PEORIA, Ill. – Yet another combination apartment and retail complex will soon begin construction in Peoria’s Warehouse District.
The Peoria City Council Tuesday night approved a redevelopment agreement with Casey Baldovan that will see the Grawey Building at Adams and Elm converted into 16 apartments and 30,000 square feet of retail space.
“I have pushed both sides to the limit here to try to get another deal done in the Warehouse District,” said Zach Oyler, At Large Council Member. “This is going to allow us to see an entire block to be finished over the next couple years,” referring to the other projects in various stages of construction in the area.
Those other projects are helping to address a growing housing need, according to City Manager Patrick Urich.
“I think, as we’ve looked at all the apartments that have been approved, or that are in construction or under construction in the Warehouse District, this will put us over 525 apartments,” said Urich.
Urich says that means the city is making great strides in adding more housing units in the city, and in the downtown area.
A portion of the $10 million cost is reimbursable through Tax Increment Financing District funds, and is expected to be complete in less than two years from the date demolition is completed.
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