Name This Peoria Landmark

Who would want to visit this place?

Sorry to keep you all waiting. I was sort-of surprised that anyone figured this out, but behold Woodford_AL: “well… is near the river, obviously on the Peoria side. Looks like the end of spring street, near Detweiller Marina? A nice place for a condo, I suppose.”

What I think is exciting news, via the Peoria Journal Star, Feb 15, 2008:

A riverfront housing development at the foot of Spring Street could begin this summer, more than three years since an agreement for its construction was approved by the City Council.

The Fountain Grass development still calls for housing on 1.3 acres overlooking Lower Peoria Lake south of Detweiller Marina and north of a city-owned park and the RiverPlex.

Unlike prior plans, the housing complex is not being considered for luxury condominiums.

Developer Keith Weinstein, president of Graystone Realty Group, said Thursday he is mulling over whether to develop condominiums, apartments or a mixture of both, when the 44-unit, four-story complex is built. It will include a clubhouse, billiard room, fitness area and underground parking.

“I think it’s exciting,” Mayor Jim Ardis said. “I think people are looking toward the Downtown (with an interest of) living down there, and this will contribute to the options that are out there.”

Each unit, whether it’s rented or owned, features one or two bedrooms. The average size of each unit is 1,000 square feet.

“I’m waiting to see what the market does here,” Weinstein said on whether to build condos or apartments he estimates will be priced between the upper $100,000 to upper $200,000 range.

Craig Hullinger, the city’s economic development director who is pushing for redevelopment along the riverfront north of the RiverPlex, said Weinstein’s plans could be attractive to younger professionals.

“It’s a better price point for redevelopment, and he’s shooting for a lot of younger people,” Hullinger said. “The pricier you get, the smaller the potential buyers there are.”

Weinstein’s development comes after Jim Simantel of Simantel Properties LLC gave up his plans to develop luxury condos priced at more than $500,000.

Simantel said last month that an increase in the cost of construction materials after Hurricane Katrina made his project “too expensive to build.”

Weinstein praised Simantel for moving forward in getting a developer’s agreement with the city approved. Because of that, Weinstein might not need a new agreement. He will, however, have to get Simantel’s agreement amended to reflect increased costs for reconstructing Spring Street, among other things.

Hullinger said the estimates in 2004 showed the redevelopment of Spring Street to include new sidewalks, street lights and road work costing about $600,000. Those costs have since increased to $720,000, Hullinger added.

Weinstein’s development is located in the city’s Northside Riverfront tax-increment finance district, allowing extra property tax revenue generated to help offset infrastructure improvements, such as the redevelopment of Spring Street.

The Northside Riverfront TIF also includes the Taft Homes, RiverPlex and PMP Fermentation Products Inc. The TIF expires in 2018.

Weinstein’s development will likely be a welcomed addition to plans Hullinger is pushing for the redevelopment of city-owned park property north of the RiverPlex to include urban townhouses. Hullinger also said a proposed Riverside Drive will be able to run near Weinstein’s development.

In addition, the “Greed Edge” redevelopment plan Hullinger is eyeing for more public park-like space along the riverfront north of Downtown is also moving ahead. Hullinger will present his plans on that development before the city’s planning commission next week.

This entry was posted on Saturday, February 16th, 2008 at 2:27 pm and is filed under Peoria, Riverfront. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.