UPDATE: Old Village Hall Site Now Up for Grabs

Updated: Dec. 27, 1:54 p.m.

Today the village announced that it served a notice to New England Builders Inc. (NEB), declaring default on a redevelopment agreement approved in May 2008. The property, Castine at Lisle Town Center, proposed a mixture of condominiums, rowhomes and retail spots. The village is citing that NEB has not developed the property in a timely fashion.

"We don't have our heads in the sand and think that the economics of the past few years has been the fault of the developer. For the village it came down to a question of how long do we hold a project open for a developer, particularly when we know that any project moving forward will not likely be the same one that was envisioned when it was rewarded," Mayor Joe Broda said in the statement.

Ending the agreement leaves the site at Burlington Avenue and Main Street, which housed the old village hall building until 2003, open to new projects. (It is currently being used as a .) Village officials confirmed there are no immediate plans for the site.

The Village also noted that in the future it could not be ruled out that NEB would be asked to submit another proposal.

"We went through an exhaustive process before we approved the original NEB proposal," said Broda. "We liked the quality of their product and I don't know why we would rule them out of future projects."

NEB representative Chris Rintz said the company is disappointed in the village's decision.

"Given economic conditions, we would have hoped they'd had the patience to wait this out and move forward," he said.

Rintz said that NEB still has a "very high interest" in developing the project.