Joliet Green Lights Mixed-Use Project

The Joliet, Ill., City Council has approved a development agreement for the Bridge Street Town Centre, a 3.5-acre mixed-use development in that city southwest of Chicago.Plans call for the complex to include retail space, restaurants, a movie theater, office buildings, hotels and housing units.O&S Holdings L.L.C. of Santa Monica, Calif., and Strategic Retail Development of Hollywood, Fla., are the developers. Construction is slated to begin next year, with completion in 2010.The site is near the junction of I-55, which connects Chicago with St. Louis, and I-80, a major east-west artery across northern Illinois. The development plan calls for a new I-55 interchange near the current I-55 and Illinois 59 intersection, which would provide direct access into the property. Once the plans for it are approved by the Illinios Department of Transportation, the city of Joliet would pay for the $90 million new interchange.Gary Safady and Paul Orfalea, founders of Kinko’s, branched into real estate with their founding of O&S Holdings in 1992. Currently it and its affiliates own about 80 properties nationwide, with planned developments in the works in Fresno, Calif., and McKinney, Texas.