The Peoria Sports Park, a major mixed-use-redevelopment project proposed for Peoria’s Entertainment District, needs to be evaluated further, city officials said this week.
City leaders have determined, as part of their financial and economic analysis of the project, that the Peoria Sports Park project would not be economically viable, nor a good financial investment for the city, as currently proposed by the developer.
“With every new project, we perform thorough due diligence to protect the city’s interests and to evaluate project feasibility,” said Scott Whyte, Economic Development Services director. “This economic analysis was another necessary step in the process to make sure taxpayer dollars are invested appropriately and to ensure that the project we want is possible.”
In April, Peoria awarded a contract to Ernst & Young, LLP to provide a market assessment and project analysis prior to considering a development agreement with master developer Peoria Sports Park, LLC, the developer of the proposed Sports Complex Redevelopment Project.
The proposed project includes a mixed-use lifestyle center development located on the 17.5-acre site adjacent to the Peoria Sports Complex.
The proposed project includes 250,000 square feet of high-end retail, a 176-room hotel with a 10,000 square foot conference center and 110 residential units, serviced by surface and parking structures totaling over 2,000 spaces.
The analysis has been shared with the developer, officials said, and the city anticipates the developer to submit a modified version of the project concept in September.