More retail, fewer apartments now in proposal for downtown Lisle complex

More revisions have been made to a proposed mixed-use apartment and retail complex that would replace a vacant shopping center in downtown Lisle.

Indianapolis-based developer Flaherty & Collins has been interested in redeveloping the Family Square Plaza site on the southeast corner of Main Street and Ogden Avenue since 2018. The proposed multimillion-dollar project tentatively keeps the "Family Square" name, and the latest revisions to the plan were presented Monday to the Lisle village board.

"It needed to be rethought," said Julie Collier, vice president of development with Flaherty & Collins.

Flaherty & Collins bowed to requests for more retail space that some trustees made last August. The developer also made other changes based on feedback from three public input sessions in October and an online survey.

Family Square's retail space has been increased from 12,000 square feet to more than 37,000 square feet. Meanwhile, the number of planned apartments has been reduced from 206 to 176.

The number of spots for the site's parking garage has been increased from 485 to 554. But Flaherty & Collins kept the number of first-floor spaces dedicated to downtown Lisle shoppers to 90.

Collier said Indiana-based Elevate Office has already expressed interest in acquiring 32,000 square feet in Family Square.

Flaherty & Collins would hold on to the remaining retail space.

Elevate Office offers month-to-month leases, private offices and salon suites for entrepreneurs, startups and other small businesses at three locations in Ohio and Indiana. Collier said Elevate Office's first Illinois location could attract new businesses and create more than 130 new jobs in downtown Lisle.

"Elevate Office serves as an incubator," Collier said. "One to three of these businesses that locate here would graduate into a new space within Lisle and grow their business within the community."

Family Square is in a tax incremental financing district that the village established in 2015 to help spur the redevelopment. In a TIF district, property taxes paid to local governments are frozen for up to 23 years, and any extra property tax money collected within the area goes into a special fund to help pay for certain improvements.

Last year, Flaherty & Collins asked for up to $5.17 million in TIF funds as financial assistance if the project went ahead. Now the company is requesting $7.4 million in TIF funds because of the increased risk in constructing more commercial space in Family Square.

Lisle trustees are expected to decide sometime before March 2 whether to approve a redevelopment agreement with Flaherty & Collins.