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Ninety 7 Fifty Opening Friday

Flaherty and Collins says interest in the new Orland Park luxury apartment complex is exceeding expectations, the rent rates are slightly higher than expected at opening and it is scheduled to open to tenants later this week.

Originally published on April 24, 2013

The first new development in the Main Street Triangle in Orland Park is expecting to open to the public this Friday.

The Ninety 7 Fifty on the Park luxury apartment complex has 82 units rented out as of Monday, which is beyond expectations, said Chris Kirles, vice president of development for Indianapolis, Ind.-based developer Flaherty and Collins.

“Having that many pre-leases in place is phenomenal in the apartment world, especially when we just started showing the model unit about a month ago,” Kirles said. “Here we’ve seen a surge activity from the onset, right when we opened a preview center on November 1. Usually that’s the worst time for apartment leasing, November through February.”

The complex will first open around 20 units, and then another 25 units by the end of May, Kirles said. The units will be located on the building’s north side facing Crescent Park next to the 143rd Street Metra Station. Blocks of 50 units will continue to open about every three to four months throughout the summer, as construction crews complete the rest of the building, with total completion scheduled for the end of summer, Kirles said.

View the inside of a model unit and other amenities in our gallery.

Through the past two weeks, crews added security cameras, furniture and other interior amenities to the first opening units, and completed the gym and first floor lounge near the main entrance.

“All elevators will be functioning for the first move in,” Kirles said, when asked about first tenants living on site while construction proceeds. “Fire partitions will be up and access to construction areas will be barricaded from floor to ceiling. There won’t be any active construction above where people will be moving in.”

The two outdoor courtyard areas area still are under construction. The original development plan announced by the village in 2011 included a saltwater pool, however since then plans changed in favor of a chlorine pool that is scheduled to be completed by the end of May, Kirles said. Another courtyard section will include a grilling area, fire pit and dog park, and is scheduled for completion in July.

“A lot depends on the weather,” Kirles said. “It could be accelerated in coming weeks. Crews will be working hard to get it all finished.”

Rent Rates and Financing

One-bedroom units are 746 to 892 square feet with rent between $1,325 and $1,585 a month, at a ratio between $1.70 and $1.90 per square-foot. Two-bedroom units are sized between 975 and 1,512 square-feet and cost between $1,530 and $2,400, with a ratio between $1.40 and $1.60 per square foot.

The cost-per-square foot figure is a main key in determining whether the complex financing system for the project is a success. The village’s $63 million debt for the project is split into two pieces. There is about $38 million loaned to the developer, which is scheduled to be repaid to Orland Park by 2022, similar to a mortgage.

The remaining $25 million is described by the village as a “project incentive.” In 10 years from now, if the average rent is at $1.90 per square foot, then the incentive will be repaid. If that figure is below $1.90 in 10 years, the village has “claw back” provisions in the contract intended to compensate for the lower proceeds, such as the village taking ownership of the property and Flaherty and Collins earning reduced profit depending on the rent levels at the time.

The current rent level is about 6 to 7 percent higher than Flaherty and Collins expected to start with when opening Ninety 7 Fifty, Kirles said.

If all goes according to plan, the village’s stake in the project will be repaid in 10 years. If it goes better than planned, the village could possibly earn additional money. If the project does not go as well as planned, the village could become owners of the property instead of Flaherty and Collins.

Renting Terms

People interested in renting an apartment need to pay a $500 administrative fee, a $250 reservation fee and a $50 application fee per lease signee ($75 for a married couple). All of these fees are non-refundable and are instead of a security deposit, according to Flaherty and Collins.

Pets are welcome for a cost. There is a $350 non-refundable pet registration fee, and a monthly $20-per-pet fee. No more than two pets per apartment are allowed, and the pets must weigh no more than 50 pounds together. Cats must be declawed and all pets need to be neutered or spayed.

Leases are for 12 months, though shorter leases are available for a higher monthly cost.

Residents are responsible for all utilities, including water, electricity, trash, sewer and gas. The complex also requires all residents to hold a minimum $100,000 liability renters insurance, and proof of the policy is required for move-in day.

Retail in the Complex

As of Monday, the Amano Vivere Café is the sole business in the complex’s 4,200 square feet set aside for retail. The café when complete will take up about 1,200 square feet, leaving about 3,000 for another business.

Kirles said they have received several inquiries, but it’s too early to confirm which business will take up residence.

