The development of Orland Park’s long-planned downtown would get a big lift from an economic development tool used throughout the south and southwest suburbs, and plans for which are being advanced by village officials. It involves creating a fresh tax increment financing district focused on what is generally referred to as the Main Street Triangle, northwest of La Grange Road and 143rd Street. The village owns seven properties spread over 9 acres, and has been working for more than two years with an Orland Park-based firm Edwards Realty, which is proposing more than 140,000 square feet of commercial and office space and a larger park in the center of the site. The development would be situated around the Ninety7Fifty on the Park apartments, University of Chicago Medicine Center for Advanced Care, a parking garage and the 143rd Street Metra station. Mike Nolan/Daily SouthtownPlans for a new tax increment financing district in Orland Park’s proposed downtown development are advancing.
Orland Park May Create New Tif For Downtown Triangle, Groundbreaking Possible Next Month
Mike Nolan, Chicago Tribune: Business
Sun, 09/08/2024 - 3:27am
Topics: main la grange road edwards realty chicago medicine center advanced care mike nolan/daily southtownplans mike nolan daily southtown it s mayor keith pekau oct sb friedman development advisors jefferson avenue tif-eligible buying parking metra multiple plan commission park street edwards orland it may tif village board a plans crescent create downtown triangle month tax costs property million district years money redevelopment feet pay sales square officials increment lots public garage increase space tool developers completed common improvements office area commercial traffic districts spaces financing phases economic year stormwater expected approval individual proposed special bodies areas time heroes planned total increased propose revenue place don
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