The Homewood Village Board could next month approve the sale of the Triumph building, located at the intersection of Ridge Road and Martin Avenue. The village is soliciting bids for the property after a developer agreed to purchase it for $1. If no other bids are made for the property, the board could approve that sale at its May 14 meeting.
The Homewood Village Board could next month approve the sale of the Triumph building, located at the intersection of Ridge Road and Martin Avenue.
the property at Ridge Road
and Martin Avenue said they
would demolish the building
to construct a new four-story
structure. (File photo)
The village is soliciting bids for the property after a developer agreed to purchase it for $1. If no other bids are made for the property, the board could approve that sale at its May 14 meeting.
HCF Homewood LLC, a subsidiary of Mid America Development Properties, has a plan to demolish the building and build a new, four-story structure. The new property would contain a restaurant and retail space on the first floor, hotel rooms on the second floor and luxury apartments on the third and fourth floors.
The village purchased the building last year for $660,000 with the intention of finding a buyer to develop the property.
HCF Homewood LLC is also requesting $4.7 million in TIF funds to reimburse the cost of development. That would be paid over a 20-year period.
Village Manager Jim Marino said it’s estimated to generate $5.5 million in property taxes during the life of the TIF. Homewood would also receive a portion of sales tax revenue generated by the business. Those projections weren’t yet available, Marino said.
“The project will generate enough property taxes to cover the cost of the incentive to the developer,” Marino said in an email to The Chronicle. “These numbers are preliminary and will be refined when the developer completes his due diligence and final cost projections.”
In a letter to the village, Mid America Development Properties’ Tim Flanagan said the firm aims to find a “strong destination restaurant that will attract local residents and patrons from throughout the South Suburbs.” It would feature interior dining and patio seating. The first floor would also feature interior parking and bike storage.
The second story would have hotel rooms affiliated with La Banque Hotel, located across the street, Flanagan said. The third floor would have 22 apartments with one or two bedrooms.