Updated: November 3, 2012 6:07AM
Homewood and East Hazel Crest hope to develop adjoining properties they own near the Interstate 80/Halsted Street interchange so they can generate tax revenue, Homewood Mayor Rich Hofeld said.
Planning to develop the area began about a year and a half ago, Hofeld said. The villages have been meeting with developers “to look at the combined site” but do not have any specific plans yet, he said.
“We’re looking at commercial developments,” Hofeld said.
Homewood’s portion of the property includes three parcels at the northwest corner of 175th and Halsted streets, recently bought for $28,000. Hofeld said the only building on the property, the Homewood Hotel, 17400 S. Halsted St., “will be coming down at year’s end.”
He said the owners chose to close the hotel in August 2011 rather than correct code violations found by fire and building inspectors.
Hofeld said sales tax revenue from the hotel was “negligible.”
“We are looking for something that generates revenue for the village,” he said.
Homewood and East Hazel Crest have hired Barnes & Thornburg, LLP, of Chicago, and William F. Maher, Inc., of New Lenox, for services to develop the property. The cost for each firm is $10,000.