Board Chooses Local Realty Company To Further Develop Triangle

ORLAND PARK, IL — The Village Board on Monday approved a Memorandum of Understanding (MOU) and Consulting Agreement with Orland Park-based Edwards Realty Company to develop the Downtown Main Street Triangle, an ongoing mixed-use development project situated west and northwest of 143rd Street and the LaGrange Road intersection.

According to a release, the MOU will give the village and Edwards Realty a year to negotiate provisions of the development agreement. During that time, land, infrastructure, public improvements, financing options, a master plan, timeline and public outreach will be discussed.

The Chicago Tribune reported the the Village Board had agreed to pay Edwards Realty $10,000 a month for its services, though payments will be deferred for 12 months.

According to the Tribune, the decision to hire Edwards comes after the village and Structured Development, a real estate development firm, parted ways this past October. Patch previously reported that in 2018, the Village Board had selected Structured after six companies responded to the board's Request for Qualifications/Proposals.

Ahead of this week's agreement with Edwards Realty, the Tribune reported that trustees Dan Calandriello and Kathy Fenton said they felt the decision was being rushed. Calandriello even attempted to table the decision, though that motion failed in a 4-3 vote. Ultimately, the board voted 6-1, with Trustee Jim Dodge opposing, to enter into negotiations with Edwards on a master development agreement.

Orland Park Mayor Keith Pekau hailed the the partnership with Edwards as the important next step in a project he said began at the turn of the century.

"Being a local developer and Orland Park resident, Edwards Realty Company understands what will make this project successful in the eyes of residents," Pekau said. "This important step kicks off the process of engaging the community to create a mixed-use development that will be a go-to destination in Orland Park. We look forward to the future of this area where residents and visitors will have greater access to retail, entertainment and dining opportunities. I am confident that our partnership with Edwards Realty Company will result in outstanding results for the Main Street Triangle area.”

The Tribune reported that Pekau, who voted in favor of Edwards Realty, had received a $1,000 contribution from the company on March 5, according to the state election board records. The company had previously contributed to the mayor's campaign.

Pekau said the contributions had no bearing on his vote.

According to the release, Edwards Realty's vision for the Downtown Main Street Triangle is to create a pedestrian-friendly, mixed-use retail, commercial, office, entertainment and residential development. The company hopes to build on the success of recent developments in the area, like: the Orland Park Crossing specialty shops, Mariano's Fresh Market, Ninety7Fifty on the Park, apartments and retail space, and University of Chicago Medicine Center for Advanced Care.

"We have been excited about this project from Day 1 and look forward to working closely with the village to develop the Downtown Main Street Triangle site," said Ramzi Hassan, president of Edwards Realty. "Our collaborative approach will take into consideration input from the community and other key stakeholders and set a new standard for offerings available to visitors, residents and businesses in the Orland Park community."

Read more at ChicagoTribune.com.