FOR IMMEDIATE RELEASE:
REVA Development Partners Breaks Ground on Luxury Rental Community Residences of Orland Park Crossing in Orland Park
Second rental community to be built in Orland Park in more than two decades
CHICAGO (Thursday, October 9, 2014) – Chicago-based REVA Development Partners and Wanxiang America Real Estate Group announced they have broken ground on a 231-unit luxury rental community in south-suburban Orland Park, Ill., called The Residences of Orland Park Crossing. Located at 143rd Street and LaGrange Road, the community is adjacent to the Orland Park Crossing lifestyle retail center and across the street from Orland Park’s Main Street Triangle development, a large scale public-private partnership with residential, retail, a new Metra Station and plans for medical office and restaurants.
“We’re very excited to be part this thriving area, which continues to grow and have a positive impact on Orland Park,” said Matt Nix, principal of REVA Development. “The Orland Park Crossing retail center has been a consistent performer and the Main Street Triangle has been gaining strong momentum with the completion of the residential phase and the announcement of the 120,000-square-foot University of Chicago medical office building. The Residences of Orland Park Crossing will be developed along with a new Mariano’s Fresh Market, which will be an ideal complement to the town center area.”
Phase one of Orland Park Crossing included a 75,000-square-foot lifestyle center built in 2006. It features national retailers including Ann Taylor, Soma and White House Black Market, as well as restaurants such as PF Changs, Granite City Brewery, Panera Bread and Starbucks. Nix noted this gives future residents a true walkable shopping and dining option; a feature not often found with suburban apartment communities, he says.
The 12.5-acre Residences of Orland Park Crossing is only the second luxury rental community to be built in Orland Park in several decades. The community will feature four midrise elevator buildings each with 42 one- and two-bedroom apartment flats, 38 two-story rowhomes and 25 three-story townhomes. Units will range in size from approximately 700 to 1,200 for apartment flats and 1,500 to 2,000 square feet for the rowhomes and townhomes, which will include two or three bedrooms. Residents of the apartment flats will have access to attached garage parking, while a direct-access, two-car garage comes with each townhome and rowhome.
Amenities will include an approximately 7,000-square-foot clubhouse with a fitness center, gaming/theater room, club room, demonstration kitchen, internet cafe and management offices. Residents will also enjoy an outdoor swimming pool, fire pit, ample patio seating, outdoor kitchen, bocce ball court, playground and landscape seating areas with walking paths. A recently completed pedestrian bridge provides convenient access to the Metra.
The upscale grocery chain Mariano’s Fresh Market, which also recently broke ground and is slated to open in spring of 2016, is being built immediately adjacent to the property.
The University of Chicago Medicine and the village of Orland Park recently announced plans for a 120,000-square-foot medical office facility just across the street, which will be a regional draw.
“We expect demand to be very strong for the apartments not only because it’s one of the first new-construction rental options in the area in decades, but also because of the variety of floor plans and broad appeal for future residents to be a part of this exciting mixed use area,” said Warren James, principal of REVA Development Partners. “Families, professionals, downsizers and transferees alike should easily find their ideal residence among our apartment flats, rowhomes and townhomes, and of course the convenience to retail, grocery and transit is unmatched for this area.”
James added, “This town center will prove to be one of the most ambitious, successful developments in the south suburban Chicago market. It’s a true credit to the village’s dedication to creating a pedestrian-friendly, thoughtfully designed destination for live, work and play in the southwest suburbs.”
Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager for The Residences. Kinzie Real Estate Group will also oversee the leasing and management of the community. Financing for the development was provided by Wanxiang America Real Estate Group LLC along with a construction loan from The Private Bank.
Leasing and first occupancies at The Residences of Orland Park Crossing are expected in spring 2015. For more information on the community, visit REVA Development’s website, www.revadevelopment.com.
REVA Development Partners is a privately held, Chicago-based real estate development company. The principals, Warren James and Matthew Nix, have extensive experience successfully developing high-quality rental and for-sale housing and mixed-use projects throughout the Midwest. REVA is currently developing 823 luxury rental units and has developments in Veron Hills, Wheeling and Orland Park. REVA’s expertise includes land acquisition, design, planning, financing and construction for projects ranging from small infill sites to complex, master-planned developments. One of REVA’s strategic advantages is its relationship with Kinzie Real Estate Group, which provides land development, general contracting, property management and brokerage services. For more information, visit www.revadevelopment.com and www.kinziegroup.com.
Formed in 2010, Wanxiang America Real Estate Group is an entrepreneurial privately owned real estate investment firm focused on value creation. The firm has helped capitalize more than $2.25 billion of acquisition and development activity in over 50 transactions located in 14 states. Capital is provided by firm principals and Wanxiang America Corporation, a U.S. company based in Elgin, Illinois.
Editors: Prices are subject to change. To confirm current information, contact Vanessa Irving at [email protected] or (312) 267-4525.