A new 4-story, $45 million mixed use development appears to be officially on the way to East Peoria's Levee District.The building will include 230 market-rate luxury apartments and condos, 10,000 square feet of commercial space, a pool, and a multi-story parking deck with up to 350 spaces.
It will be constructed on land within the West Washington TIF District currently owned by the city. The city owns two acres near Clock Tower Place and 10 acres on Center Street.
Planning and Development Director Ty Livingston said residential usage was always envisioned as a component of the Levee District, but it's eluded the city up until now.
"This is not dipping a toe in the water. This is a statement," Livingston said. "And this is going to be an impactful project. This is a very nice development. This is something that's going to be brand new. It's going to have all the amenities that folks are looking for in these."
"A number of people living down here will just ensure this area will remain successful," said Commissioner Dan Decker.
Developer Flaherty and Collins hopes to break ground next year. Livingston said the firm has a solid reputation.
"When we went and interviewed the communities that had worked with them, the one word that came up was catalyst. Their project was a catalyst for other great things to happen in the community, that once they demonstrated there's a demand here, and there's something really excited here, other developers followed," Livingston said. "And so it's really exciting to see this as a first step, not the last step."
The project is set to be completed by the end of 2022. The developer would then receive cash incentives from the city through 2038 to be determined by the complex's future assessed property value.
The development received a favorable first reading at Tuesday's East Peoria City Council meeting.
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