For years now, Homewood residents have expressed concern about two issues:  affordable housing and downtown parking congestion. On Feb. 10 I attended the village board meeting where the trustees, in a 5-1 vote, opted to pursue a proposal submitted by Holladay Properties, a Midwestern developer with experience in housing for transit-oriented communities.  Holladay Properties was chosen over two other developer/architect teams’ proposals, both of which were from local, community-engaged stakeholders. 

The village’s summary referenced Holladay’s “market-rate apartments, highly amenitized spaces, private terraces or balconies, and concierge-style services.”   And in his introduction to the village in which he wants to do business, the senior partner at Holladay Properties described projects like this as “my favorite asset class to play in.”

Aside from being considered an “asset class” to be played with, it was particularly disappointing to see how tone-deaf Holladay Properties was in offering a $46.5 million project to “play in” our downtown area. 

1. Its proposal provides for no public parking, although they would “be open to adding [parking] with land assembly.”  Translation:  “We aren’t going to do it unless we buy up some other parts of downtown.”
2. There is only a “small plaza” on the corner of the village hall property and “outdoor seating” at the Matrix property.  Sitting on a bench at the corner of Ridge Road and Harwood is not a green space amenity.
3. The units range from a 486-square-foot studio to a 1,652-square-foot two-bedroom with a den at rental rates between $2.60-$3.20 per square foot.  Assuming the largest unit is rented at the highest price, the two-bedroom option comes to a whopping $5,286 monthly, or $63,436 in annual rent.
4. According to the July 2025 Homewood Community Data Snapshot from the Chicago Metropolitan Agency for Planning, Homewood’s median village income is $96,522.  This means that renting a Holladay property would cost the average Homewood family 66% of its gross annual income.  This same Community Data Snapshot reflects that only 297 Homewood households, or 4.4% of our community’s population, have housing costs at 30% or more of their household incomes.  In essence, the village proposes to partner with someone to build an “asset class” that the current population could not even afford.
5. A January 2026 Redfin survey reflects that 82% of buyers who currently live in Homewood and are looking to move were searching for Homewood properties. With nearly $64,000 annual rent proposed to live downtown, this proposal appears to discount the very people to whom the village should be marketing.
6. Holladay proposes 1.2 parking spaces per rental unit, when this same Community Data Snapshot reflects that 55.9% of residents have two or more vehicles.

In addition to Holladay Properties, two local proposals were offered by developers and architects with roots in the community. They included parking per unit and, in one case, up to 56 public parking spaces in a garage.  Two local proposals offered rental pricing of $2.83 per square foot or less, with one proposal providing a lesser unit rate for some subsidized, affordable units. The local proposals also provided for large plazas on both properties or a large public courtyard on the village hall site. Those two proposals, to me, represented considerable thought and a response to residents’ concerns from developers who have roots in the community.

I am not disputing the findings of our TIF consultant, who must have a field day every time we plan for a new project and waits to see which developers are in line with hands outstretched.  I understand there is economic value to the village for investing in this type of project and that TIF is part of that value. 

But residents are saying, loudly and clearly, they don’t want a huge building that strips already-stretched public parking. Residents are concerned when a developer says he’d be willing to consider additional parking — after he had ample opportunity to address that concern in his original proposal. 

Residents are concerned about proposals that return only minimal green space to the downtown area, regardless of the amenities provided. And, to quote one trustee, promoting construction to attract others to Homewood when we already have residents who could not invest in a $64,000 annual rent is, as she put it, a “slap in the face” to those of us who have made the choice to live, work, and raise our families here.

Complaining about this on social media makes us feel better in the moment, but the village is not obligated to make such posts part of the official village record. The village is legally required to solicit alternate bids (which could include resubmissions from the two local developers) by the next board meeting on Tuesday, Feb. 24.  Village staff will then evaluate those alternative submissions and return to the Village Board with a future recommendation for a final developer.

Here’s what you can do to ensure your voice is heard:

1. Email your concerns to [email protected] and use the subject line Village Hall/Matrix Site.  In your message, ask to have your comments included in the next board packet.
2. Copy and paste your email into the “Contact us” box at https://www.village.homewood.il.us/how-do-i/staff-directory to include the following individuals:

President Richard Hofeld
Trustee Vivian Harris-Jones
Trustee Jay Heiferman
Trustee Philip Mason
Trustee Lauren Roman
Trustee Patrick Siemsen
Trustee Julie Willis

3.   Attend the next Village Board meeting on Tuesday, Feb. 24, 7 p.m. in the Village Board Room.  The “Hear from the Audience” portion of the meeting is for information not on the agenda.  “Hear from the Audience” is not a back-and-forth with village leadership.  It is your time to have your concerns heard, uninterrupted, for three minutes.  If this topic is not on the agenda, you can voice your comments in the “Hear from the Audience” segment.  If this topic is on the agenda, you can voice your concerns and comments at the end of the agenda item, with an expectation of conversation with leadership and with the same three-minute restriction.

A proposed housing development can, under the right circumstances, be a good thing for Homewood — when it’s done thoughtfully. The village has a fiduciary obligation to work with developers who will bring the best return to the village’s coffers, and I don’t think there’s a question that Holladay Properties has the experience and the capital to do that.  

However, we are not an “asset class” to be “played in.”  We’re a group of 20,000 residents who value affordable housing, available parking, green space, and the community feeling that makes us uniquely Homewood.  It’s my hope that the other two bidders may revise and resubmit their proposals.  I also hope you will join me in sharing your thoughts and concerns with our elected officials in writing and in person.

Thanks for listening to my concerns.

Sincerely,
Dr. Kristine M. Condon
Homewood