Plan for downtown Tinley apartment project ‘really ready to go’

BY MATTHEW BRUCE Correspondent May 18, 2012 8:26PM

A rendering of the proposed Boulevard at Central Station apartment building in Tinley Park. | Supplied photo

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Developers of a nearly $35 million mixed-used project proposed for downtown Tinley Park introduced their vision to the villages plan commission Thursday.

The development team laid out construction plans for The Boulevard at Central Station, a five-story building that would include 167 apartment units and 24,500 square feet of commercial space.

The project, to be located along South Street between 67th Court and 174th Street, would include one-, two- and three-bedroom units that eventually can be converted to condominiums if market conditions dictate. The majority of the apartments would be two-bedroom units.

The estimated cost of $34.8 million makes it essential to get the project rolling while interest rates are favorable, officials said.

We need to start this year. We want to start this year, project attorney David Sosin told the plan commission. Of course, one of the key issues for a developer are interest rates, which are wonderful right now. Next year, we dont know.

Bob Hansen, the main developer, said in April he first approached village officials in 2002 with the idea to build on the vacant strip. Fluctuations in the real estate market changed the plans over the years, with developers submitting six major plans to village officials, Sosin said.

This plan has been in the works for quite some time, as you know, he said. Weve weathered the worst downturn in residential housing in memory. ... We think were there today, and really ready to go with the plan.

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Plan for downtown Tinley apartment project ‘really ready to go’