TIF district could bring upscale apartments, townhomes to Peoria Heights - News - Journal Star

Scott Hilyard Journal Star communities reporter @scotthilyard

PEORIA HEIGHTS — The boundaries of a proposed tax increment financing district have been drawn to help attract a 36-unit apartment complex to the downtown area. The newly defined area, which would be the village's fourth TIF district, also encompasses an area where as many as 60 townhomes have been proposed.

Taken together, the projects would add a transformative, upscale residential element to a developing commercial district of restaurants, shops and offices in a mix of new construction and renovated historic structures.

"The board voted (this week)  to enter into an agreement with consultants (Jacob & Klein and The Economic Development Group of Bloomington) to perform the study and prepare all the documents necessary to establish the TIF at a future date," village Administrator Matt Fick said Thursday. "Likely by the end of this year or early next."

Developer Larry Herman of Grand Valley Companies has proposed a 36-unit apartment complex for the first block of Duryea Avenue west of Prospect Road. The three-story apartment building would be a mix of two- and one-bedroom apartments and studios. Rents would begin at more than $1,000 a month.

The townhome proposal by developer Katie Kim is to buy and demolish 16 small, mostly renter-occupied homes on Samuel Avenue, east of Prospect Road, to Columbus Avenue. The first phase of the project could include 34 two-story townhomes on Samuel, with a second phase extending another block east to Constantine Avenue, bringing the total to as many as 60 new homes. They would sell for between $250,000 and $325,000 each.

The proposed TIF district extends from the Rock Island Greenway Trail on the west to Constantine on the east. The northern boundary is generally Glen Avenue, although it jumps north to include Tower Park and the Village Hall. Its southern boundary is generally Seiberling Avenue.

The village's other TIF districts include a commercial strip on War Memorial Drive, the Leisy-Pabst building that includes the Sherman's warehouse, and Trefzger's Bakery inside the recently renovated 19th century manufacturing building on Prospect. That district also includes the building at 4500 Prospect Road that is currently under construction.

Scott Hilyard can be reached at 686-3244 or by email at shilyard@pjstar.com. Follow @scotthilyard on Twitter.

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