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Structured Development to develop final phase of Orland Park "triangle" property

Structured Development to develop final phase of Orland Park

The village of Orland Park, Illinois has selected Structured Development LLC to develop the final phase of the southwest suburb’s downtown Main Street “Triangle” property. In a unanimous vote, the village’s Board of Trustees chose Structured Development to complete the five remaining parcels—collectively comprising approximately nine acres—in the 27-acre “Triangle” master plan.

Bounded by LaGrange Road, 143rd Street, and the Metra Southwest Service Line/Southwest Highway, the triangular parcel was planned as a pedestrian-friendly, urban-inspired district with both residential and commercial uses, including retail, office, hospitality and entertainment. It currently houses Ninety7Fifty, a 295-unit mixed-use rental community; the University of Chicago Medicine Center for Advanced Care, a 110,000-square-foot medical office building; a 500-space public parking structure and Crescent Park, a landscaped greenspace. The Triangle is located across from Orland Park Crossing, a 107,371-square-foot lifestyle center, and the Residences at Orland Park Crossing, a 231-unit rental community.

“Orland Park’s Main Street area is the gateway to the village; it’s one of the first things people see when entering our community,” said trustee Carole Griffin Ruzich, chair of the village’s development services committee. “This is why it’s so very important that the remaining parcels be developed by a company that has the ability to make the village board’s vision a reality. Downtown Orland Park is going to be around for a long time, and we want future residents to appreciate the conscientious efforts that we are making now to ensure a quality development at the level for which Orland Park is known.”

Six developers initially vied for the right to purchase and develop the remaining Triangle parcels. Selection criteria included suitability, creativity and quality of the development plan; financial, marketing and management plans; experience and qualifications of individual team personnel; community and stakeholder input and selection committee discretion.

“This is an exciting time for Orland Park as we complete the remaining parcels in the Main Street area of downtown Orland Park,” said Village Manager Joe La Margo. “We’re looking forward to working with Structured Development to complete this final phase. They understand the village board’s vision for the area to be pedestrian friendly with mixed uses—truly making it a destination within Orland Park. Structured Development’s portfolio includes some very impressive developments in and around Chicago, and we’re excited to have a company of their caliber help create Orland Park’s future.”

Structured Development was selected, in part, because of the firm’s extensive experience in developing urban mixed-use properties. The firm’s portfolio includes the award-winning NEWCITY mixed-use development, a nearly 1 million-square-foot project at the intersection of Halsted Street and Clybourn Avenue in Chicago’s Lincoln Park neighborhood. Completed in fall 2015, it comprises more than 390,000 square feet of retail and commercial space anchored by Dick’s Sporting Goods, Sak’s Off Fifth, ArcLight Cinemas, Kings Bowl and Mariano’s. NEWCITY also includes a 199-unit luxury rental tower and nearly two acres of landscaped greenspace, including a public plaza that hosts live concerts and other community events.

“The Orland Park project is a perfect fit for us because of our success in developing what we call communities within communities,” said Jeff Berta, senior director of real estate development at Structured Development. “We’ll draw inspiration from urban projects like NEWCITY and The Shops at Big Deahl, as well as the rich history and character of Orland Park, to make the Triangle a true destination for those who live, work, shop and play here. We are proud to have been selected, and we look forward to getting started.”

The Triangle offers convenient access to downtown Chicago via the adjacent 143rd Street Metra station. Located just 25 miles from the Loop, the property is also close to several major expressways including Interstates 80, 57, 294, 355 and 55.