A brief update was presented to the Homewood Village Board regarding the transit-oriented development (TOD) proposals for 2066 Ridge Road and 2024 Chestnut Road at the Jan. 27 meeting. 

According to Homewood Economic and Community Development Director Angela Mesaros, since the last update that was presented to the board at the Jan. 13 meeting, all village departments have been reviewing the proposals and giving input. The tax increment financing requests have also been analyzed, and the development teams have submitted revisions and added more details, she said.  

There are four proposals remaining for both sites, which all propose mixed-use residential units with a variety of amenities and parking, Mesaros said. 

The first one is from Granite Realty partners for a four-story building at the Chestnut site and a five-story building for the Ridge Road site, with an estimated project completion time by 2029. The project would cost about $44 million and generate approximately $3.9 million in TIF increment for the village, Mesaros said. 

The second is from Southland Development Authority for a six-story building at Chestnut site and a five-story building for the Ridge Road site, with completion time to be determined. In addition to residential parking, the developer also proposes public parking. The project would cost about $40 million and include a 100% project increment request tied to building and parking deck improvements. The village’s share of the TIF would be $0, she said. 

Holladay properties proposes a five-story building at the Chestnut site and Ridge Road site, with completion by 2029. The developer is seeking assistance equal to 75% of the project increment. The village’s share of the TIF would be approximately $3.82 million, Mesaros said.  

The final proposal from Far South Community Development Corporation is for a four-story building at the Chestnut site and a five-story building at the Ridge Road site, which would be completed by 2031. The developer is requesting $1 million in TIF funding for the project with an overall cost of $80 million. The project increment is not expected to reach $8 million in 23 years and the village’s TIF share would be $0, she said.  

According to Mesaros, the next steps are for staff to complete their evaluation of the proposals and choose two to recommend to the board by the Feb. 10 meeting. Once the board selects one, there will be a solicitation of alternate proposals from Feb. 10-24. The final proposal selection will take place at the Feb. 24 meeting.

Related stories

• Board receives update on downtown transit-oriented development proposals (Jan. 19,2026).
• Homewood receives six proposals for property redevelopment of two locations (Dec. 12, 2025).
• Residents of Homewood oppose Harwood Avenue TIF District at April 8 public hearing (April 15, 2025).
• Homewood explores new downtown TIF option (Sept. 19, 2024).
• Residents question process used for parking lot redevelopment deal (Aug. 2, 2023).
• Homewood enters into letter of intent with developer interested in building on village hall parking lot (July 28, 2023).
• Homewood trustees authorize possible sale of Ridge Road property; mayor provides update on Kedzie TIF (July 9, 2022).
• Homewood trustees start negotiations with developer, approve parking variance (June 21, 2022).
• Townhomes to be developed in Homewood village hall lot (Dec. 18, 2018).