Deal could help transform Warehouse District property into retail and residential spaces
PEORIA — Baldovin Development and the city are exploring a tax-increment financing deal that could see the company reimbursed for work on one of its Warehouse District developments.
Baldovin is renovating the old Grawey Building in the 800 block of Southwest Adams Street into a mixed-use development called the Adams Street Center that will include 28,000-square-feet of commercial space and 16 residential units.
Total cost for the project is estimated to be $9.8 million, $9.6 million of which would be TIF-eligible expenses.
The property tax increment expected to be generated is $3.2 million. Baldovin is asking the Peoria City Council to approve a plan to reimburse $2 million of that. In the first five years of the project, 100% of increment will be reimbursed. It then declines to 50% through 2043.
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The City Council will vote on the deal on Tuesday.
Peoria has approved multiple public-private partnership deals in the Warehouse District this year as the city continues to focus on the neighborhood as a sector for major growth.
Last month, the city approved a public-private development agreement with Mark Wagner to renovate the old Chic Manufacturing Building and build an apartment complex in the 1000 block of Adams Street. That is a $27 million project.
Another major development deal was approved last year that will convert 800 and 801 Southwest Washington Street into 176 residential units as part of a $38 million project.
The city has targeted areas immediately around the Warehouse District for development deals, as well.
A luxury apartment complex at 414 Southwest Water Street got a deal from the city in November that will see a 20,000-square-foot riverfront building undergo a $7 million restoration.
Black Band Distillery is also seeking a deal with Peoria in the 2400 block of Southwest Washington Street that would convert a massive 157,000-square-foot building into a whiskey distillery.
Baldovin, too, has other projects in the Warehouse District, including constructing a new headquarters at the site of the old Julian Hotel and the near completion of the mixed-use Adams and Oak development.
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This article originally appeared on Journal Star: Peoria looking at development deal for Warehouse District project
