Development agreement in place for Old Town Peoria
By: Peoria Times
Thanks to a new development agreement with Zonapart LLC/Arizona Partners in Real Estate (AZPRE), the city of Peoria is one step closer to redeveloping the heart of its city.
The project aims to bring vibrant, new restaurants and retail to five city parcels in Peoria’s historic Old Town area.
“A tremendous amount of hard work and energy has been put into this proposal,” said Jen Stein, Peoria economic development director. “AZPRE has an exceptional portfolio, and we are excited to work alongside this premier developer as they deliver an amenity that our community has long desired.”
The agreement identifies several sites along 83rd Avenue and Jefferson Street, including the Historic Central School Building, the vacant NAPA building, the vacant Jefferson Street parcels and the Jefferson Street Park and Ride Lot. The agreement further outlines a schedule of performance, in which the developer will come back to the city with a detailed development plan.
This plan will incorporate community feedback from the area, including more than 300 resident responses recently received from the Design Concept Report. As the project progresses, additional public engagement will occur to ensure this area continues to reflect the character of Peoria’s cherished Old Town.