“An ideal use would be a unique restaurant, but we’re open to several options,” Kirles said. “We’re looking for something that will compliment the area and what else is around us.”

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McGinnisSlough April 25, 2013 at 12:22 AM
What's the construction cost? How much has Orland put up? Does the developer have 'skin in the game'? I'd be surprised if they had more than a couple million in it.
John Paul April 25, 2013 at 04:03 AM
There are a lot of numbers being bounced around when it comes to 9750. The one number that I look at is 300. That's how many people that are needed to sign leases and make this a success. 300 people who would rather rent in an uncertain economy than risk a job loss with a 30 year mortgage, or the prospect of further declining home values. 300 people who like the convenience of living near the Metra station. 300 people who would rather live in a quiet safe community than downtown Chicago. 300 people who would rather park in a secured garage a few feet away from their apartments rather than park two blocks away risking getting the boot or thousands of dollars in parking tickets. 300 people who might like to eventually buy in Orland Park and want to live here in the meantime. If there aren't 300 people in the world who would like this, we've got much bigger problems in Orland Park.
frank April 25, 2013 at 04:54 AM
The citizens of Orland Park deserve what they get! Less than 20% percent of them vote. Outsiders see the situation in a different light and unfortunately I tend to agree with them. "Hopium" is in the air and it "STINKS". >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Bob April 25, 2013 at 05:34 AM
John, I'm sure you know that every scam only hopes to attract a few foolish marks for it to work. Have ever gotten one of those "I have placed $10 million in an account in Nigeria for you" pigeon drop e-mails? When your market is poor and financially uneducated, a scam artist can pull this off. The problem here is that the developer has to find 300 families to rent at prices for which value is far lower than price, and their market is the most savvy financial people out there. Finding 300 such people to rent, and renew their leases, is a major problem.Being close to the Metra station is a strong negative for anyone not working downtown, and your competing with downtown rentals and FAR better Metra service in the West and Northern suburbs for that market. Who will rent there? The well off retired people would be better off renting in a forrested or lakefront area, or more likely would move to Florida or the Southwest with the better weather and less expensive lifestyles there. Downtown working "empty nesters" have been moving in great numbers to the North Pier area downtown. If you own a car, you're better off renting a condo and driving to a Metra station. It seem their only market is empty nest older people who work downtown, but are afraid to live there and have ties to Orland that would preculde them renting in the Western suburbs where the Metra service is better. That's a very narrow market, and I don't see how they an keep vacancy under 5% under those conditions.
Bob April 25, 2013 at 05:41 AM
Frank, the problem is that there wasn't any opposition to McLaughlin for which to vote. The elcetion four years ago was the chance to fix things in Orland, and most of the "bad guys" won. You're right, though. Every community deserves what it gets in its schools, state legislature and governors mansion because they're all elected positions. those who support the corruption will have to fully live with its consequences,because more and more of those who fight those who are destroying our schools and state are leaving this mess for them to fix!
Alex April 25, 2013 at 11:57 AM
Who is this "Bob" character? And doesn't he have ANYTHING else better to do? We get it sir. You don't approve. You're clearly not living there, so why bother blowing this up?
Bob April 25, 2013 at 12:50 PM
Alex, I've lived in this are for the last quarter century, have a strong background in real estate (among other things), and believe if you know something that's not getting out in the media (or on a blog), you should share it. One thing I've found is that those defending something that's indefensible will get off the argument and start attacking anyone who expresses a different POV, especially if they make a cogent argument. I've noted that you've reall not added anything informative here. Are you one of those folks who chooses to attack and belittle the messenger if you can't dispute the message?
Yellow Dog April 25, 2013 at 12:54 PM
Alex, because the mayor is risking our(taxpayer) not the mayors money! And as Bob as pointed out private money said no bad idea!
Bob April 25, 2013 at 12:58 PM
