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.
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.