A new hotel may be going up along East Peoria's riverfront, with a zero dollar price tag for the land it will be built upon.
The city of East Peoria would give Frontier Hospitality Group the land immediately west of the Bob Michel Bridge under an agreement approved on first reading by the city council on Tuesday. But just because there's no price doesn't mean there aren't some stipulations involved.
"This no cost condition is dependent upon a mutually acceptable development agreement for the project," East Peoria planning and development director Ty Livingston said.
The city has previously worked with Frontier on the Holiday Inn Express and Residence Inn hotels.
The project is described as a "high-quality hotel under the flag of a nationally-recognized hotel chain." It's not clear which chain that may be, but some of their previous projects tout the Cambria, Courtyard by Marriott, and Home2 Suites by Hilton brands, in addition to Holiday Inn and Residence Inn.
"This development will be a tremendous complement to the Riverfront, along with the nearby Embassy Suites & Convention Center," Livingston said.
He described several benefits, including new construction and permanent jobs, as well as the hotel/motel and property taxes that would be generated by a new hotel. He said nearby restaurants and shops will also reap the rewards of increased activity in the vicinity.
The lot is located in the city's Camp Street TIF district.
The Teekona Group's previously-announced $13 million Riverview Lofts project has been shelved.
The council will vote to finalize the deal with Frontier Hospitality Group at its next regular meeting.
