April 25, 2012

HSA Commercial has been hired as the development consultant for the Orland Park, Ill.-based Main Street Triangle redevelopment project, a mixed-used, pedestrian-oriented development. Shown here is the 295-unit luxury apartment complex being developed by Flaherty & Collins Properties that is currently under construction on the southern portion of Main Street Triangle.

The Village Board of Orland Park has chosen Chicago-based HSA Commercial Real Estate as its development consultant for the Main Street Triangle redevelopment project. The Village will work with HSA to design and construct a mixed-use, pedestrian-oriented development including upscale shopping, dining, and entertainment attractions that will create a dynamic, urban atmosphere. In its role as a development consultant, HSA will be responsible for designing an overall mixed-use merchandise plan, attracting a unique retail tenant mix, and completing leases with prospective tenants.

The “Main Street Triangle District”, which is owned by the Village of Orland Park, is a 32-acre parcel bounded generally by La Grange Road on the east, 143rd Street on the south, and the Metra Southwest Line on the west. Flaherty and Collins, an Indianapolis-based multifamily developer, recently broke ground on a 295-unit luxury apartment complex on the southern portion of the site, which is scheduled for completion in Spring 2013.

“Given the relative strength of the existing commercial users in the area, we know there will be a lot of interest in the project,” said Tim Blum, executive vice president and managing director of Retail Services with HSA Commercial. “Our job will be to refine the tenant mix and find users that contribute to a compelling mixed-use project that effectively complements Orland Park as a regional shopping and entertainment destination.”

Orland Park Place Development
HSA Commercial was responsible for the 800,000-square-foot redevelopment of Orland Park Place, located at 151st Street and La Grange Road. At Orland Park Place, multiple owners, bankruptcies, and foreclosures left only two tenants in the two-level enclosed mall—Kohl’s and Montgomery Ward. HSA Commercial assembled the property and worked closely with the Village to create a plan to “de-mall” the center and develop a multi-level merchandising plan that attracted a retail tenant mix which complimented the regional shopping center, Orland Square Mall, located across the street. Orland Park Place, which is currently 100% leased, is occupied by Dick’s Sporting Goods, DSW, Nordstrom Rack, and Barnes & Noble.

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