New 142-Unit Riverfront Apartment Complex Gets Green Light From EP Council
The East Peoria City Council gave final approval Tuesday for the construction of a 142-apartment mixed-use development along the Illinois River.
The new complex will be constructed by the Teekona Group on city-owned land near the former Granite City restaurant.
"I think this will be a very nice development," said Commissioner Dan Decker. "And I think, looking at all the people trying to purchase condos or renting places on the Peoria side, I believe they will go very quickly."
Teekona Group is investing at least $13 million in the project. The city is offering the land and up to $3.7 million in TIF funds over 15 years to get the ball rolling.
This is the second of two mixed-use developments in the city's central business area announced by Mayor John Kahl. The other, announced earlier this year, is a $45 millioin, 230-unit development on land near City Hall in the Levee District.
"It's a goal of the city dating back many, many years ago to have a residential component down here in the downtown area," Kahl said. "So I think it will complement the area."
Both projects expect to break ground next year, with completion anticipated in 2022.
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