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New 142-Unit Riverfront Apartment Complex Gets Green Light From EP Council

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Teekona Group
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Concept art for the new apartments along the Illinois River in East Peoria.

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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