk to the train without paying Naperville premiums. Likewise, the townhome component taps into a strong for-sale market – with low inventory of new homes, many buyers are seeking townhouses that offer modern finishes and low maintenance. If priced appropriately (likely mid-$300Ks to $500Ks range, based on Lisle’s market), these units could draw young families or empty-nesters moving from larger homes, offering them a brand-new option in the same community.
Interest Rates and Financing Environment: One challenge for any development in 2025 is the higher interest rate environment. Financing construction and mortgages is more expensive than it was a couple of years ago. However, Bridge Street’s team appears confident they can fund the project without a lengthy delay. The relatively moderate project scope (as opposed to an $80M high-rise) means raising capital or securing loans is more feasible, even if interest rates are elevated. Additionally, the project likely will be built in phases – the townhomes could be constructed and sold in batches, generating cash flow that helps fund subsequent phases like the apartment building. This phased approach reduces risk. The developer might also benefit from TIF district incentives or tax abatements given the site’s inclusion in the downtown TIF. While nothing has been publicly stated about incentives for Bridge Street, the existence of the TIF fund (with millions available for redevelopment) suggests the village could assist with certain costs (e.g., utility upgrades or public improvements on the site). Such support would further improve the financial viability.
Rental Rates and Absorption: The success of the apartment component will depend on hitting the right rental rates and achieving lease-up projections. As a smaller building with 30 units, Bridge Street’s apartments should lease up faster than a massive complex – possibly within 6-9 months of opening, assuming competitive pricing. Rents under $2,000 for new studio/1-bed units are considered mid-market “workforce” rents in DuPage County, which is a segment with broad demand. By avoiding the ultra-luxury segment, the developer can appeal to a larger pool of renters (e.g., young singles who work in nearby office parks, hospital staff from Naperville/Lisle’s large employers, grad students from area colleges, etc.). The risk of vacancy is mitigated by this broad demand base. Moreover, with only 30 units, even if the market softens, the impact is limited – contrast that with the 198-unit proposal that would have needed a huge number of renters all at once. Current market trends in the Chicago suburbs show apartment occupancy rates remain high (often 95%+ in well-located properties) and rent growth has been steady, if moderate, in 2023-2024. Unless there’s a major economic downturn, there’s little evidence of oversupply in a small village like Lisle. So the apartments are likely to perform well.
For-Sale Townhome Market: The 56 townhomes will test the for-sale market in downtown Lisle. Townhome developments in other suburbs have been selling briskly, especially those near transit, as some buyers priced out of single-family homes opt for new townhouses instead. Lisle hasn’t had a large new townhome project downtown in recent memory, so it’s somewhat unproven locally. However, neighboring communities provide optimism – for instance, in downtown Downers Grove, a luxury townhome development a few years ago (Parkers Place) sold out quickly, and Naperville routinely sees strong demand for townhomes near its downtown. The Bridge Street townhomes may actually be relatively affordable compared to those examples (given Lisle’s slightly lower price point), which could attract buyers from a wider area. The key will be offering attractive designs and modern interiors to compete with older housing stock. If the townhouses sell at a good pace, it will not only validate the project’s viability but also boost Lisle’s tax base as each unit comes onto the property tax rolls (owner-occupied homes typically contribute more in taxes than rentals due to assessment differences).
Competition and Comparables: In evaluating viability, one must consider competition. Who else is delivering new housing in the area? In Lisle proper, aside from Marq on Main (rentals) and a small Pulte Homes subdivision on the far east side, there isn’t much new construction. So Bridge Street would have a first-mover advantage for current demand. In Naperville and Downers Grove, there are always a few projects underway, but those towns are larger markets. Arguably, Bridge Street’s main competition for renters might be older apartment complexes in Lisle/Naperville that have lower rents, and its competition for buyers might be existing townhomes or condos on resale. But many of those don’t offer the combination of new-build quality and downtown location. Therefore, Bridge Street is somewhat uniquely positioned. If anything, its success might breed more competition – for example, if it leases up fast, another developer might propose a similar boutique apartment building in Lisle; if townhomes sell out, maybe others will eye nearby parcels for townhouse communities. But these are signs of a healthy market rather than an oversaturated one.
