Economic Building Blocks

A DOWNTOWN RENAISSANCE

Downtown Peoria is in the midst of a remarkable redevelopment, with more businesses calling downtown home and more residents choosing to live there. The completion of the $500 million I-74 Project, the largest road reconstruction project in downstate Illinois history, has greatly improved access to the heart of the city.

The recently completed $55 million Peoria Civic Center expansion project benefits the 900,000-plus visitors drawn to the venue each year for sports, concerts, theater, conventions and more. The expansion added an additional 200,000 square feet, including 45,000 of exhibit hall space and 27,000 of meeting space, as well as expanded concessions, restrooms and a great hall atrium.

Down the street, Peoria’s state-of-the-art downtown ballpark, O’Brien Field, continues to generate buzz as a great place to catch the Peoria Chiefs. The ballpark also serves as an all-purpose outdoor venue for concerts and other events.

The most-discussed development project in the area is the $125 million Museum Square project. Anchored by the Caterpillar Visitor Center and the Peoria Riverfront Museum, the completion of Museum Square will create an unprecedented cultural campus and serve as a centerpiece for downtown revitalization. Construction is set to begin in 2009.

ON THE RIVERFRONT

More than $150 million of development has occurred along the riverfront in the last eight years, with many exciting projects completed, including the RiverPlex and the Gateway Building. The River’s Edge Redevelopment Initiative works to redevelop existing warehouses into mixed-use buildings and transform the Warehouse District into the Riverfront Arts District.

A mix of restaurants, shops, studios and residential space continues to transform and reinvent the area. Within walking distance are numerous brewpubs, art galleries and the Illinois Antique Center, representing 175 antique dealers. The top two floors of this century-old, four-story building have also been transformed into loft apartments.

A former warehouse, the 401 Water Street complex is a self-contained community with commercial, retail and residential space, including spacious lofts for downtown dwellers. The renovation of other historic, century-old buildings has begun to pick up with last year’s passage of a tax-increment financing district by the Peoria City Council.

The artistic community breathes life into our riverfront. The Contemporary Art Center, Peoria Art Guild and WTVP Gallery are all located here, providing exhibits and gallery space year-round, while the CEFCU Center Stage offers concerts and events with a riverfront backdrop throughout the summer.

The riverfront district is also home to the Maxam entertainment complex, a lifestyle center offering sports, family fun and dining under one roof. Celebrate good times at inPlay—a recreation destination featuring more than 125 virtual reality games and a multi-story rock climbing wall, among more classic pastimes.

Construction of The Office Suites at Riverfront Village is set to begin very soon, to be completed by the end of this year. The Heartland Partnership recently announced its move into the space, while The River Station, one of Peoria’s finest restaurants, recently reopened to great acclaim. Things are definitely happening along the riverfront!

THE NORTHWEST CORRIDOR

Peoria’s northwest corridor is one of the fastest growing parts of town. The open-air Shoppes at Grand Prairie, originally developed by Cullinan Properties, anchors the site, which has seen a flurry of growth in recent years with new restaurants, retail stores, medical facilities and financial institutions taking up residence nearby.

Altogether, the corridor boasts of one million square feet of quality retail that is open, under construction or in development. The Wingate by Wyndham and Country Inn and Suites hotels are scheduled to open soon, adding to lodging options for visitors.

AROUND TOWN

The opening of the Peoria NEXT Innovation Center, a three-story technology incubator on Main Street, is a major milestone in the history of the city. As our economy continues to diversify, the Innovation Center will provide the resources necessary for start-up companies to grow and expand, a clear symbol of the cutting-edge research that will fuel our growth in healthcare and technology.

