Tax incentives approved to help build $40 million apartment complex in Peoria’s Warehouse District
PEORIA (25News Now) - Dozens of apartments will be built on the two largest remaining unused properties in Peoria’s Warehouse District now that the city council unanimously approved a redevelopment agreement.
The plan includes tax breaks for the developer to help finance the nearly $40 million project.
City Manager Patrick Urich told council members Tuesday night that they should be proud that a new neighborhood is being created for the city.
Plans call for 176 rental units at the former Wilson Grocery Store and at a warehouse in the 800 block of SW Washington Street.
Peoria will reimburse Chicago-based Oculus Development tax increment financing dollars generated by the expected boost in taxable land values once construction is finished.
The redevelopment agreement has the city paying for demolition of existing buildings to add parking.
With the project, downtown and the Warehouse District will have more than 1,000 residential units, according Urich.
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