Related Midwest, based in Chicago, had been chosen approximatelythree years ago by the village to develop the triangle, but pulledout of the project in April, Friling says. The village had arequest for proposals, which was initially due in May and thenpushed back until last month. "We had suspended it before wereceived any bids," she says. The village halted the requestbecause many of the interested developers had questions thatvillage officials could not answer yet, she says.

|

Potential developers had questions as to the fate of OrlandPlaza Center, located on seven acres at the northwest corner of143rd Street and LaGrange Road, and questions on the timing ofroadway improvements at the intersection in addition to whetherRavinia Avenue would be extended through the development, Frilingsays. "Those are really critical questions that have to beanswered," she says. "We also need to analyze what our options areat the corner." The village expects to re-solicit proposals in thefall. Work on the intersection improvements is expected to begin atthe end of the year, she says.

|

The development is expected to have 240 residential units and atleast 155,000 sf of retail and office space. The development willalso have parks and open spaces, with the triangle becoming thevillage's downtown, she says. The village wants to "create whatOrland Park does not have. We have a lot of great things in OrlandPark. What we do not have is a traditional downtown," Frilingsays.

|

The area is in a TIF district, which was created in 2004 andexpanded in 2007 to include the 7-acre Orland Plaza Center. Thevillage has already spent more than $30 million on publicimprovements to the area, Friling says. A new $10 million Metrastation opened last year, and improvements to Southwest Highwayhave been completed, Friling says.

|

Related Midwest was able to reach a tentative agreement with theproperty owner at Orland Plaza Center to acquire the property, butwas not able to reach agreements with the tenants, Friling says.Due to the difficulty reaching an agreement for the 7-acre parceland the floundering residential market, the developer wanted torenegotiate its agreement with the village, she says. The villagedid not think new terms were acceptable, and chose instead, to goout for proposals.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.