O&S HOLDINGS AND STRATEGIC RETAIL ACQUIRE 130 ACRES FOR $1 BILLION PROJECT
JOLIET, ILL. — Los Angeles-based developer O&S Holdings, in partnership with Hollywood, Fla.-based Strategic Retail Development, has acquired 130 acres of land in Joliet for the purpose of building Bridge Street Town Centre, a 3.5 million-square-foot mixed-use development. Located at the intersection of Interstate 55, Interstate 80 and Route 59, the remaining parcels for the project — 184 acres — will have staggered closings until the end of the year. The approximately $1 billion Bridge Street Town Centre will consist of approximately 1.7 million square feet of upscale shops, big-box retail stores, and a variety of restaurants; a 66,000-square-foot upscale movie theatre; 96,000 square feet of Class A office space; at least two hotels; and a variety of residential unit types. Groundbreaking for the development is projected for early 2009, with completion slated for 2010.