Posted May 2, 2022, 11:34 PM
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Join Date: Jan 2010
Posts: 6,610
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Big Project Slated for the all but abandoned Peoria town center.
Rendering in article on PBJ: https://www.bizjournals.com/phoenix/...mixed-use.html
Quote:
harleston, South Carolina-based Greystar Real Estate Partners LLC is proposing to build a $500 million mixed-use project in a historic area of the West Valley.
Plans for the project, dubbed Peoria Place, include nearly 1,200 apartment and housing units with one-to-four bedroom options, 5,000 square feet of retail space and three large industrial buildings on about 100 acres in the Old Town Peoria area, according to preliminary plans submitted to the city.
he site is generally located between Monroe Street and Hatcher Road, and west of Grand Avenue adjacent to Peoria City Hall. It's one of the largest infill parcels in Peoria and one of several large sites the West Valley suburb that has been in the works since the 2000s.
Specific site plans call for:
Three light industrial buildings ranging in size from 80,000 to 170,000 square feet on 28 acres
Two garden-style apartment complexes with 384 units each
About 243 detached and attached duplex single-family homes for rent on 27 acres
4-story multifamily building with 160 units and 4,000 to 5,000 square feet of ground floor retail and building amenities on 5 acres
Greystar, a global rental housing developer, purchased the 90 acres on April 25 for nearly $30 million from Highland Capital, according to real estate database Vizzda.
In addition to housing and industrial, documents said the overall development will include shared community spaces such as fitness area, coworking space, club rooms, pools, play areas, gathering spots and a series of trails that connect the developments.
"The elements planned will combine and create a cohesive integrated pedestrian and vehicular circulation network that will allow residents within Peoria Place as well as the surrounding neighborhoods to connect by walking, biking or driving into the Old Town area," the application said.
Documents submitted to the city said the project will be developed in two phases. The first phase will start construction in September and include the three industrial buildings on 28 acres, which could be speculative or build-to-suit projects depending on the market.
"It's a very significant project, and we're very excited to have [industrial] close to Old Town because it's employment," said David Valenzuela, chief business attraction officer for the city's economic development department. "It's only a couple minute car ride for workers to grab something at lunch, or there's events going on Thursday or Friday nights after work."
The city of Peoria is currently about 50% built out with a population of nearly 200,000 people. It has been working to find vacant land in recent years to help fill the significant industrial demand in the Valley and in the municipality, which is also located close to the Taiwan Semiconductor Manufacturing Co. facility.
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Very suburban plan but... its Peoria so whatevs
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