The Homewood village board approved the sale of a property at the intersection of Ridge Road and Martin Avenue in downtown Homewood. The building is commonly known as the Triumph Building. It was purchased by HCF Homewood LLC for $1.
The Homewood village board approved the sale of a property at the intersection of Ridge Road and Martin Avenue in downtown Homewood.
The building is commonly known as the Triumph Building. It was purchased by HCF Homewood LLC for $1.
The village bought the building in May 2018 for $660,000 in an effort to spur development. The building has been vacant for several years. The village has been trying to find a new owner since it purchased the property. Homewood solicited bids for the property over the last few weeks.
The site was part of a proposal in 2016 by Third Coast Developers for a transit-oriented development, but that deal collapsed in January 2017 when a sale agreement couldn’t be reached between then-owner Josephine Triumph and Third Coast.
HCF Homewood LLC is a subsidiary of Mid-America Development Properties. The firm plans to demolish the existing structure at 2033-2045 Ridge Road and 18042-18044 Martin Avenue and replace it with a four-story building containing a restaurant, retail space, hotel rooms and luxury apartments.
The developer requested $4.7 million in TIF funds to reimburse the cost of development, which will be paid over a 20-year period. That number will be refined and an incentive package will be brought to the board in the future.
Homewood Village Manager Jim Marino said the village expects the property to generate $5.5 million in property taxes over the life of the TIF. Sales taxes would also be due to the village.
In a letter to the village, Mid-America Development Properties’ Tim Flanagan said the plan is to include a “strong destination restaurant that will attract local residents and patrons from throughout the South Suburbs.”
After the vote, Trustee Barbara Dawkins thanked staff for their work on this project. She said she knows residents have been interested in what was happening with the site that has been dormant for years, but this agreement shows the village is moving in the right direction.
In other business, the board approved an agreement with the Homewood Science Center to convert two contractual employees to part-time workers. The agreement also establishes a new clerical position.
The Science Center has the funding to pay for the new positions, but lacks the payroll system or insurance. It will reimburse the village quarterly.
The Homewood Fire Department entered a mutual aid agreement with 20 other towns in the area with the board’s approval. Part of the agreement are Burnham, Calumet City, Country Club Hills, Dolton, East Hazel Crest, Flossmoor, Glenwood, Harvey, Hazel Crest, Lansing, Lynwood, Markham, Munster, Oak Forest, Phoenix, Riverdale, South Holland, Thornton and Tinley Park.