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player ready...Homewood is on its way to redeveloping its downtown after the Village Board’s approval Tuesday of Chestnut Square, a four-story condominium and retail building at Harwood Avenue and Chestnut Road.
The 45,000-square-foot Chestnut Square, developed by Mesirow Stein Real Estate Inc. and the Chicago-based Morningside Group, will be built on the village’s current parking lot and will feature 45 one- and two-bedroom condominiums and two retail spaces.
Prices will range from the low-$200,000s to the mid-$300,000s.
Construction is expected to begin this fall on the mostly brick building that will face the train tracks, providing access to the Metra commuter line for the building’s residents. It will feature indoor parking and a fitness room.
“This project is very unique and also will include village employee parking,” said Village Manager Mark Franz.
Village President Richard Hofeld said the village property was appraised at $540,000 and sold to the developer for more than $1 million.
“The village made $440,500 in revenue from the sale,” Hofeld said.
As part of the redevelopment agreement, Homewood agreed to pay all impact fees for the developer, which average about $2,000 per unit, said Beth Barron, village planner.
Also Tuesday, the Village Board discussed the possibility of making Harwood Avenue a one-way street going south from Dixie Highway to 183rd Street.
In order to permanently change Harwood to one-way, Homewood would have to apply for a jurisdictional transfer from the Illinois Department of Transportation. The board directed Franz to apply for the transfer.