Peoria riverfront apartments get cool reception

PEORIA — Despite the city working to develop a portion of riverfront land for the better part of a decade, residents appeared surprised to learn last week park land may be converted to apartment buildings. Many were unimpressed with the proposal.

A public forum Tuesday consisted of a 15-minute presentation by Assistant City Manager Chris Setti and about two hours of public questions and comments, much in opposition to the proposed redevelopment agreement being considered by the City Council.

Residents voiced concerns about forever losing green space along the Illinois River, a lack of vision by the city of Peoria and even criticized the city for selling the land for “pennies on the dollar.” The proposed agreement would sell 5.8 acres of land that now houses Constitution Gardens for about $455,000.

“The river is what makes Peoria unique,” one resident said. “You can’t put a price on that.”

The City Council deferred the agreement during its meeting last week and will take up the issue again at its April 14 meeting.

The redevelopment agreement is a critical but not final step for the construction of a 144-unit, four-building development, Setti explained. Desmond Curran, who operates a construction firm in Hinsdale, would develop the $22.7 million project. Former Caterpillar Inc. Chairman and CEO Glen Barton is a local investor.

The $22.7 million project would be partially funded by a $4.5 million buy-in by the city to extend Water Street to the northeast. The city would issue bonds to fund the construction, which the tax revenues collected from the development would go toward. Because the proposed development is in a tax increment finance district, any excess of the estimated $350,000 to $400,000 collected annually in property taxes would be retained for use in the TIF district.

Mike Freilinger, president of the Downtown Development Corp., commented neither in favor nor opposition to the development, stating demand exists for residential units Downtown. Freilinger added that new construction such as this proposal wouldn’t be in direct competition for proposed apartments in the Warehouse District, but would offer a greater variety to the market.

Before a sale could be made final, several steps must be completed including rezoning of the property, finalization of financials by the developer, a review and approval of preliminary plans by the city and approval of the sale by the Illinois Department of Natural Resources, a process that will take several months.

Until then, the city is encouraging community input.

“Everything could change,” said 1st District Councilwoman Denise Moore. The complex would be in her district. “Your opinions and your suggestions could help change this.”

For further information or to submit public comment, contact Setti at csetti@peoriagov.org or 494-8618.

Laura Nightengale can be reached at 686-3181 and lnightengale@pjstar.com. Follow her on Twitter @lauranight.