The Homewood Village Board has agreed to negotiate a purchase and sale agreement to sell the property at 17701 Bretz Drive to Barefoot Land Co. of Cape Coral, Florida, at the June 24 meeting.

After publishing three bid solicitations in May in the Chicago Tribune, the village revealed the proposal they received at the June 10 meeting from Barefoot Land Co. for $750,000 to create a one-story self-storage facility, said Angela Mesaros, Homewood director of economic and community development.

The village had acquired the vacant land that consists of 5.91 acres in December 2024 through the Cook County No Cash Bid program. It is located outside of the tax increment financing district near a major retail-shopping district, she said.

According to an appraisal conducted on March 7, the property’s value is estimated between $900,000 and $1,100,000. About 80% of that value would be $720,000, which the offer received exceeds, Mesaros said.

Since self-storage is considered special use in the M-1 District, it requires review and site plan approval at a public hearing with the Zoning and Planning Commission. The process is allowed to take 120 days, she said.

The development will put the property to productive use, which will benefit the village’s tax base, Mesaros wrote.

The next step is for the purchase and sale agreement to be presented for approval at a future board meeting, she said.