PEORIA, Ill. — Peoria appears ready to move forward with a privately funded, multi-million dollar hotel project where Sully’s now sits empty.
The plan, approved Tuesday night, is to spend just over $57 million dollars to add hotel and residential units along SW Adams.
Fulton Hotel Development out of Florida plans to put 140 hotel rooms and 50 residential units in a new building with a pool and fitness center.
Tuesday, council gave a unanimous green light to that redevelopment plan.
”It’s clear that we are in desperate need of investment in this block or a couple blocks in this city, with Sully’s having been vacant for at least eight years as well as the ICC building being empty,” said Beth Jensen, Councilwoman at-large.
“I think we’ve got a project here in front of us that has little risk for the city..as this TIF district is going forward. And it has some hard milestones in here, which, to be honest are pretty tight,” said Sid Ruckriegel, Councilman at-large.
According to 25 News, the deal includes tax breaks to reimburse the developer through what’s called Tax Increment Financing, and very clear timelines on the entire process of construction, to include design, with start and end dates.
The plans have to be done by April 1, 2024.
With construction scheduled to start in January of 2025, and a projected opening date of the property in August 2027.
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