The Taft re-development project begins to take shape
The Peoria Housing Authority selected a co-developer to handle the Taft Homes project. Peoria Public Radio’s Tanya Koonce reports they’ve also committed to moving forward on the Greeley School site:
The Model Group does property development, construction, and also serves as a management company. It’s goal is to revitalize urban neighborhoods, including mixed-use developments, and affordable housing indistinguishable from market-rate homes.
Steve Smith is the CEO of Model Group. He says Greeley school is great for part of the PHA’s first phase of the Taft redevelopment because its historic and can turn around a blighted property."When we put this financing together its like an economic defibrillator. So if we can bring resources to sort of shock the local market where it’s not functioning and doesn’t have a pulse so to speak, that we want to bring resources to bare to bring a pulse back so the market can do what it does naturally," Smith says.
The PHA’s first phase is planned to include 80 new housing units. Smith says about 20 units are possible at the Greely School site as well as the potential for new construction on the site. He says they will apply to the state finance agency by March 31st with site control and basic floor plans.
The Model Group will work locally with Farnsworth and Baker Tilly.