Apartment and retail complex could replace vacant Lisle shopping center
A vacant shopping center in downtown Lisle could be demolished to make way for a nearly $58 million mixed-use apartment and retail complex.
In 2018, Indianapolis-based developer Flaherty & Collins proposed a similar project for the southeast corner lot of Ogden Avenue and Main Street. But the developer on Monday presented further design revisions to the Lisle village board.
The project's scope features a luxury apartment building with 206 residential units in studio, one- and two-bedroom configurations. A central landscaped courtyard also is part of the design, with the buildings being either three or four stories high.
Retail space totaling 12,000 square feet would front Ogden to the north with a corner extension along Main to the west.
The L-shaped retail structure would largely conceal a 485-space parking structure that would have 90 spaces set aside for public parking. An additional 33 on-street parking spaces would be along Main, Spencer Avenue and School Street.
Julie Collier, vice president of development with Flaherty & Collins, emphasized the new construction would allow for more environmentally friendly buildings. She also said Flaherty & Collins would be willing to make more adjustments.
“We're always looking for local direction, whether it's planning documents, local leadership and stakeholder input — using the existing fabric of the community as references,” Collier said about the complex's ultimate design. “It's our goal to really plug into that.”
Presentations also were made by Lisle Economic Development Partnership Executive Director Corrina Cole and representatives with the Chicago-based consulting firm Kane, McKenna and Associates Inc.
They largely focused on a tax incremental financing district that was established in 2015 to help spur the redevelopment of the vacant Family Square Shopping Center. The presenters said Flaherty & Collins could be eligible for up to $5.17 million in TIF funds.
In a TIF district, property taxes paid to local governments are frozen for up to 23 years. Any extra property tax money collected within the area after the district is established goes into a special fund to help pay for certain improvements.
There was some skepticism expressed by Lisle Mayor Christopher Pecak and trustees Cathy Cawiezel and Dan Grecco concerning the project's emphasis on apartments over retail. Yet all the trustees ultimately voted to continue negotiations with Flaherty & Collins for a possible redevelopment agreement.
Lisle Township Trustee Autumn Geist spoke during the public comment portion of the meeting to express her support of the proposed development. Geist owns the lifestyle boutique The Collective at 4724 Main St. in Lisle.
“I can't continue to survive if we don't see more foot traffic, and that foot traffic comes with that development,” Geist said. “I implore you to proceed with exploring this opportunity to its fullest extent — not just for me, but for the other small businesses that have invested in this community and want to remain in this community.”
Lisle: All trustees vote to continue negotiations