The Family Square Plaza, prominently located at the southeast corner of Ogden Avenue and Main Street in downtown Lisle, has long been a focal point for redevelopment efforts. Despite its prime location, the property has remained vacant, with several redevelopment proposals failing to materialize.
Flaherty & Collins Proposal
In 2022, Indianapolis-based developer Flaherty & Collins Properties unveiled an ambitious plan to transform the shuttered shopping center into a vibrant mixed-use complex. The proposal included 176 apartment units, over 37,000 square feet of retail space, and a multistory garage with 554 parking spaces, 90 of which were designated for downtown shoppers. The Lisle Village Board approved an economic incentive plan, offering up to $5.94 million in tax increment financing (TIF) funds to support the project. However, by August 2024, Flaherty & Collins missed a critical financing deadline, leading to the project's termination.
Synergy Construction and Development Interest
Shortly after, in October 2024, Chicago-based Synergy Construction and Development expressed interest in the property. Their vision encompassed a mixed-use development featuring residential units, retail spaces, and public parking. Despite initial enthusiasm, Synergy withdrew from the project in December 2024, citing spatial constraints that hindered the realization of their comprehensive plans.
Bridge Street Properties' New Vision
Undeterred by previous setbacks, Bridge Street Properties presented a fresh proposal in January 2025. Their plan aims to revitalize the periphery of downtown Lisle with 56 townhouse units flanking Center Avenue, a four-story apartment building comprising 30 units, community open spaces, and a half-acre reserved for future commercial development along Ogden Avenue. This development represents a significant investment, estimated between $30 million to $35 million, and seeks to bolster the local economy by attracting residents and supporting burgeoning businesses.
Looking Ahead
The Village of Lisle remains steadfast in its commitment to rejuvenating the Family Square Plaza and its surroundings. While previous proposals have faced challenges, the continued interest from developers underscores the area's potential. As plans evolve, the community remains hopeful that a viable project will soon transform this key downtown intersection into a bustling hub of activity and growth.
For more information on current development projects and reports in Lisle, visit the Village of Lisle's official website.
Comments