To answer your last question, I think it's important for Orland to be prepared for the likely failure of this boondoggle. I live just Northwest of Sandburg HS, and if this turkey needs a state bailout or any governmental financial assistance, it'll have to set aside certain portion for low income housing. There's little more destructive to a community than having a large apartment complex filled wioth section tenants, which is likely what would happen when this thing folds. the Financial model doesn't work, so private, non-section 8 investors won't touch it. When the Village takes it over, they'll need to dump it at fire sale prices because I gurantee you that with McLaughlin's patronage army they'll never show a profit to the taxpayers. Want to know what can happen in Orland with this large complex? The most likely cases will be like those in Palos Hills at 103rd Street or Justice on 87th Street. Not good. This will devastate the real estate values in "old Orland" and everything North of 143rd Street.
Sue N. April 25, 2013 at 01:35 PM
John Paul - Are you implying that living in Orland Park is safer then living downtown? If so, I beg to differ considering Orland has its share of crime & gang problems. The Village may not talk openly about it, but talk to any teen hanging out in Orland Square, and they'll confirm how many gangs there are living or spending time selling drugs and causing crimes in town. While I agree with your 300 number, your other comparisons of renting to downtown are completely off. I know - I'm currently looking at rentals in South Loop. There many options available with attached indoor parking included in the rent. Plus they are bigger 1 bedroom apts downtown renting between $1200-$1500 a month. Monthly rent also includes a pool, fitness center, 24 hour doorman, parking, retail shops onsite & some, if not all utilities, including cable! Moving downtown also saves from having to buy the $150 monthly train ticket (which Brad O'Hallaron is trying to raise the price - AGAIN), & I don't have to pay for a $100,000 liability insurance policy! With 9750's crazy pet policies & lower walking scores then downtown - economically & socially, 9750 is not a practical option for people who work downtown. So 9750's best bet is to find professionals working locally, or retirees who want small living spaces & no desire to live near other places with more amenities. Not to mention, prefer spending that sort of money only on rent, not actually buying a house/condo close by.
REAGANRAISEDTAXES April 25, 2013 at 04:20 PM
Bob, your an obvious Fox News watcher. I'm assuming you voted for Bush twice as he sank an estimated 20 trillion of US tax payer wealth down the toilet. If you in fact do own any property in Orland check out your tax bill. What part do you want to do away with, Schools, Police protection or Fire protection? If Bill O'Really was the Orland Mayor you'd be applauding 9750!
frank April 25, 2013 at 04:27 PM
Hillary Clinton is alive and well and commenting as mokena voter
Bob April 25, 2013 at 06:22 PM
So what exactly would watching Fox news and 20 trillion dollars being "sunk" in the US have to do with 9750?LOL Let me explain something to you, since it appears you've been seriously mentally debilitated by listening to Rachel Maddow and Ed Schultz; you DON'T have to end an institution just to make it less costly and wasteful. You don't need to end municipal government in Orland just to stop financing boondoggles like 9750. You don't have shut down Sandburg in order to end paying 43 year old teachers $120K for nine months work as they do in District 230. You just work to expose the waste and corruption in the systems wasting tax dollars, hold those wasting the money accountable, and educate the people about the way they're being cheated. The fact is that I've been an equal opportunity critic of waste regardless of who proposes it. Just ask some of the "Republicans" on our local school boards and fire protection districts. BTW, with a name as Irish as O'Reilly, he'd be a shoo in to be elected in Orland!LOL
REAGANRAISEDTAXES April 25, 2013 at 07:21 PM
Frankie, the last poll I seen showed Hillary beating every Wingnut and more importantly she was easily winning in Texas! Yes Frankie, even though Fox hasn't told you, Texas is going BLUE!!!!!!! You and Wingnut Bobbie will never have the pleasure of electing another Bush to ruin this country. Be content with whining about the Dem Mayor in Orland.
Yellow Dog April 25, 2013 at 10:05 PM
Mokena voter, why let the facts get in the way. Bush left the national debt was 10 trillion, with a deficit of 350 billion. Of which he added 5 trillion in 8 years. O added the last 7 trillion in 5 years, will be over 17 by end of this year. So Obama is the one with 1.3 trillion annual deficits. So you will not be able to dispute the facts, so you will have to insult me now!
John Paul April 26, 2013 at 02:29 AM
I keep seeing comments saying that no one would want to live in Orland Park when they can live downtown, or Oak Brook or Naperville, etc. If that was the case, why did all of us choose to live in Orland Park, then? In the past, it made more sense to buy something rather than rent, but things have changed. Personally. I wouldn't buy a home right now if I was just starting out. But, I would still like to live in Orland, so 9750 would be a nice option. Once things improve and ownership once again becomes a better option than renting, 9750 can go condo, which was the plan in the beginning.
Bob April 26, 2013 at 04:41 AM
