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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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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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