PEORIA, Ill. – More living options are being worked on in Peoria’s Warehouse District.
Work has begun to turn the former Chic Manufacturing building near Adams and Maple into 22 luxury condos with balconies.
The Peoria City Council learned of the project this week – not far from the building of another apartment complex at Adams and Oak.
“The total project cost is estimated to be $27,747,000 with $11,660,000 in TIF eligible expenses,” said Debbie Van Sickle, the city’s economic development manager.
And the Downtown Development Corporation is working with the developer to help make that happen.
“The developer will take an initial equity position. They’ll also go get loans from commercial financing, that type of thing,” said Michael; Freilinger, CEO, to 25 News.
Freilinger says the luxury condos with balconies are being designed for people who want to live in a dynamic and urban community.
Work should take 12 to 18 months.
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