More residential development could come to downtown Homewood as the village purchases a large tract of office space just east of the village’s Metra station.
Homewood is buying an office building at the northeast corner of Ridge Road and Harwood Avenue that could be redeveloped to include commercial space and apartment units.
“In all probability, work could start within a year” to demolish and redevelop the site, Hofeld said Thursday. The Hartford is a four-story building that will contain 36 apartments and, on the main floor, Stoney Point Grill. The Hartford is immediately south of the 18-unit boutique La Banque Hotel.on the Metra Electric Line and the adjacent Amtrak station.
In recent years, communities in the south and southwest suburbs have supported transit-oriented developments, with officials greenlighting projects that place residential and commercial development near Metra commuter stops.Examples include the Ninety7Fifty on the Park apartments in Orland Park, next to the 143rd Street Metra station, and Tinley Park’s The Boulevard at Central Station, adjacent to the Oak Park Avenue train station.
The building is in a tax increment financing district Homewood established to spur transit-oriented development downtown, and a developer could be reimbursed, through TIF revenue, for costs such as building demolition.Another potential site the village is offering for redevelopment is a village owned parking lot, just west of Village Hall at the northeast corner of Harwood and Chestnut Road.
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