Peoria plans to sell 2.66 acres of city-owned property to support a new dining district.
“The level of enthusiasm and excitement is overwhelming,” Deputy City Manager Katie Gregory told the City ccouncil Tuesday.
She said the most common request among residents and businesses has been for chef-driven, top tier restaurants.
“They see them in other communities and they want to see them here and they want those that are going to provide that fun and entertaining and exciting culinary experience,” she said.
The City council will hire an appraiser before selling the site within the parking lot at the Peoria Sports Complex to Common Bond Development Group.
Interim Councilmember Brad Shafer called it a big win, “Residents of Peoria have been asking for this chef-driven, tier one restaurants for quite some time and the city of Peoria has listened, the developers have listened. We’re taking a parking lot and we’re going to generate revenue off of sales tax for the city and we have tier one restaurants.”
The developer will bring three full-service restaurants to 83rd Avenue and Bell Road, one is expected to be Postino WineCafe. The location is within a key investment zone known as P83 entertainment district.
Agreement highlights:
Developer
- Agrees to purchase at appraised value.
- Agrees to build a portion, or all, of the public infrastructure.
- Will ensure project includes three top tier quality restaurants.
City
- Will complete appraisal and replat the site.
- Agrees to reimburse developer for public infrastructure costs up to purchase price.
- Agrees to provide “Priority Review” timeline.
- May buy back property for purchase price if developer fails to develop the project and public infrastructure.
