ORLAND PARK, IL-The village here has hired HSA Commercial Real Estate, based in Chicago, to help restart its Main Street Triangle Project. The village halted the former $100 million project, which was to have residential, retail and office, in 2008 after Related Midwest pulled out.
The property is a 32-acre parcel bounded by LaGrange Road on the east, 143rd Street on the south and the Metra Southwest Line on the west. The site does have some activity, as Indianapolis-based Flaherty and Collins recently broke ground on a 295-unit apartment complex called Ninety 7 Fifty on the Park on the southern portion of the site.
Tim Blum, EVP and managing director of retail services for HSA, tells GlobeSt.com that the village got to know his company during its redevelopment of the 800,000-square-foot Orland Park Place. The property, at 151st Street and LaGrange, had been through multiple owners, bankruptcy and foreclosure. Blum’s firm was able to bring the site from only two tenants to a 100% leased lifestyle-type center with Dick’s Sporting Goods, DSW, Nordstrom Rack and Barnes and Noble.
“We know most of the village staff and had been working with them already,” Blum says. “Since the development failed, the city has gone back to the drawing board for the site, it’s really a blank canvas.”
He says this property will have retail and possibly more residential, but won’t likely be lifestyle, but Blum adds he can’t really comment on plans yet. There is some interest, but the negotiations will go on through the ICSC ReCon in Las Vegas next month. “We should be able to have an announcement about the property in the next 30 days,” he says.
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