The Homewood Village Board chose Holladay Properties out of the three remaining proposals for the property redevelopment of 2024 Chestnut Road (village hall parking lot) and 2066 Ridge Road (commonly referred to as the Matrix Building) at the Feb. 10 meeting.

Following the update on the transit-oriented development (TOD) proposals for the tax increment financing (TIF) district presented at the Jan. 27 meeting, Granite Realty partners withdrew its proposal, Homewood Economic and Community Development Director Angela Mesaros said.

In addition to Holladay Properties, that left the board with choosing between Southland Development Authority and Far South Community Development Corporation (CDC).

After issuing a request for proposals in September 2025, the village received six proposals. Following interviews and evaluation, staff narrowed it down to the proposals that would best fit Homewood, Mesaros said.

Based on staff’s analysis, the recommended developer for the board to consider was Holladay Properties, she said. 

All proposals included mixed-use residential units with variations of public and private open space, along with amenity decks and plazas, Mesaros said. 

Holladay Properties proposed market-rate apartments with a “retail-forward” project. Southland Development Authority also proposed market-rate apartments, but with a public parking garage on the Village Hall parking lot site, which addresses parking needs, she said. 

Far South CDC proposed both market-rate and affordable apartments, which fits the criteria most for housing needs in Homewood, Mesaros said. 

When evaluating fiscal impact, it was found that Holladay Properties offers the highest return in TIF increment to the village and long-term equalized assessed valuation. Holladay also has the most experience with development and included high-quality materials in the proposal plan, she said. 

Regarding project completion timelines, Holladay Properties estimates 2029, which is the shortest of the three. Far South CDC estimates 2031, and Southland Development Authority is to be determined, Mesaros said. 

Not everyone on the board or in the audience agreed with the staff recommendation. 

“We need more spaces where we can come and be together as a community,” Homewood resident Liz Varmecky said, adding, “so I think even though the Southland Development Authority is asking for more of the TIF increment, it’s giving more back to the community. It’s giving that green space back, and the parking back.” 

All members of the board voted for Holladay Properties as the best choice, except Trustee Lauren Roman. 

“I know that we’ve given strong weight to the funding source, but the funding source requires a two-bedroom apartment to be rented at $4,400, which prices out our community,” Roman said, adding, “if we accept Holladay’s proposal as it is written, I feel it is a slap in our community’s face.” 

“I believe that the other two proposals hit the nail on the head with the need for our community in terms of parking and outdoor space,” Roman said. 

The board approved the next step in the process which is to solicit alternate proposals. The results of those proposals will be revealed at the Feb. 24 meeting, which is when the final developer selection will take place, Mesaros said. The teams for the two proposals that weren’t selected can revise and resubmit as alternative proposals, she said.

Following the presentation, Brian Mott, project manager for the SDA proposal, said his team had updated its construction timeline and could break ground this summer. 

The board also approved a resolution to continue the public hearing on the proposed Harwood TOD TIF District to the April 14 meeting. 

According to Homewood Village Attorney Christopher Cummings, extending it to April would give the board time to make a final decision on the redevelopment proposal and whether or not to implement the TIF. If implemented, 2024 Chestnut Road and 2066 Ridge Road will be in the Harwood TOD TIF District.

Both properties are in the Downtown TOD TIF District. The village is considering carving out a new district, Harwood, from the Downtown TOD district.