Peoria to transform $1.75M downtown block with new development

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Peoria's city manager has announced plans to transform a $1.75 million downtown block, including the PNC Bank Building, into a mixed-use development with housing and commercial space. The project aims to revitalize the city's river city core, addressing a failing parking garage and ending a long-running battle over the location of a new casino.

Why it matters

This investment in Peoria's downtown represents a significant bet on the city's future, as it looks to reshape its urban core and attract new residents and businesses. The redevelopment of the PNC Bank Building block could serve as a catalyst for further growth and development in the area, building on the city's efforts to enhance its riverfront and create a more vibrant, walkable downtown.

The details

According to Peoria City Manager Patrick Urich, the city plans to establish a new TIF (Tax Increment Financing) district to facilitate the redevelopment of the PNC Bank Building block. This would involve demolishing the existing parking garage and constructing a new mixed-use development with both housing and commercial space. Urich also noted that the city has reached an agreement to end its long-running battle over the location of a new casino, clearing the way for a riverfront amphitheater project.

• Peoria's city manager outlined the plans for the PNC Bank Building block in a recent interview.
• The city plans to establish a new TIF district to facilitate the redevelopment project.
• The project aims to address a failing parking garage and end the city's casino location dispute.

What’s next

The city will need to finalize the TIF district and secure a developer for the PNC Bank Building block redevelopment project. The resolution of the casino location dispute also clears the way for the riverfront amphitheater project to move forward.