Peoria’s world-class medical community has a number of exciting expansion projects in the works. Methodist Medical Center plans a $350 million expansion and modernization of its current center, while construction has begun on the Milestone Project, a $234 million modernization of the downtown campus of OSF Saint Francis Medical Center and Children’s Hospital of Illinois. Construction continues on the new Illinois Medical Center, a 111,000-square-foot structure on the campus of the University of Illinois College of Medicine at Peoria (UICOMP). The Center is expected to be completed later this year. Last July, UICOMP also announced plans to begin construction of a 20,000-square-foot cancer research facility on its campus.

Elsewhere around town, Bradley University is in the midst of a multi-million-dollar renovation and expansion to its campus. Construction on a new terminal at the Greater Peoria Regional Airport is set to begin in April. The $32 million expansion of The Peoria Zoo at Glen Oak Park, which will triple the zoo’s size, is expected to be completed in the spring. And plans for the new Peoria PlayHouse, an interactive children’s museum to be located within Glen Oak Park, continue to move forward as well.

Long-term improvements are also in the works for the city’s Southern Gateway, also known as the Eagle View Biotech Park. Capitalizing on our region’s logistical advantages and the growing demand for renewable energy, plans call for its warehouses and scrapyards to be transformed into a hub for ethanol and biodiesel refineries.

The recent makeover of Junction City has made it one of the city’s hottest spots for local retail. Home to a variety of upscale shops and restaurants in an outdoor setting, the shopping center was revitalized in record time, returning the unique, railroad-themed center to its family-oriented roots. The next phase of the makeover is in the works, with additional plans for mixed-use buildings with both retail and residential components.

Planning has begun on a $54 million redevelopment of the 125,000-square-foot former Cohen’s warehouse building in Peoria Heights. Developers envision a multi-use, semi-tourist attraction that could provide community services, education and training, entertainment, housing and retail.

Northwoods Mall recently completed its $6.5 million renovation project, the first in the mall’s history, and the $5 million redevelopment of Westlake Shopping Center has transformed that complex into an upscale shopping plaza. Sheridan Village was recently acquired by new ownership, which plans to upgrade and reposition the property.

EAST SIDE DEVELOPMENT

Redevelopment projects in East Peoria have changed the face of the region. Riverside Center and RiverFront Park provide outlets for shopping, dining and recreation, while EastPort Plaza and Marina and Harbor Pointe offer luxurious, scenic living on the waterfront. The Par-A-Dice Hotel Casino continues to drive traffic to the area, while the new GEM Terrace building, which sits atop a bluff overlooking the river, opened its doors for business last year.

The new I-74 fly-over ramp draws traffic across East Peoria into downtown Peoria, increasing the city’s accessibility and feeding commercial activity in the Camp Street area. The full-service Embassy Suites and adjacent East Peoria Convention Center, the largest hotel development project the area has seen in decades, is now open for business. A Fairfield Inn and Suites is expected to open later in the year.

Preparation for the redevelopment of various industrial sites along the riverfront continues to move forward. The 87-acre factory site formerly owned by Caterpillar, Inc. was recently sold to the city of East Peoria, which is seeking proposals for its commercial redevelopment.

The nearby city of Washington has become a hotbed for residential and commercial growth. Five Points Washington, the town’s state-of-the-art, $21 million community center, opened its doors last fall, on time and budget. A combined community effort, Five Points features an aquatic center, library, performing arts center, banquet center and fitness facilities. A host of other projects are in the works, including an 11-acre development called The Shoppes at Delaware Crossing, which will attract even more businesses to the city.

The city of Pekin continues to make substantial investments in new city structures and its riverfront. Anticipating future growth, the city recently purchased more land to expand its business park, while the Pekin Park District purchased about 80 acres for an outdoor sports complex, to be completed by 2012.

The former Pekin Mall, now East Court Village, was converted into an open-air retail center in a multi-million-dollar reconstruction, while the new Crossroads Centre is ideally situated in the fastest-growing retail corridor in Tazewell County. Aventine Renewable Energy, headquartered in Pekin, is in the midst of an expansion expected to pump $70 million into the local economy. PP