Economic Climate and Job Market: Lisle sits in the east-west Tollway corridor, a region with a substantial employment base (corporate offices, colleges, and research centers). The local economy will influence housing demand – if major employers are hiring and office occupancy stabilizes post-pandemic, more renters will be looking to live near work. Conversely, if layoffs or remote work reduce the presence of employees, demand might slacken. As of now, the DuPage County job market is reasonably strong, and Lisle itself is home to large companies (AST, Navistar nearby, etc.) and institutions like Benedictine University. The presence of these anchors bodes well for sustained housing demand. Additionally, Lisle’s appeal as an “arboretum village” with great park amenities and access to highways means it can attract those who are priced out or tired of big-city living. We’ve seen a trend of some Chicago renters moving to suburbs for more space – a development like this offers a chance to do so without giving up walkability and convenience.
In conclusion, the Bridge Street Properties development appears economically viable given current trends, assuming it is executed with cost control and market-conscious pricing. The mix of unit types diversifies revenue streams (sales and rentals), reducing reliance on any one segment. Its timing might be fortuitous: by the time construction is done (likely 2026), the interest rate environment could improve, and any lingering pandemic effects on downtown living will have settled. There is always some risk – a recession, a housing market dip, or unforeseen construction cost overruns – but those are factors every project faces. On balance, the demand for housing in a rejuvenating downtown Lisle, combined with the village’s supportive stance (and potentially financial incentives), create a scenario where this project can succeed. If it does, it will not only fill the developer’s coffers but also serve as a proof of concept for continued downtown investment, reinforcing that Lisle’s strategy of gradual, quality redevelopment is the right path forward.
Final Thoughts
The proposed Bridge Street Properties development at School and Spencer is poised to usher in a new chapter for downtown Lisle – one that brings more residents, fresh energy, and the promise of future growth. With 56 townhomes and a 30-unit apartment building, the project offers a balanced approach to increasing housing options while keeping within a scale that fits Lisle’s character. It aligns with the village’s long-term downtown revitalization goals by turning blighted land into a thriving community space and setting the stage for more business activity down the road.
Community impacts are expected to be largely positive: local businesses should enjoy a boost, the tax base will broaden, and infrastructure upgrades are already in motion to accommodate the growth. Of course, careful attention must be paid to valid concerns about parking, traffic, and ensuring the new buildings complement the neighborhood. The experiences of similar projects in Lisle and nearby towns show that these developments can be catalysts for downtown revival, as long as they are well-planned and market-supported.
Bridge Street’s plan seems to strike a realistic balance – not as flashy or tall as Naperville’s projects, nor as grandiose as earlier Lisle proposals that faltered, but pragmatic and targeted to today’s market needs. If approved and constructed, it could very well mark “a new era for downtown Lisle,” as its proponents suggest, one where Lisle becomes known as a welcoming place for modern suburban living, with a downtown that’s alive with residents and activity day and night. This development will be an important one to watch, as its outcome may shape the trajectory of Lisle’s downtown for years to come.
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Sources:
Daily Herald – “A ‘new era’ for downtown Lisle? Developer proposes apartments, townhouses” (Jan 23, 2025)
Daily Herald – Comments from Planning & Zoning Commission meeting (Jan 2025)
Daily Herald – “We just don’t see a path for this”: Developer pulls out of Lisle project (Dec 2, 2024)
Village of Lisle – Downtown Lisle TIF District & Master Plan Documents
OpenGov Lisle Budget – Water Main Improvement (School St & Spencer Ave)
Naperville Magazine – “Heart of the City” (Central Park Place condos)
Daily Herald – “Retail, condos taking shape at historic Naperville library site” (June 29, 2020)
JVM Realty – Maple & Main Apartments (Downers Grove) info
Carlson Bros. Inc. – Maple & Main project overview (Downers Grove)
Holladay Properties – Burlington Station press release (Downers Grove)
Daily Herald – “Water Street District’s debut wows in downtown Naperville” (Nov 15, 2016)
Daily Herald – “New residential development proposed near Naperville train line” (Oct 23, 2020)
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