Orland Park Place

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Orland Park Place
Orland Park Place 1.jpg
Orland Park Place
Location Orland Park, Illinois, United States
Coordinates 41°36′44″N87°51′07″W / 41.61231640°N 87.85189330°W / 41.61231640; -87.85189330 [1]
Address49 Orland Park Place
Opening date1982
Closing date1997 (as enclosed mall)
Previous namesOrland Court
DeveloperAmerican Income Properties
OwnerPine Tree, LLC
No. of stores and services50+
No. of anchor tenants 10+
Total retail floor area 598,555 square feet (55,607.6 m2) [2]
No. of floors2
Public transit access Pace

Orland Park Place, formerly Orland Court, is a shopping center in Orland Park, Illinois, a suburb of Chicago, Illinois, United States. Built in 1981 and 1982, as an enclosed shopping mall, it was largely unsuccessful on this front, and was redeveloped into a largely outdoor mall in 1999. The mall is owned and managed by Pine Tree LLC. [2]

Contents

History

Orland Court, initially Orland Greens, was first announced in July of 1979, developed by American Income Properties with anchors to include Montgomery Ward and Wieboldt's. [3] Montgomery Ward would open ahead of the mall on March 19, 1981. [4] Wieboldt's would open on August 13, 1981, with AIP previewing the mall for local business people and government officials at this same time. Additional mall stores were set to open in the spring, and a Phase 2 of the mall was also announced, to include 2 more anchors, one of which was to be Bergner-Weise, a Peoria, Illinois based department store. [5] In November of 1981, lender BA Mortgage filed a lawsuit against AIP, seeking foreclosure of Orland Court due to the developer owing a combined $24.5 million in interest and principal on a $20 million loan taken out to build the property. [6] AIP filed for bankruptcy on May 21, 1982, and the property was eventually awarded to lenders Equitable Life Assurance Society of the US, BA Mortgage, and Mercantile Bank of Canada. [7]

Chicago-based developer Spatz & Co purchased the property in late 1984, for an undisclosed amount, though stated to be less than $24 million. A $20 million renovation was announced at this time, to include 3 more anchors and a 300-seat food court. [8] MainStreet and a Spiegel Outlet were announced as new anchors in April of 1985, followed by Sportmart later that year. [9] [10] It was at this time the property would be renamed to Orland Park Place, inspired by the Monopoly property of the same name, as suggested by Bill Spatz' wife. [11] MainStreet would be the first of the new anchors to open, on November 21, 1985. [12]

Decline

Wieboldt's would be the first anchor to close its doors on March 20, 1987. [13] Heller Financial would seek to foreclose on a $39.5 million loan taken out by William Spatz to renovate and purchase the mall in 1989, eventually taking ownership of the mall. [14] Heller would eventually bring in Tri-Land Properties to manage the mall, and would in 1993 announce plans to redevelop the mall as an off-price center, with suggested tenants such as Nordstrom Rack, TJ Maxx, and Filene's Basement. [15] In 1994, Tri-Land would seek to make the property a tax increment financing district, saying that without it, the mall would close in two years. [16] In 1995, Sportmart announced that they would be building a new store to replace the Orland Park Place location, citing the mall location's small size. At this time, the mall was more than 80% vacant, with Hugh Robinson, Vice-President of Tri-Land Properties, saying that "Orland Park Place is a ship with a lot of holes in it. ... I don't know how much longer it will stay afloat". [17] By this time, two proposals to convert the mall to an off-price center had been shot down, with the second proposal publicly rejected by Mayor Dan McLaughlin. [17] Heller Financial would sell the property outright to Tri-Land in 1995, however by 1996 they would be involved in litigation with the First Lien Company, which was attempting to gain ownership of the property. In 1996, the mall had fallen even further, with an occupancy rate under 10%, and with Kohl's having closed both of their mall entrances. [18]

The mall would close for good in April 1997, leaving the only open stores to be Montgomery Ward, Kohl's, and Sportmart, the latter of which was set to close following the completion of a replacement store. [19]

Redevelopment

The mall would be purchased by Hiffman Shaffer Associates in 1998, who planned to redevelop the mall as an open air shopping center. [20] The revamped center would have its grand opening in November 1999, with major tenants including Barnes & Noble, DSW Shoe Warehouse, an expanded Sportmart, Bed Bath & Beyond, and Cost Plus. [21] Further tenants would open in 2000, including Wickes Furniture, Stein Mart, and Old Navy. [22] Montgomery Ward would close in March 2001 after the chain filed for bankruptcy, with Galyan's and Office Depot announced to take over the property in 2002. [23] [24] HSA would put the property up for sale in October 2003, and announce a buyer for the property in 2005, though it was not named. [25]

Galyan's would be converted to a Dick's Sporting Goods in 2004, following the chain's acquisition. [26] Nordstrom Rack would open at the mall in 2008, then owned by Inland Real Estate Corporation. [27] 2011 would see the opening of both HHGregg on September 15, and Ross on October 8. [28] [29] Office Depot would close on December 12, 2012, in anticipation of a relocation to a smaller store. [30] Sports Authority, who had taken over long time tenant Sportmart in 2003, would close amidst bankruptcy in 2016. [31] HHGregg would close in 2017, with the space split between an Ashley Furniture HomeStore that opened on July 21, 2018, and a Hobby Lobby which opened on March 4, 2019. [32] [33] [34]

Bed Bath & Beyond closed in September 2020, followed by Stein Mart a month later in October. [35] [36]

