Synergy Construction Backs out of Suburban Chicago Redevelopment

The quest to redevelop the long-closed Family Square Plaza in downtown Lisle hit a roadblock after another developer abandoned its plans.

Synergy Construction and Development, the latest to express interest in the property at Ogden Avenue and Main Street, withdrew its proposal to buy the retail strip, citing site limitations and constraints regarding plans for residential units, retail spaces and public parking, the Daily Herald reported.

“This site is a little too tight to accomplish all those goals,” said Synergy principal Phil Domenico. “We just don’t see a path for this.”

This marks the second major setback for the site this year. In 2022, the village approved a plan by Flaherty & Collins to build a 198-unit apartment complex with retail. Despite extensions granted by village trustees, the developer failed to secure financing, and pulled out of the deal this past August.

Synergy stepped in shortly after but changed course within six weeks.

The property, owned by Green State Credit Union, lies within a tax increment financing district that offers up to $10.5 million to support redevelopment. While the TIF incentives have attracted interest, they have not yet resulted in a viable plan.

The credit union has received two letters of interest from and inquiries from other developers, according to an email to Lisle Village Manager Eric Ertmoed.

“I’m certainly willing to have conversations with anyone who is interested,” Mayor Chris Pecak said.

Domenico said he hasn’t ruled out the possibility of putting together a mixed-use development with the cooperation of other property owners in the TIF district, which includes adjacent parcels along Ogden Avenue.

— Andrew Terrell