Actually, John, this market is perhaps the best market to buy into for a generation...at least in statesthat arean't in a death spiral due to poltical corruption and incompetence like Illinois! I bought a property near Scottdale,Az a year ago for $271K. It has sold for as much as $450K. Right now you couldn't touch it for less than $330K. BTW, I only pay about $1700 per year in real estate taxes the property. they have good schools ther, every bit as good as 230, but no overpriced teachers unions like the ones who run the districts and Springfield as in Illinois. They have a graduated income tax there, but the TOP rate is only 4.59%. less than the FLAT rate in Illinois. People are being driven out of California by their ridiculous tax rates and costs of doing business, and Phoenix is the place Californians are migrating to (with Canadians and Illinoisans) in large numbers. They have financial there too, as well as water issues, but they're in a position to deal with those issues far better than Illinois because they lack public support for state and local political corruption. If we didn't have a corrupt Madigan, Quinn, Rahm organization, and an impotent and exclusionary GOP in Illinois, as well as a supportive voter base. Illinois real estate would be a GREAT investment at these rates and prices. Unfortunately voters empower the forces that will send this state into virtual oblivion, and we have to look into the mirror to see the cause.
Sue N. April 26, 2013 at 12:51 PM
John Paul- prehaps you forgot that the Village's planned target market for this complex is not those who are "just starting out". Its seniors , people who work downtown or other professionals in the area who could afford those rents, but don't want the responsiblity that comes with owning their home. Your typical person, individual or family just starting out does not look for high-end apartments. They look for reasonably priced rentals so they can still afford to put money into savings to buy later. The only reason I'm considering downtown over Orland is because it actual saves me money as the downtown rentals I'm looking at includes all the utilities and elminates the need to pay for a train ticket too. So I'd actually be saving about $300-500 a month over even renting out a $900 1 bd apt/condo in Orland once you add all the utilities and train ticket in. Prehaps the planners need to get back in touch with their own "just starting out days" before they became a successful professional and bought their first home. If "just starting outers" are now their target market, they need to remember what its like to have a avergage income and trying to save to buy something. As nice as these extremely tiny high-end apartments may look, for "just starting outers" it would be economically foolish, even if they had the income to afford these, unless, of course, they were planning on rentnig forever.
Sue N. April 26, 2013 at 01:03 PM
Don't get me wrong. At this point, I really want 9750 to be a success so Orland taxpayers don't have to suffer paying the price later. But the developers & Village Trustees keep changing things from the original plans they presented us in all those town meetings a couple years back. So its just adds to feeling less confident that those making the decisions really know what they're doing. Also makes me very uneasy that this may not be a success, as it appears they're using greed more as a modificator, then really paying attention to what will actual be a success for our community.
REAGANRAISEDTAXES April 26, 2013 at 02:20 PM
Yellow Dog, obviously another Fox cult member. If you like facts, then answer me this. When Clinton left office, Bush for his first budget, inherited a 232 BILLION dollar surplus. When Bush left office Obama inherited a 1.3 TRILLION dollar deficit. You insult yourself by repeating Fox.
Yellow Dog April 26, 2013 at 02:53 PM
Mokena voter, Yeah have to insult, rule 13 rules for radicals " Pick the target, freeze it, personalize it, and polarize it" Here is how much of a liberal hack you are. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm This is the link of the Official U S Treasury of the National Debt by year. How come if Clinton had a surplus the National Debt went up every year? Under Clinton the national debt doubled, and Doubled under Bush, and up 70% by O in 5 years. Sorry I have to go to work to pay for your tax payer handout. bye bye!
REAGANRAISEDTAXES April 26, 2013 at 03:49 PM
Yellow Man, I'm not a Liberal hack. I'm a self employed business owner who pays more taxes than you. You're going to work to pay for those handouts your party gives to Big Oil, Farmers, Drug Co's etc etc. Wise up Yellow Man, your party is not CONSERVATIVE, THEY RAISE (Reagan 9 times) MIDDLE CLASS TAXES, and pander to the rich, which you are not. Now, Bill O'Really awaits you.
Megan James April 26, 2013 at 05:10 PM
ENOUGH ALREADY! Both of you have gotten so off track from the article. Perhaps you should just exchange emails and continue this back and forth jibbing at each other off line. Its so obvious you are both feel very strongely about your own political views. There comes a point where you need to just accept that you won't ever agree and let it go. Time to move on. Its beautiful weather outside. Go out - enjoy it. Get some fresh air :-)
Candace J. April 28, 2013 at 04:32 AM
