Development

With more than $2 billion in capital projects recently completed, in planning or on deck, so much development is taking place that it’s hard to keep up! Every day, the Peoria area continues to invest in the building blocks of our economic future.

A REVITALIZED DOWNTOWN

Downtown Peoria is in the midst of a remarkable redevelopment. 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.

Last year’s completion of the $55 million Peoria Civic Center expansion project benefits the 900,000-plus visitors drawn to the venue each year for sports, concerts, 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 $125 million Museum Square project, anchored by the Caterpillar Visitor Center and Peoria Riverfront Museum, will create an unprecedented cultural campus and serve as a centerpiece for downtown revitalization. Construction is set to begin in 2009.

The Peoria Urban Living Initiative intends to revitalize and increase investment in the older neighborhoods in the Heart of Peoria, while helping employers recruit and retain valuable “creative class” employees. The plan enhances the City’s new urbanism initiatives, encouraging workers and families to relocate to neighborhoods within walking distance of downtown.

A Hospitality Improvement Zone, currently in the planning stages, would offer a variety of incentives to assist downtown hotels and businesses. The proposal would include a Tax Increment Financing District and a Business Development District.

RIVERFRONT RENAISSANCE

Things are definitely happening along 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 Recreation Center and the Gateway Building.

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

Another former warehouse, the 401 Water Street complex is a self-contained community with commercial, retail and residential components sharing the space, including unique boutique shops and spacious lofts for downtown dwellers.

Construction of The Office Suites at Riverfront Village began earlier this year. Its anchor tenant, The Heartland Partnership, recently completed its move into the space, while The River Station, one of Peoria’s finest restaurants, recently reopened to great acclaim.

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 spectacular riverfront backdrop throughout the spring, summer and fall. The City of Peoria is currently developing an Artist Relocation Program to encourage artists to move into the community and help revitalize new neighborhoods near downtown.

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. The renovation of these 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 NORTHWEST CORRIDOR

Peoria’s northwest corridor is the fastest growing part of town, with a red-hot housing market that continues to buck national trends. The open-air Shoppes at Grand Prairie anchors the site, which has seen a flurry of growth in recent years with new restaurants, retail stores, medical facilities, hotels 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. With the recent opening of the Wingate by Wyndham and Country Inn and Suites, Petersen Hotels has brought new lodging options to accompany the area’s growth in 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 mature and expand, a clear symbol of the cutting-edge research that will fuel our growth in the fields of healthcare and technology.

Peoria’s world-class medical community has a number of exciting expansion projects in the works. Methodist Medical Center plans a $425 million expansion and modernization of its current center, while construction has begun on the Milestone Project, a $280 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 recently launched its Campaign for a Bradley Renaissance, a $150 million renovation and expansion to its campus. Construction on a new terminal building at the Greater Peoria Regional Airport is set to begin later this year. 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.

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.

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.

Junction City’s recent makeover has made it one of the city’s hottest spots for local retail. The next phase of the makeover is in progress, with plans for mixed-use buildings with retail and residential components. Another retail favorite, Metro Centre also has major plans for new development.

EAST SIDE GROWTH

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, where major expansions are underway. The full-service Embassy Suites and adjacent East Peoria Convention Center, the area’s largest hotel development project 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 88-acre factory site formerly owned by Caterpillar Inc. was deeded over to the City of East Peoria earlier this year. It will become a mixed-use community featuring professional offices, financial and technology services, live/work units and neighborhood and specialty retail and dining. The proposed Caterpillar Heritage Museum will anchor the Downtown 2010 project, named after the year developers intend to complete the project’s first stage.

Nearby, the 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. It features an aquatic center, library, performing arts center, banquet center and fitness facilities. A host of other projects are in the works to 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. PP