Downtown apartments get final OK from Tinley Park Village Board
By Matthew Bruce Correspondent July 18, 2012 4:38PM
A rendering of the proposed Boulevard at Central Station apartment building in Tinley Park. | Supplied photo
Updated: August 20, 2012 11:54AM
A proposed five-story, mixed-use building in the heart of Tinley Park’s downtown has cleared its final hurdle.
The village board voted Tuesday night to approve the $35 million project, The Boulevard on Central Station. The approval includes a $6 million incentive package and three site changes for the building that will have 167 apartments and about 24,000 square feet of retail space.
It will be across from the Oak Park Avenue Metra station, along South Street between 67th and 66th courts, and will offer one- to three-bedroom units averaging about 1,250 square feet and leasing for about $1,600 per month.
Tinley Park officials estimate the project will infuse about $10 million into the downtown economy and bring in $1.3 million in property tax revenue each year.
Under the incentive package, the developer and the village will split the extra property tax income generated by the building in a downtown special taxing district up to about $3.8 million. The village also will spend $2 million for street improvements near the building and share sales tax revenue from the shops over 10 years up to a maximum of $324,000.