Orland to develop Main Street Downtown

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1 Orland to develop Main Street Downtown Luxury apartments the first phase by Laura Bollins and Jack Murray Orland Park officials last week unveiled plans for the first phase of the redevolpment of the Main Street portion of Downtown Orland Park a luxury apartment building ranging from two to four stories tall above first-floor retail space in the triangle of land bounded by 143rd Street, La Grange Road and the Metra rail tracks. Less than a month after the Village Board approved the purchase of Orland Plaza shopping center for $7.5 million in the settlement of its eminent domain lawsuit against the plaza s owners, Mayor Dan McLauglin and Village Manager Paul Grimes said the village intends to develop the luxury apartment building as a public/private partnership. A portion of the plaza property is needed to extend Ravinia Avenue north from its intersection with 143rd Street to provide in- gress and egress for the proposed mixed-use commercial and residential building. The village is finalizing its partnership agreement with Flaherty & Collins Properties to develop the building, dubbed Ninety 7 Fifty On the Park (its address), to be built at 9750 W 143rd St., on the northwest corner of 143rd Street and Ravinia Avenue. Ravinia is to be extended through the Triangle.

2 The 295-unit building will cost $63 million to $65 million to build, village officials estimate. The village may sell up to $65 million in bonds to finance its construction. The bonds would be repaid from the rents charged to tenants of the planned one- and twobedroom apartments. They would rent for an average of $1,500 a month. They would be marketed to young professionals who commute to work downtown and well-heeled empty-nesters, older couples whose children have left home. After extensive analysis and review by development and financial experts, the village has estimated that there would be no impact on tax bills, and that the project revenues will be sufficient to pay for the financing of the project, Assistant Village Manager Ellen J. Baer stated The redevelopment project was scheduled to be considered in a hearing of the village Plan Commission on Tuesday. The village and the owner of Orland Plaza, Orland Park Building Corp., are the petitioners for the hearing seeking approval for the site plan of the development, a special-use permit for a building of more than 50,000 square feet, the plat of survey and elevations. The preliminary gross building area of the complex, which is to include a four-level interior parking deck with 365 parking stalls within its courtyard, is estimated at 350,370 square feet, but the final number must still be worked out with the architect. The village hopes to break ground on the complex in October. After its hearing by the Plan Commission, the project is set to go before the Village Board on Sept. 6. Village officials started working with Indianapolis-based firm Flaherty and Collins in Prior to that, it had marketing analysis firm Tracy Cross and Associates conduct a study to find out whether or not there is a market for luxury apartments in Orland Park. Village manager Paul Grimes said the results of the study were positive. These are not your typical apartments, Grimes said. There is a market for luxury apartments in Orland Park. We are relaunching the concept of downtown Orland Park. Amenities of the building include a saltwater swimming pool, a yoga studio, grilling stations, a private cinema, a game room an outdoor courtyard and a tanning salon. A bike path and pedestrian bridge will also serve the complex. The area will have three different mixed-use development areas, with residences, retail space and restaurants. Environmentally-friendly or green items are also a large part of the first phase of the project. The residences will have energy efficient lighting, furnaces, and water heaters, on-site recycling, bicycle racks and electric car charging stations. The public/private partnership with Flaherty & Collins is a way for governments and developers to create meaningful places in a town, village officials said. Similar

3 partnerships have taken place at The Glen in Glenview and the Riverfront and Civic Center in Peoria. The village originally envisioned condominiums on the space, but given the poor housing market, determined rental apartments were a better choice. The village is beginning the Main Street redevelopment project by building the residential development. Later phases will take on the retail and restaurant spaces. Village planner Kimberly Flom said no single developer could take on all three phases at once, and that breaking up the parcel into three development areas made it more feasible that the entire project would be completed. The village has an 18-year plan to develop the entire triangle. Several of the units will overlook Crescent Park. Average rent for a unit will be $1,500 per month and will include one parking space per unit. There will be 178 one-bedroom units and 117 two-bedroom units. The average unit size is 938 square feet. There will also be 365 parking spaces in a four-story parking deck in the center of the complex. Residents will park on the story where they live. For example, a resident that lives in a third-floor unit will have a designated parking space on the third story of the parking deck, and will be able to walk from his or her car down a hallway straight into their apartment. Each unit will have granite coun-tertops, washers and dryers in each unit and walk in closets. Mayor McLaughlin said the project has been in the works for 10 years, and that he is looking forward to beginning the first phase of the project. I ve drawn this triangle on napkins 1,000 times over the last 10 years, McLaughlin said. I think it is a dead bang winner, I really do. There are hundreds of acres of forest preserve nearby, strong retail already present, and it is five minutes away from three or four golf courses. The amenities that surround this are not matched anywhere. McLaughlin said the modern development is a return to the town square feel of Orland Park. Orland Park s original downtown is just across the street, where residents in the 1800s walked to the general store and greeted friends and neighbors along the way, McLaughlin said. This is the same concept, a centralized area where people can walk, shop, and have fun. The complex will also be within walking distance of the Orland Metra train station, the Orland Crossing shopping center, the Old Orland historic district, and the Civic Center.

4 P. Christopher Kirles, the vice president of development for developer Flaherty and Collins, said that the complex was unique due to its transit-oriented nature, being so close to the Orland Park Metra station. There are a limited number of transit-oriented developments throughout the country, very few in suburban Chicago and nothing in the southern corridor, Kirles said. In a market where there is tremendous pent-up demand for apartments due to lack of supply and high-barriers to entry, this is an extremely unique opportunity and we are excited to be involved. Village trustee and development services chair Kathleen Fenton called the development a unique space. Ninety 7 Fifty on the Park is a high quality development that will be unique to the Chicagoland area, Fenton said. We are very excited about this first phase of downtown Orland Park. The residential development will offer a distinctive opportunity for empty nesters and young professionals to stay in their hometown, yet giving them the amenities of a high quality downtown development that offers accessibility to the train, open space, stores, and restaurants. Flom said the $65 million development will fill a gap in current Orland Park housing. We have a lot of single family homes, and this type of product isn t anywhere else, Flom said of the transit-oriented development. Development services director Karie Friling said the complex caters to the needs of all residents, a term she coined life cycle housing. It is housing for all the different spans of life, from young professionals to retirees. The community meets the needs of its residents. The village will take full possession of the property in Feb. 2012, and start building the foundation that year. If we believe in it, we have to push it forward, and we believe in it. McLaughlin said. For more information on the development or to see artist s renderings of the property, visit downtownop.com. This is part of the August 11, 2011 online edition of The Regional.

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