EAST PEORIA, Ill. — A residential facility is coming to East Peoria that will mean a minimum of a $13 million investment.
City Council on Tuesday night voted to move forward with the Riverfront Midrise Apartment Development Agreement that will give East Peoria-based investment group Teekona Group, Inc. the green light to construct a 142-unit structure Mayor John Kahl said will have amenities, including a fitness center.
The premises will be located on the grass parcel between Embassy Suites and the former Granite City Food & Brewery.
Kahl said the project has been in the works since early 2019, and called it a “boost in the arm” after a rough and tumble 2020.
“That residential component was something forefathers, city leaders, and previous administrations have been working on and trying to bring down here to the Levee District,” he said.
“East Peoria hasn’t seen a lot of residential growth in a long time.
“It’s going to draw people down here, which is exciting. It’s great for the businesses and it’s great for the community.”
Kahl said Teekona has done independent assessments on the going rate for housing in the area, and the apartments will be fair-market rate.
“Rent-wise, I know somebody did ask me, what does that mean?” he said.
“I’m going to assume that’s between $1,000 and $1,500 a month on the low end.”
The mayor said ground is set to be broken at a time to be determined in 2021, with a target completion date sometime in 2022.
