The Homewood Village Board approved the redevelopment agreement and purchase agreement with PWP Homewood LLC (Caton Commercial Real Estate Group), for the village-owned property located at 3003-3025 183rd St. at the July 8 meeting.
The property is located in the 183rd West Tax Increment Financing (TIF) District. The village established this TIF district redevelopment project area in 2024. While the statute for the TIF says that the village can sell property for a nominal amount, it first requires the solicitation for other development proposals, said Angela Mesaros, Homewood director of economic and community development.
Caton Commercial Real Estate Group was then selected at the May 27 meeting out of the three proposals that were received. The first proposal was submitted more than a year ago by local business Rabid Brewing, with plans to open a pub on the property. Another proposal was submitted by VMB Ventures, which owns one business in Homewood, the gas station at 183rd and Harwood, and is developing another.
“The property has been partially vacant with delinquent property tax bills and deferred maintenance for many years,” Mesaros wrote.
She says lease arrangements have been negotiated with the three existing tenants:
- State Farm
- Golden Needle Alterations
- The Great American Bagel Co.
“All tenants have expressed interest in remaining in the center under new ownership,” Mesaros wrote.
She said the plan for the building is to renovate it and rebuild the interior, which will help the area on 183rd St. in terms of addressing tax and maintenance issues, as well as long-term vacancies, Mesaros said.
As part of the redevelopment agreement for the property, the village says that it will support a Cook County Class 8 incentive to lessen the tax burden, she said.
Related stories:
- Rabid Brewery owners, patrons say they feel betrayed by Homewood board bid decision
- (June 3, 2025).
- Homewood trustees award Park West Plaza development opportunity to Caton partners (May 29, 2025).
- Rabid Brewing patrons show up to support craft brewer’s relocation plan (May 8, 2025).
- Homewood creates new West Side TIF district (Aug. 24, 2024).
- Homewood trustees approve preliminary step in Rabid Brewing’s proposed move to west side location (Feb. 20, 2024).
