El Barrio and Paramount will be the marquee tenants at a new $32.5 million mixed-use development in West Homewood just announced by a new development company.

Village Creek Development today unveiled the project, which will build 98,000 square feet of retail, dining and residential development on the site of a former Econo Lodge.

Blake Berg and Sam Heide of Wicker Park Capital Management and Crawford Square Real Estate Advisors, and Tom Walker make up Village Creek, with Walker serving as president.

Walker said the project will set the tone for the development company.

“We seek out projects requiring a creative vision that bring value to both our investors and the communities where we engage,” he said.

“Village Creek Development is able to explore more unique development opportunities through affiliations with Crawford Square Real Estate Advisors and Wicker Park Capital Management.”

Facing Oxmoor Road will be 10,000 square feet of commercial space, with the second locations of both El Barrio and Paramount. There will also be an entertainment area with vintage and new arcade games, a private event space, and a family-friendly green space behind the restaurants.

Above El Barrio and Paramount will be 18 two-bedroom, two-bath lofts available for rent with views of the neighborhood.

Behind the mixed-use building will be 48 rental townhomes – with three-bedroom, two-and-a-half-bathroom townhomes and two-bedroom, two-bathroom units.

The townhomes will have a one-car garage, porches, main-level kitchens and living spaces, with stone countertops and stainless-steel appliances. There will also be a dedicated dog park.