Home Rehabilitation Pays Off Big For Park ForestCommunity and 75 Neighboring Homes

“345 Miami [Street] cost just under $3,000 to acquire,” said Joe van Dyk, Executive Director of South Suburban Land Bank (“SLBDA”). It came cheap for a reason—the Park Forest house needed a lot of work to become a home again. But the the SSLBDA knew they could bring it back to life. From that initial $3,000, the investment grew—and the payoff would be substantial for the Park Forest community.

Van Dyk explained this project was a way for the organization to establish a standard of quality by rehabbing the house itself—on its own terms. “We could control the outcome a little better,” he said, adding that it would allow the SSLBDA to work directly with local contractors and keep more of the economic benefits within the South Suburbs.

Historically, the land bank’s approach to properties involved moving them quickly to developers. “The land bank has been kind of a clearinghouse for a few properties at a time,” van Dyk said. However, the SSLBDA recently changed gears. “Now, we’re organized enough and have the infrastructure to build out programming that offers greater benefits to the community.” 

The organization, as part of its partnership with the SDA, is trying its hand at more in-house projects. “[This] represents our first real program at the land bank that we can replicate and build on,” van Dyk explained. He said conducting projects in-house provides the SSLBDA with an opportunity to engage local contractors and build out a network of vendors, carpenters, and suppliers. “And really make some nice houses,” he slyly added.

In other words, van Dyk is pushing for a higher standard in the work that actually gets done. Choosing the contractors, like Richard Thornton of KATS Properties, is a big part of that control. Thornton said a lot was learned on this first project. He pointed out that a big takeaway was “taking longer upfront” to scope the project thoroughly. “We try to eliminate surprises,” he said.

Winter weather added an additional layer of challenges. “[We’re] trying to mud and paint in a house that doesn’t have heat, so it’s the same temperature inside as it is outside,” Thornton shared, reflecting on the challenges his team faced. “Guys brought in fans [and] heaters just to get the best product possible.”

Working through the cold and still finding great success, it was clear confidence was gained in the aftermath of the project. “If we can do this size house—a four-bedroom, two-bath with full rewiring and plumbing—we can handle almost any house now.”

The home has already attracted a lot of attention. “A ton—everybody wants to stop by in cars and see if the house is for rent,” Thornton joked, mentioning the positive feedback from local officials as well.

But the success goes beyond visuals and individual feedback. The economic impact was robust. SSLBDA’s $87,835 investment in 345 Miami Street is projected to generate $150,167 post-rehabilitation, with an annual property tax increase of $10,981. The community benefits extend far beyond this single property. For the SSLBDA and SDA, the bottom line comes down to revitalizing neighborhoods. That is exactly what this project achieved. In the aftermath, 75 neighboring homes are expected to see property values rise by an average of 5.77%.

It does not stop there. Van Dyk views 345 Miami Street as potentially the first of many just like it. “We’re optimistic about scaling this program to make a lasting impact across the South Suburbs.” He also pointed to the macro conditions at SSLBDA making these new ideas possible. “We’re at a point where operational improvements have positioned us to do more,” he said. “With the infrastructure in place, we’re building out programming that benefits both individual properties and the neighborhoods they’re part of.”

As for what future home owners can expect visually from these projects moving forward: “We want to bring these houses somewhat into the modern age with a little flair, but without overdoing it,” said Thornton. As for how to balance that, he concluded: “We’re going to figure it out…”

How to Join the Southland’s Revitalization Efforts Now

The SDA and SSLBDA invites community members, contractors, and investors to join in the Southland’s revitalization movement. For more information on upcoming projects or ways to get involved, visit the SDA and SSLBDA websites. Together, we can create lasting change. One property at a time.