PEORIA, Ill. – Plans for a hotel project in downtown Peoria are now in question, with one of the properties associated with it back on the market.
Keith Weinstein’s Greystone Realty Group reached a redevelopment agreement with the City of Peoria last February for a $57.1 million hotel and apartment complex on S.W. Adams Street.
Plans for the hotel complex call for the demolition of the former Sully’s Bar building and Illinois Central College’s Perley Building, which are both vacant.
The Perley building, located at 113 S.W. Adams, was relisted on December 4 with Re/Max Realty, with an asking price of $1.485 million.
ICC Spokesperson Jennifer O’Neil says the building was relisted because “the original sale transaction related to that development was never executed on the part of the prospective buyer.”
O’Neil goes on to say that ICC has no involvement and has not been a party to any development agreements or projects related to the Perley building.
Peoria City Manager Patrick Urich has said the city’s agreement with Greystone Realty Group requires construction plans to be filed by April 1 and work to start no later than Jan. 1, 2025, with the possibility of a six-month extension if requested by the developer.
The City of Peoria would be able to terminate the agreement for the hotel’s development if plans and construction deadlines aren’t met.
Original plans for the hotel complex include 140 guest rooms, 50 apartments, a swimming pool, meeting rooms, a fitness center and a restaurant and bar.
If developed, the hotel would operate under the Hilton Garden Inn brand.
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