Overview: A proposed Mexican restaurant has been delayed due to lack of financing, but Homewood Village Board approved a second extension giving developer Anguiano Guido Properties more time to secure funding and meet project deadlines. The project is expected to be completed by June 30, 2027.
The Full Story
The proposed Tequila Raizes restaurant has been in limbo since its initial approval in December 2024. Developer Anguiano Guido Properties had secured a $1 purchase price from the village on March 25, 2025, but was unable to secure financing for the project. The delay raised concerns about whether the restaurant would ever open.
In April 2026, a first extension was approved by the Homewood Village Board giving Anguiano Guido Properties more time to provide proof of financing. However, since then there has been no update on the status of the project.
The second amendment to the redevelopment agreement extended deadlines and provided an updated schedule for completion. The developer now has until July 31 to obtain full construction loan commitments and August 14 to secure building permits.
Production & Profile
Tequila Raizes will be a 6,000-square-foot Mexican restaurant with Casa Catrina in Joliet as one of its owners. The developer plans to construct the restaurant on Dixie Highway in Homewood, Illinois.
The project has been delayed due to lack of financing and utility conflicts. However, Anguiano Guido Properties is confident that it will be completed on time.
Brand & Industry History
Tequila Raizes is one of several new restaurants opening in Homewood Village in recent months. The village has been actively promoting its downtown area and encouraging developers to move forward with projects.
The proposed restaurant is a significant development for the community, providing a Mexican dining option that will cater to local residents and visitors alike.
What This Means
The approval of Tequila Raizes’ second extension highlights ongoing challenges faced by developers in securing financing for new projects. The delay has raised questions about whether other restaurants may struggle with similar issues.
In the broader industry context, this development underscores the need for policymakers to provide more support and incentives for small businesses and startups. By doing so, they can help stimulate economic growth and create jobs.
Consumer Takeaway
The opening of Tequila Raizes will be a welcome addition to Homewood Village’s dining scene. With its Mexican cuisine and downtown location, the restaurant is likely to attract local residents and visitors alike.
Consumers can expect a unique dining experience with authentic Mexican flavors and decor that reflects the culture of Mexico. The restaurant promises to bring new energy to the community’s nightlife scene.
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