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References

  1. ↑ Google (26 May 2021). "Orland Park Place" (Map). Google Maps . Google. Retrieved 26 May 2021.
  2. 1 2 "Orland Park Place". Pine Tree LLC. Retrieved March 5, 2021.
  3. ↑ "Orland mall plans 'launch'". Tinley Park Star/Herald. July 8, 1979. Retrieved February 9, 2021.
  4. ↑ "Wards Orland Court opening next week". The Star-Herald. March 12, 1981. Retrieved March 4, 2021.
  5. ↑ "Developer previews Orland Court Mall". Tinley Park Star/Herald. August 13, 1981. Retrieved March 4, 2021.
  6. ↑ Beechen, Marybeth (November 22, 1981). "Foreclosure suit hits developer". The Star-Herald. Retrieved March 4, 2021.
  7. ↑ Reardon, Patrick (May 15, 1983). "2 Orland Park shopping centers; The anatomy of a boom and a bust". Chicago Tribune. Retrieved March 4, 2021.
  8. ↑ Ibata, David (November 18, 1984). "Orland Court shops for a brighter future". Chicago Tribune. Retrieved March 4, 2021.
  9. ↑ Gallagher, Anne (April 14, 1985). "Bill Spatz is preparing some 'magic' to revive 'Park Place'". The Star. Retrieved March 4, 2021.
  10. ↑ "Popping corks herald new Orland Park Place". The Star. November 24, 1985. Retrieved March 4, 2021.
  11. ↑ Eder Guindon, Myra (January 8, 1987). "Orland Park Place gets new leases on life". The Star. Retrieved March 4, 2021.
  12. ↑ "Orland Park Place welcomes Main Street store". The Star. November 24, 1985. Retrieved March 4, 2021.
  13. ↑ Key, Janet (March 21, 1987). "WIEBOLDT TO SHUT 8 STORES, IDLE 341". Chicago Tribune. Retrieved March 4, 2021.
  14. ↑ "Heller seeks to foreclose on shopping center loan". Chicago Tribune. February 15, 1989. Retrieved March 4, 2021.
  15. ↑ "Troubled mall heading for 'value' rebirth". The Star. August 15, 1993. Retrieved March 4, 2021.
  16. ↑ Rietsma, Jef (October 2, 1994). "Mall looking for financial fix". The Star. Retrieved March 4, 2021.
  17. 1 2 Rietsma, Jef (September 10, 1995). "Sportmart leaving Orland mall". The Star. Retrieved March 4, 2021.
  18. ↑ Rietsma, Jef (November 14, 1996). "No changes expected at troubled Orland mall". Tinley Park Star. Retrieved March 4, 2021.
  19. ↑ Melcer, Rachel (April 2, 1997). "MALL CLOSING STUNS ORLAND PARK SHOPPERS". Chicago Tribune. Retrieved March 4, 2021.
  20. ↑ Rietsma, Jef (January 15, 1998). "Mall plans continue slow pace". Orland Park Star. Retrieved March 4, 2021.
  21. ↑ Rietsma, Jef (November 11, 1999). "Revitalized shopping center is ready to open its doors". The Star. Retrieved March 4, 2021.
  22. ↑ Armstrong, Jennifer (January 2, 2000). "Renovated mall proves a success". The Star. Retrieved March 5, 2021.
  23. ↑ "Mall owner opens parking lot to festival". Chicago Tribune. March 30, 2001. Retrieved March 5, 2021.
  24. ↑ Rietsma, Jef (August 11, 2002). "Two businesses to move into old Ward site". The Star. Retrieved March 5, 2021.
  25. ↑ Ludwig, Howard (April 7, 2005). "Orland Park Place under contract with buyer". The Star. Retrieved March 5, 2021.
  26. ↑ "Dick's Sporting Goods to Buy Gaylans". The New York Times. June 22, 2004. Retrieved March 5, 2021.
  27. ↑ "Nordstrom Rack to Open at Orland Park Place in Orland Park, Illinois". Nordstrom. August 5, 2008. Retrieved March 5, 2021.
  28. ↑ Bong, Bob (September 13, 2011). "Largest of 14 new hhgregg Stores Opening in Orland Park". Patch. Retrieved March 5, 2021.
  29. ↑ "Twelve Ross Dress For Less® Locations Coming Soon to Greater Chicago Area". Cision PR Newswire. October 4, 2011. Retrieved March 5, 2021.
  30. ↑ Bong, Bob (October 9, 2012). "Business Comings & Goings: Office Depot Moving From Orland Park Place". Patch. Retrieved March 5, 2021.
  31. ↑ Landis, Tim (March 3, 2016). "Springfield Sports Authority among 140 to close in bankruptcy reorganization". The State Journal-Register. Retrieved March 5, 2021.
  32. ↑ Swanson, Lorraine (July 17, 2018). "Ashley HomeStore Plans Grand Opening This Saturday In Orland Park". Patch. Retrieved March 5, 2021.
  33. ↑ Pete, Joseph (April 7, 2017). "HHGregg to fold, close Highland and Merrillville stores". nwi.com. Retrieved March 5, 2021.
  34. ↑ Hobbs, Erika (March 4, 2019). "Area's 3rd Hobby Lobby Opens in Orland Park". Patch. Retrieved March 5, 2021.
  35. ↑ Pete, Joseph (September 19, 2020). "Bed Bath & Beyond to close stores in Hobart, Orland Park". nwi.com. Retrieved March 5, 2021.
  36. ↑ Sheikah, Yasmeen (October 14, 2020). "Orland Park Stein Mart Will Close". Patch. Retrieved March 5, 2021.
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