Format
Brief
City
Orland Park
State/Province
IL
Country
USA
Metro Area
Chicago
Project Type
District/Corridor/Community
Location Type
Suburban Business District
Land Uses
Civic Uses
Medical
Multifamily Rental Housing
Retail
Transportation Use
Keywords
Compact development plan
Creative finance
Luxury housing
Mixed-use development
Public-private partnership
Revitalization
Village
A brief is a short version of a case study.
After the village of Orland Park, Illinois, invested $35 million in public infrastructure and land assembly, the real estate market collapsed and quashed anticipated development that would bring taxes to reimburse the village investment. When a new partner proposed a mixed-use project but could not obtain sufficient conventional financing, the village took the very risky step of providing a loan that completed the financial package. The village now has a viable center which achieved its initial goals and it has plans to repay the public investment.
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Format
Brief
City
Orland Park
State/Province
IL
Country
USA
Metro Area
Chicago
Project Type
District/Corridor/Community
Location Type
Suburban Business District
Land Uses
Civic Uses
Medical
Multifamily Rental Housing
Retail
Transportation Use
Keywords
Compact development plan
Creative finance
Luxury housing
Mixed-use development
Public-private partnership
Revitalization
Village
Major Developers
Orland Park
Orland Park Economic Development Advisory Board
University of Chicago
REVA Development Partners
Wanxiang America Real Estate Group
Principal Author(s)
Tom Murphy, Maureen McAvey, Bridget Lane
Source
Reaching for the Future: Creative Finance for Smaller Communities
http://uli.org/centers-initiatives/reaching-future-creative-finance-smaller-communities/