The new Homewood apartments are now rented out, and a restaurant will open in October
The final touches are being put on The Hartford, a 36-unit mixed-use apartment building in downtown Homewood, and about a third of the units have been leased so far, according to one of the partners in the project.
Tim Flanagan, of developer HCF Homewood, said the four-story building, 2033 Ridge Road, held a ribbon-cutting ceremony and the first tenants will move in in the coming days.
Flanagan said the renters come from different stages in their lives, such as “younger millennials working downtown and people downsizing and selling their homes”.
The $9.2 million project includes a mix of studio, one- and two-bedroom apartments.
Studio units are 382 square feet, rent is $1,500 and one bedroom units are 650 square feet, rent is $1,800. 2-bedroom, 2-bathroom, 940 square feet, rent: $2,150.
Flanagan said the units have laundry facilities in each apartment, wood floors and a shared outdoor patio on the second floor that will be furnished.
“It’s very encouraging,” he said. “We are confident of success. We feel we will be fully occupied very soon.
Stoney Point Grill in Mokena will open a second location in 5,800 square feet on the first floor of The Hartford. The space is pretty much built up and the restaurant could open sometime next month, Flanagan said.
“This will bring a strong family restaurant and family atmosphere,” said Flanagan.
He added that the restaurant occupies about half of the main floor and the rest is reserved for indoor parking.
Homewood purchased the site, the former Triumph Building, in May 2018 for $660,000, and HCF sold it for $1 in May 2019.
“It was a challenge in terms of supply chain issues,” Flanagan said, noting that building material prices had skyrocketed while construction was underway.
Located just east of the Homewood Metro and Amtrak stations, the Hartford Hotel is part of a transportation-oriented tax increase funding district that will help owners recoup some construction costs.
Flanagan said he and his partners hope the railway’s proximity to the building will be a selling point.
“We believe Metra and Amtrak lines add significant value to the site,” Flanagan said.
Flanagan’s background in commercial development stretches back many years, including working with Mars Equities that built office space in communities including Tinley Park, and he spent 15 years with Mid-America Real Estate.
During that time with Central America, he was involved in retail projects along the commercial corridor on Halsted Street in Homewood.
He said that was when he first met Homewood Mayor Rich Hofield, who “tracked me down in 2019” to talk about development, especially mixed use, in the village centre.
This is how HCF Homewood came to develop The Hartford, and Flanagan said there is also a preliminary agreement with the village for HCF to create another mixed-use building in the area.
Another HCF partner is Bob Hansen, developer of apartment buildings including The Boulevard at Central Station apartments in downtown Tinley Park.
Steps from the Oak Park Avenue subway station, the Boulevard is managed by Flaherty & Collins, which also operates The Hartford Hotel and operates Ninety7Fifty at the Park in Orland Park.