The building at 3043-3055 W. 183rd St. will get its third lease on life after Homewood trustees approved a redevelopment agreement and Class 8 tax incentive recommendation at a special board meeting Tuesday, April 30.
The east half of the building has been vacant since Brunswick Zone bowling lanes left in January 2015. The west half of the building has been empty since Big Lots left in 2022.
The building first was a Kmart store. After Kmart built a super store on Halsted street and moved in 1992, the building remained empty for a number of years until the bowling lanes and home discount retail store moved in.
The redevelopment agreement is between the village and DP Homewood LLC of Oak Brook, which is represented by David Bossy, and Bana Three Corporation of Tinley Park, represented by Silken Patel.
In November, Bossy told the board that part of the building would be occupied by an Ollie’s Bargain Outlet and part of it would be a wine and spirits store. There are plans for adding two businesses in outlots.
Mayor Rich Hofeld underlined Director of Community and Economic Development Angela Mesaros’ report listing the benefits the redevelopment of the site will bring to the village.
“Returning the property to the tax rolls, creating employment opportunities, adding retail and service options for residents and patrons, and also sales tax, a real benefit for the village,” he said.
Trustee Jay Heiferman noted the project exemplifies the village’s commitment to economic development.
“It’s a combination of every factor that a village that is strongly pushing economic development could put together,” he said. “I’m very excited about it and hope to see it completed.”
At its April 23 meeting, the board approved the subdivision of the property into four lots to enable the plan for new buildings.
The property is part of the Kedzie Gateway TIF District. Mesaros said in a memo to the board that as soon as Cook County certifies the 2023 equalized assessed value (EAV) for the property, the village plans to remove it from the existing TIF district and create a new one, the 183rd Street West TIF District that will aid in the redevelopment of the former Brunswick site and the Plaza West shopping center adjacent to the east.
The new TIF district will take advantage of the fact that the village obtained both properties, reducing the EAV to zero. With the baseline EAV at zero, any incremental property tax revenue for the duration of the district will be available for redevelopment and infrastructure projects.
Related stories:
Village continues work on TIF benefits as Brunswick Zone project makes progress (Dec. 8, 2023).
Homewood makes progress in redeveloping vacant bowling alley, retail site (Nov. 4, 2022).
Homewood trustees authorize possible sale of Ridge Road property; mayor provides update on Kedzie TIF (Aug. 9, 2022).
Page 2: Youngsters pitch ideas for redeveloping former Brunswick Zone building (April 28, 2018).
Land bank authority eyes redevelopment of three Homewood buildings (Jan. 27, 2018).
Mayor: Brunswick Zone closure is permanent (Jan. 24, 2015).
Brunswick Zone closes for renovation (Jan. 6, 2015).
Trustees give lukewarm reception to amusement tax reduction proposal (Nov. 27, 2014).
