A timeline is taking shape for the City of Peoria’s intentions to see the historic PNC Bank Building and two adjacent downtown properties redeveloped.
The city issued a request for qualifications [RFQ] last week. City Manager Patrick Urich said a pre-submission building tour for interested developers is planned for May 13, two days before they open the window for the RFQ proposals.
“Then the responses would have to be due on July 24, so anytime between then, our plan as city staff would be to have the developers come and provide some presentation to us,” said Urich. “Then, we’ll shortlist a group of developers that we may take to the city council for recommendations for approval.”
In addition to the PNC high-rise at 301 SW Adams St., the Tower On Adams complex includes the Creve Coeur Building at 304 SW Jefferson and the adjoining parking deck. Peoria purchased the three buildings from Cullinan Properties for $1.75 million in September.
The acquisition came with the intent to see the prominent block redeveloped, ideally with a mixed-use combination of residential and commercial space.
“We want to certainly let the developers provide some of their own thoughts on what we can do with the buildings. But we’ve felt for a long time that the building was certainly ripe for conversion to residential – not in necessarily in all of it,” said Urich, noting the PNC branch has an active lease that runs until 2031 and accounting firm CliftonLarsonAllen’s lease goes until 2027.
Urich said potential developers would have a number of incentive opportunities for any possible redevelopment project. Those include federal and state historic tax credits, clean energy programs, and possibly low-income housing tax credits if 20% of the residential units are reserved for households making 50% of the area’s median income.
He said the block also is in a federal opportunity zone, and the city is considering an adjustment to its positioning in the city’s tax increment financing [TIF] districts.
“One of the things that we’re looking to do is to take the property out of the Warehouse District TIF and re-TIF it, just so that we can reset the base of the assessed value,” he said. “The property is currently under water from that perspective, so that’s something that we are looking to do.”
Urich said a long-range desire is for a PNC Bank Building redevelopment project to spark additional residential or mixed-use projects elsewhere downtown.
“More people living downtown helps to support restaurants downtown, helps to support the night life downtown, helps to support activities downtown,” he said. “That’s certainly consistent with the city’s strategic plan of what we would like to see here in downtown Peoria.”
Swearing-in special meeting
Mayor Rita Ali will start her second term while Chuck Grayeb finishes his time on the Peoria City Council during a special joint council and town board meeting Tuesday night.
Along with Ali, the newly elected and re-elected district council members will be sworn in. That includes Grayeb’s successor in District 2, Alex Carmona, as the lone newcomer.
Former city council member Jim Montelongo will take his oath of office as the new city treasurer.
Before the new council is officially seated, the current council will finish its business with several actions. Among them is a vote on nearly $200,000 worth of neighborhood mini-grants.
“We have a couple hundred thousand dollars of money that we had set aside for mini-grants, anywhere from $2,500 up to $5,000 for neighborhoods to apply for, for efforts to either beautify their neighborhoods or provide some additional safety in their neighborhoods, or have additional lighting in their neighborhoods,” said Urich.
The council also will vote on some procedural actions that enable the new city council to perform its duties.
