PEORIA, Ill. – The Peoria City Council has paved the way for potential new development at Northwoods Mall.
On Tuesday night, the council approved the creation of a new TIF district that encompasses the mall, Westlake Shopping Center, and up to Glen Avenue.
When a TIF district is created, property tax dollars are captured with the goal of creating private development within the district.
City Manager Patrick Urich says the city would like to see additional commercial development in the area, such as retail shops and restaurants. But he tells WMBD’s “The Phil Luciano Show” that apartments could be developed on parking lots.
“There’s a lot of surface space, and instead of having it just sit as vacant parking lots, let’s repurpose that land and do something differently with it,” Urich said.
Urich says it’s an idea that is being implemented at the Fox Valley Mall in Aurora, and believes it could be done in Peoria. He says one benefit of the idea is when hotels or housing goes into an area, retailers notice and want to develop more in that spot.
Urich says a hotel could also be possible for the area, citing a growing need for hotel rooms in the Peoria area.
Urich says the city plans to work with the Northwoods Mall property owners to see what they prefer.
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