2017 OP_Summer Newsletter

DEVELOPMENT & INVESTMENT IN ORLAND PARK

DEVELOPMENT & INVESTMENT IN ORLAND PARK

Eck noted the company’s successful development of the Mariano’s in Orland Park and added, “The proposed mixed-use Cinépolis development at Main Street in the downtown will offer an unrivaled entertainment, dining and living experience for visitors and tenants alike.” First unveiled in 2011, Downtown Orland Park includes the Main Street area, the Orland Crossing Mall across the street, the Old Orland Historic District and the civic corridor housing government buildings on Ravinia Avenue. The Main Street area is bordered on the west by the Metra Southwest Service Line making it a transit oriented development. The first phase of development in the Main Street area was Ninety7Fifty on the Park, a 295-unit luxury apartment development that is at 96 percent capacity. In December 2016, the University of Chicago Medical Center opened its four story, 120,000 square foot multi- specialty medical building at the northwest corner of 143rd Street and LaGrange Road. The Downtown Main Street Parking Structure, which opened in October, 2016, is a multi-level public parking facility at the northwest corner of 143rd Street and Ravinia Avenue. This building offers more than 520 parking spaces and an additional 12,000 square feet of commercial space with the potential for outdoor seating. The village is also constructing new public streets in the area that will include streetscape features and offer safe connections to link existing and future development.

Cinépolis is a privately held chain of movie theaters started in Mexico with more than 500 locations worldwide. Headquartered in Texas, the Cinépolis USA has 16 locations throughout California, Florida and the East Coast. The company is entering the Illinois market with a cinema in Arlington Heights and now Orland Park. Bradford Real Estate developed the Mariano’s Store across from the Main Street area. The company will invest more than $20 million in the project that will bring in more

The next phase of development for the Main Street area of Downtown Orland Park was announced at the March 9 State of the Village Address. At its March 20, 2017 meeting, the Village Board of Trustees approved a letter of intent between the village and the Bradford Real Estate Companies. Bradford will purchase Main Street property from the village and construct an approximately 80,000 square foot entertainment mixed-use building. The project includes the construction of a two story, mixed use building

Movie Theaters

“This will add so much to the flavor of the downtown area. People can park in the new parking garage and walk to their destinations, watch a movie while eating dinner or stop in at one of the boutiques.”

Trustee Kathy Fenton, Development Services, Planning & Engineering Committee Chair

anchored by a luxury cinema with Cinépolis being the proposed tenant. Cinépolis will be the anchor and will operate an eight screen cinema with upscale finishes and dine-in- service along with restaurant and bar service. The cinema will be located on the second floor with the first floor housing specialty retail and restaurant tenants. “This will add so much to the flavor of the downtown area,” said Trustee Kathy Fenton, chair of the village’s Development Services Committee. “People can park in the new parking garage and walk to their destinations, watch a movie while eating dinner or stop in at one of the boutiques.”

than 200 construction jobs and 75 permanent jobs. The direct economic impact to the village over the remaining life of the TIF District is estimated to be $9 million. Tim Blum, of HSA Commercial Real Estate, served as the village’s development consultant and assisted with the negotiations of the letter of intent. “We have worked closely with municipalities on multiple properties in the Midwest and our repeat ability to deliver a superior final product is a credit to our development expertise, our investment capacity and capability and our ability to form strong partnerships,” said Jay Eck, vice-president of Bradford Real Estate.

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| SUMMER 2017

SUMMER 2017 |