East Peoria plans to create a new 'entertainment district' in the city
East Peoria Mayor John Kahl announced during his State of the City Address on Friday that the city is moving forward with plans to create an entertainment district on Center Street, between Costco and CEFCU, called "Center Street Crossing."
Kahl said the city has already been in talks with developers who "have made clear they're ready to go" in getting the development moving.
The district will include both residential and commercial spaces along both sides of Center Street, Kahl said. Another parking garage will also be built.
"More importantly, it's more of an entertainment district, multifunctional where we can close down that stretch of roadway and host community events, whether it's live music venues," Kahl said.
Two developers have shown "strong interest" in moving ahead with development, including Indianapolis firm Flaherty and Collins, which is building the Bluetowne luxury apartment complex in East Peoria.
"They had always talked to the city dating back six years that once the Bluetowne project got up and running, they'd be interested if the parcels were still available to do a second phase and that's what we had planned for Center Street," Kahl said.
Kahl said he got the impression that the developers would like to break ground sometime this year if the city and the developers can reach a final plan agreement.
Kahl did not have an estimate for what the financial impact of the district would be on the city, but he did liken it to the Levee District, which has been a financial boon for the city.
"Look how East Peoria's benefitted from the Levee District," Kahl said. "What a lot of people don't understand — and I go back to the council at the time, those were very difficult decisions — that stuff didn't come free, there was a major investment and East Peoria invested over $130 million in revamping its downtown and it's paid for itself."
The boundaries of the Centre Street Crossing district fall within the city's West Camp TIF District, which would mean developers could benefit from extra incentives.
"When you look at stuff like that, you have to know going into it, you have to be responsible with taxpayer money so when you sit down and have those discussions, you're up front and transparent about 'hey, this is what the city is willing to do' so you're either in agreement with those terms and willing to make the investment — but it's always been what we've done here is a good public/private collaboration," Kahl said.
This article originally appeared on Journal Star: East Peoria plans to create a new 'entertainment district' development
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