By: Liz Lape (25 News)
PEORIA, Ill. (25 News) – Peoria city leaders plan to develop approximately 200 single-family homes on the former Expo Gardens property to address a shortage of middle-income housing.
25 News reports that the city purchased the foreclosed 70-acre property last year. All homes built on the site would be considered affordable for middle-class income families, with most priced between $250,000 and $300,000, according to City Land Manager Matt Smith.
Smith said the development would help alleviate a supply shortage in Peoria’s housing market.
“Middle-income housing has a lack of supply available,” he said. “Those properties, often in the $150,000 to $300,000 price range in Peoria, seem to go on the market and seem to go pretty quickly. [This would] alleviate some of the stressors, adding more supply, and give that ability for middle-income people in Peoria to have more options.”
The subdivision represents a unique opportunity for the city due to its location near Peoria Public Schools and its size, which is unusually large for an in-city development.
“Being able to expand homeownership opportunities inside the Peoria Public School District of course helps in some of their tax base and the city’s as well, but you don’t get that every day,” Smith said.
The city will begin seeking developers soon, with qualifications to be released this winter. Construction is expected to begin sometime in 2027.
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