PEORIA, Ill. – A section of downtown Peoria that’s been vacant for over 100 years, is finally being redeveloped.
In an area behind WTVP-TV, Peoria’s public television station, the former rail yard for Rock Island Depot was overgrown with brush. The brush has now been cleared for construction of a 300-space parking lot.
Pat Sullivan, a local developer and co-owner of Kelleher’s Irish Pub, previously owned the four-acres of land and sold it to the City of Peoria about a year ago.
With not enough parking in the Warehouse District, more parking spots are a priority for downtown tenants and businesses.
Additional parking is a requirement before future tenants can move into the 120-unit apartment complex that’s been renovated on SW Washington Street.
Peoria City Councilman and Downtown Development Corporation Chairman Zach Oyler said $10-$12 million was needed for the project, but he said that money has already been collected and allocated for use.
“A lot of the money is coming out of [our TIF district], which is money that we’ve already generated with our businesses and our land tax,” Sullivan told 25 News. “They won’t be going up and down the street, parking two blocks away.”
Several vacant buildings on SW Washington are still available for redevelopment.
Oyler would like to see retail businesses on the first floor of each building. Oyler and Sullivan both said they hope to see more family-owned restaurants and apartment developers occupy the buildings.
“Once you have folks living down here, then you create demand for services. Then you have an opportunity for business to come in behind it,” Oyler said. “Not only is doing this a big improvement for the area, but it also is something that will help generate sales tax revenue.”
Oyler said the empty buildings have been an invitation to crime and other challenges, but he believes renovating them could offer more security in the area.
Concrete for half of the parking lot could be poured by the end of 2024, with plans to wrap up construction in 2025.
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