The City of Peoria is looking for a few good developers to redevelop our historic core.

Nov 8, 2013

Housing Demand Study for Peoria


Over the past few years, the City has worked with Tracy Cross, a nationally recognized housing analyst, to measure the strength of housing demand in downtown and the Warehouse District.  The last report was delivered in early 2011.  Working with the Tri-County Regional Planning Commission, the City engaged Tracy Cross to update that study.  The results are attached.

Tracy Cross continues to believe there is considerable pent up demand for housing, especially rental housing, in downtown Peoria. From their report (emphasis theirs):

“It is our contention that Peoria has yet to fully serve its downtown employment base with adequate housing alternatives.  In fact, the downtown area and its Warehouse District still have the potential to absorb 200+ new housing units annually for the next several years, primarily in the form of rental apartments. Not only has downtown Peoria’s rental market improved since our previous analysis, but no new apartment product has been introduced.  In addition, although the “for sale” sector of the market (overall) is sill performing poorly, downtown Peoria continues to be void of any new construction activity, with this sector also having modest potential over time.”

The chart below shows the improvement in market since 2011:

2011
2013
Change
Rental Price (per square foot)
Loft Conversion
$1.04
$1.12
$0.08
New Construction
$1.11
$1.22
$0.11
Sale Price (per square foot)
Condominiums
$130.24
$130.24
$0.00
Row Homes
$121.71
$121.71
$0.00
Annual Absorption
Loft Conversion
102
108
6
New Construction
66
84
18
Condominiums
12
12
0
Row Homes
6
6
0
Total
186
210
24

Please share this information with your colleagues and partners.  Let me know if you have any questions.




Christopher Setti
Assistant City Manager
City of Peoria
419 Fulton, Suite 207
Peoria, IL 61602



Sep 10, 2013

Great Buildings Ready for Development



100 Walnut Murray Building 
Block bounded by Washington, Walnut, Water, and William Kumpf




 800 Washington Cohen Building
SE Corner of Washington and Oak


801 Washington
SW Corner of Washington and Oak


800 Adams Federal Building
SE Corner of Adams and Oak










736 Washington
NW Corner of Washington and Oak




812 Washington 
View from Vacant Land From the Rear



812, 808, 804, 800 Washington 
View from Vacant Land From the Rear




812 and 808 Washington 
View from Vacant Land From the Rear


812 Washington
Washington Street Under Construction



812 Washington
From the Rear





Great Building, already on the historic register




Building Next to the CAT Imaging Center



CAT Imaging Center

Very Nice Building on Brick Street With Adjacent Lot, Great Price





Most of the great historic warehouses are located at the south edge of the downtown within an easy walk to the CAT Corporate Headquarters and the two large hospitals.












Sep 3, 2013

Historic Tax Credits



Excerpted from landmarks.org

HISTORIC PRESERVATION INCENTIVES

The Historic Pere Marquette was the first  
building in Illlinois to receive the State and
Federal Historic tax credit.                             
The Illinois Historic Preservation Tax Credit Program provides a state income tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures located within River Edge Redevelopment Zones (Aurora, East St. Louis, Elgin, Rockford and soon Peoria) who undertake certified rehabilitations during the taxable year. For information on the current program, administered jointly by the Department of Commerce and Economic Opportunity (DCEO) and the Illinois Historic Preservation Agency (IHPA), go to:www.illinoishistory.gov/PS/IHPATCP.HTM.


20% Federal Rehabilitation Tax Credit is available for rehabilitating an income-producing building. This dollar-for-dollar Federal income tax credit equal to 20% of the construction costs may be used by the building owner or sold to a tax credit investor. The minimum investment is 100% of the building's "adjusted basis"; that is, the purchase price minus the land cost and depreciation, plus prior improvements. The building must be a certified historic structure. Tax Credit Projects PDFTo learn more …

10% Federal Rehabilitation Tax Credit is available for rehabilitating an income-producing, non-residential building built before 1936. (This is NOT for properties listed on the National Register of Historic places or in local landmark districts). This dollar-for-dollar Federal income tax credit equal to 10% of the construction costs. The minimum investment is 100% of the building's "adjusted basis"; that is, the purchase price minus the land cost and depreciation, plus prior improvements. Use IRS form# 3468. To learn more …



Sep 2, 2013

Peoria Heights TIF Development

Peoria Heights developing high-end housing
SCOTT HILYARD
9/10/2013


PEORIA HEIGHTS — The Village Board and developer Jeff Giebelhausen have agreed to be partners in a plan to turn 125,000 square feet of vacant and vexing warehouse space into 124 high-end apartment units and 60,000 square feet of retail space.

The $23 million project to convert the long-empty Cohen’s Warehouse on East Marietta Street begins with a $7.5 million loan to the Giebelhausen Group from the village. It would be repaid by the increased property taxes the improved property would deliver and the sales taxes generated by the retail segment of the development, according to Village Administrator Matt Fick.

Aug 31, 2013

Warehouse District Street Construction Report


To and From



$25,000,000 in Street Reconstruction is underway.
____________ 

Good morning,
I hope your holiday weekend is off to a great start. 

Things are progressing on the project, and now that a significant amount of the underground work is done, things are taking shape above ground.  Here’s what’s scheduled for next week:

·         On Adams Street, a layer of asphalt will be placed in the parking lanes, as a base for decorative bricks; and decorative bricks will be installed in the sidewalk areas on the riverside of the street.

·         Work on Oak Street between Adams and Jefferson is scheduled to begin Wednesday, September 4th.  Contractor will begin sawing for removal of pavement, curb, sidewalk and driveways, followed by removal later in the week. Two-way traffic will be maintained on Oak Street, with flaggers at times.

Have a great weekend.  As always, if you have any questions or comments regarding the Warehouse District TIGER II Project, please visit our website at http://www.warehousedistrictpeoria.com.  

You can also contact me directly at kdvorsky@terraengineering.com or at (309) 472-3132.

Karen S. Dvorsky, P.E.
TERRA Engineering, Ltd.
401 Main Street, Suite 1130 | Peoria, IL 61602
CHICAGO | PEORIA| OAK PARK | ST. LOUIS | MILWAUKEE


Aug 21, 2013

Market Research Shows Strong Demand



The City has retained Tracy Cross to do studies on the near downtown area. Each study has shown strong demand for housing as shown above. Tracy Cross is currently updating their study and the new numbers should be available in September 2013.

 

The City offers: 
  • Historic tax credits of 45% of investment 
  • TIF incentives of up to 60% of new fair market value
  • No sales tax on building material

The new CAT Visitor Center and Museum is open. The Pere Marquette Hotel is rehabilitated and the new Marriott Courtyard hotel under construction. We are in the midst of major construction on attractive new urban streets. CAT is planning a new Corporate Headquarters. Tracy Cross projects demand for 194 dwelling units a year.