Municipalities should not own water parks, malls, apartment complexes or spas. Stop gambling with the public's money. If it's profitable, the cronies will profit. If it's a turd, you and I are the new owners of the money pit. Bob for Mayor !
DWolf May 09, 2013 at 08:48 AM
I agree this got way off track. Arguing whose political party is best is futile waste of time. I rode by 90750 today and I am mid 20s about to begin working in the loop. I figured hey maybe 90750 is an option, until I saw all the fees, insurance...umm?, and unjustified high rent. I figured this would have to be catered to young professionals to make any kind of sense. Older people will not want to live on a higher floor and deal with that hassle. There is a "gaming room" big gym, and virtual care by lobby which all appears to be catered to a crowd like mine 24-35. Only problem is with those prices I would be embarrassed if I rented here instead of grabbing a place in Lincoln park, Logan square, or good old hipsterville Wicker Park. Basically I ask who is the target market? I know they're getting a lot of renters now, but with anything new in the world we live in today where people rush to be first you will gain significant support at the start and from there it will Peter out once people realize they're paying way more for a not so great option. I would understand 750 - studios. Then 900-1100$ tops for 1Br. This place will not last. Young people want a fun vibrant area, and even downtown TINLEY puts this area to shame. There is not one fun thing to do nearby nor are there any sources of ascetic value.
Nathan Evers May 11, 2013 at 02:39 AM
As a resident of Orland Park, I am following your comments and find it funny that most of you have never said you physically walked in the door to talk to the staff of Ninety7Fifty. You're talking to a newspaper reporter about an apartment community? Why won't you go in to get answers? Stop "assuming" they are "catering" to young, or old. I take the train and I see all kinds of people in and out of there. Stop being so critical. Accept change and give them a chance. Great job Mayor Dan. I don't hear any of you talking about how beautiful our town is? Also, Randy's was a dirty, stinky pit. Lang Lee was filthy. Bloomingfields has moved on, Miroballi has moved on, Marquette is building a beautiful brand new building. Jobs are created and we're getting a stunning new corner. So, hush up and let them at least finish before you criticize.
Arthur Huff May 24, 2013 at 04:55 PM
Just checked out the 9750 website for the heck of it. I noticed the prices have already gone up, for some floor plans wayyy up. Either demand is high (which is good for all of us) or they are already realizing they need to jack up the prices to make this work (which is probably not a good sign). Oh well. I still say they look beautiful but are too small for the price.
OP Taxpayer May 24, 2013 at 05:38 PM
OP has no business doing this project under any circumstances. Private sector only. Why does the money flow to Indy? Both the Mall and 9750 are Indy company's. Hint...Dan Hynes for Governor supporters. Wouldn't it be nice if the village board could bring in some manufacturing company's to help offset village costs? What's up with that mayor? A bedroom community that cost over 10 million in tax revenue per square mile to run every year. This dies very ugly. Everything in this town is a tax driven entity. Then, the mayor says, only 7% of your tax bill goes to the village. Right.
Jim Miller May 24, 2013 at 05:52 PM
Bob - You have made some excellent points that most readers don't seem to understand. I agree with you whole-heartedly that the 9750 project is a pig in a poke. The developers pulled the wool over the eyes of town trustees by convincing them to put up Village money for "luxury" apartments. For those who still don't appreciate Bob's points, I would offer two other items: 1) I believe McLaughlin is still heavily involved with the Plumbers Council, which means he should recuse himself from involving the Village in ANY construction contract because of his obvious conflict of interest, and, 2) take a look at the upscale, multi-story condo development just west of the Metra tracks at about 154th/155th. There were supposed to be two buildings put up there. Only one has been completed and, based on the parking lot, I seriously doubt if it's fully occupied. The second building was never put up. In fact, I just recently noticed that the construction trailer that had been there for over five years has been removed (my wife and I frequently ride bikes around that area), with no signs of any building activity. What makes anyone think that the 9750 project will have a greater chance for success? The real problem, though, is NOT the fact that a developer wants to take a chance and put up a building to make money from it. The problem is the VILLAGE putting up over 95% of the money. They definitely made a mistake on this one.
Kathy Quilty July 09, 2013 at 02:40 AM
I noticed that they have non-refundable "fees" that will not be returned as opposed to a refundable security deposit. The security deposits are required to put into escrow and not be used. The fees Re theirs to keep.

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