UPDATED: Village Hires Brokerage FIrm to Redevelop Downtown Properties

How do you imagine downtown Lisle?

After village trustees to develop the Old Village Hall site at 1040 Burlington Ave. last December, they began considering other methods of marketing their available downtown properties.

Trustees met with the planning and zoning, and economic development commissions at the board’s to evaluate their position on the village’s downtown master plan. The economic development commission is also in the midst of .

Trustees had during closed session meetings earlier this year (the minutes have since been to the public). Monday night trustees approved a brokerage agreement with U.S. Equities Realty.

The contract remains effective through May 2013, with an option to extend the agreement until 2015.

A copy of the agreement is available in the board meeting packet on pages 63-68.

Downtown vision

The agreement will focus on three areas totaling 174,552 square feet, identified on the map to the right:

• Old Village Hall Site and Commuter Parking Lot F 
• 1200 Burlington Avenue (South side of PrairieWalk Pond)
• Properties along Garfield Avenue that border the east edge of PrairieWalk Pond and Dragonfly Landing

Downtown is currently zoned for mixed uses. The recent creation of PrairieWalk Pond would serve as the water detention area for future developments.

The now defunct plan for the Old Village Hall site included condominiums, rowhomes and retail spaces. Previous discussions among trustees and staff have considered additional high density housing and retail developments, a museum campus, bed and breakfast or boutique hotel, parking garage or an entertainment venue. (See what Patch readers thought could be done with downtown .)

However, economic development director Catherine Schuster said the brokers did not reveal “any specific vision” for the properties during their presentations to village staff and trustees. The brokers will identify potential uses for the sites and bring their recommendations to the board for future action.

Schuster added that residents may have the opportunity to provide input during the process.

“Until you have a viable project in front of the board, it is very hard to speculate on what might happen in today's market,” she said in an email statement.

If U.S. Equities remains the village’s only brokerage firm, they will earn a 4 percent commission on gross sales. They would take in 6 percent sharing brokerage responsibilities with another firm.

The terms of the agreement includes provisions for

• Discounted property: U.S. Equities could collect up $1.50 per square foot of land as the sole broker if the village discount property.
• Additional need for U.S. Equities staff: while two salaried employees will be available throughout the duration of the agreement, the village can procure U.S. Equities staff for additional services at an hourly rate. Quoted rates range from $85-$405.

The commission, referred to as ‘success fees,’ are payable at closing, according to the June workshop meeting packet.

The village would be responsible for marketing expenses, additional studies, and consultants such as engineers, attorneys, appraisers and accountants. A Phase 1 environmental impact report has been conducted on all properties prior to purchase.

Schuster said additional studies would be identified as feasible projects are presented and tailored to the development's concept.

According to a list of estimates provided to village staff by U.S. Equities for the June workshop meeting, marketing efforts could cost approximately $10,000.