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BRIDGEVIEW, IL-Martin Capital Group, based in Chicago, is planning a mixed-use development adjacent to Toyota Park, the soccer stadium and outdoor venue at 71st Street and Harlem Avenue. The $65 million project will be on about 9.5 acres at the northwest corner of the intersection and east of the stadium, says Seth Martin, founder of Martin Capital.

Firehouse Falls will have a 70,000 sf indoor water park that includes about 50,000 sf of slides, “lazy rivers,” a children’s pool and about 20,000 sf that will have an arcade, party rooms and locker rooms, Martin says. The park will also have an outdoor pool. Foundation construction is expected to begin in February or March. The construction of the water park is expected to take between 12 months and 15 months with a targeted opening date in the beginning of April 2009, Martin says.

Two hotels, with about 125 rooms each and a total of 4,500 sf of meeting space, are planned for the site. Martin Capital is currently in negotiations for a Hampton Inn & Suites and Hilton Garden Inn but no agreements have been signed yet, Martin says. There will also be approximately 29,000 sf of retail space including three restaurant pad sites, he says. There have been no leases signed yet but Martin says he expects inline retailers such as Starbuck’s and Verizon in addition to the restaurants. The asking lease rate is expected to begin at $35 per sf net, Martin tells GlobeSt.com. Mid-America is the broker for the retail leasing.

Martin Capital is acquiring the property from the village of Bridgeview. The developer has an agreement to acquire about 9 acres for $5.5 million, or about $14 per sf. An additional half-acre is expected to be purchased once the property is appraised. Martin said he was attracted to the site because of the proximity to the stadium and the fact that the village had already assembled a large tract of land. The development “would not occur if the stadium had not been built and the land assembled,” Martin says. “It is pretty much impossible to find that big of a site anywhere at a reasonable price.”

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