Revised plans for two downtown Homewood redevelopment projects were announced at the Feb. 24 Village Board meeting, with developers reducing funding requests and proposing additional housing units.
Following the solicitation of alternate proposals for 2024 Chestnut Road and 2066 Ridge Road from Feb. 10 to Feb. 24, revised submissions were received from Southland Development Authority (SDA) and Far South Community Development Corporation (FSCDC), said Homewood Economic and Community Development Director Angela Mesaros.
The developer team for SDA originally proposed a six-story building with 85 apartments, plus residential and public parking. The proposal also includes commercial space, plus a plaza and surface parking for the Chestnut site. For the Ridge site, SDA proposes 22 apartments in a five-story building with commercial space, plus an outdoor plaza and surface parking, Mesaros said.
The revised proposal increases the number of units at the Chestnut site from 85 to 101, bringing the total across both buildings to 123. The plan adds height at the Chestnut location, rising from six to seven stories, and reduces public parking from 51 spaces to 41. SDA would also reduce its tax increment financing (TIF) share from 100% to 85%, while plans for the Ridge site remain unchanged, she said.
FSCDC originally proposed a 72-apartment complex in a four-story building along with a restaurant and commercial space, plus two public courtyards or plazas for the Chestnut site. For the Ridge site, the company suggested 39 apartments with a rooftop restaurant, and commercial uses with surface parking, Mesaros said.
In the revised proposal, FSCDC lowers its requested TIF share from $8 million to $3 million, potentially leaving more funding available for the village. The updated plan also adjusts the project completion timeline to 2029 for Chestnut and 2028 for Ridge, and increases the size of the deck while keeping the overall number of residential units unchanged, she said.
According to its revised proposal, FSCDC is also willing to develop a downtown public parking garage (300 to 350 stalls) with a Public-Private Partnership.
At the Feb. 10 board meeting, trustees selected a proposal from Holladay Properties as its preferred project. The board will make its final decision, considering the Holladay proposal and the two alternate proposals, at a future meeting, possibly March 10.
In other business, no alternate bids were received for the Apparel Redefined site at 1313-1351 175th St.
(Editor’s note: A story about public comment at the Feb. 24 board meeting regarding the redevelopment projects is scheduled to be published Friday, Feb. 27.)
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- Homewood board makes a selection for transit-oriented development project (Feb. 12, 2026).
- Homewood board hears update on redevelopment proposals for Ridge Road and Chestnut Road sites (Feb. 2, 2026).
- 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).
