A massive mixed-use development with Class A office, hotel, retail and apartment buildings near Peoria Sports Complex is one step closer after the Peoria City Council approved an agreement Tuesday with American Life Inc. and Steinhauer Properties Inc.
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The project, called Stadium Point, will include more than 1 million square feet of development on 17 acres owned by the city along 83rd Avenue south of Bell Road. In October 2019, the city released a request for proposals seeking a master developer for the site. American Life was named the successful respondent in March.
“The P83 Entertainment District is a tremendous point of pride for our city, and we have worked strategically over the last few years to position this area for long-term success,” Peoria Mayor Cathy Carlat said in a statement. “This [memorandum of understanding] gives us a peek into the endless possibilities of our future, where residents have greater access to quality employment, retail and dining opportunities; and we are thrilled to stand alongside American Life to enhance the vibrancy of this district.”
Economic development leaders in the West Valley have pitched the area for speculative Class A office space for years as that region has a dearth of office development compared with East Valley submarkets.
“The Stadium Point project represents a key site and development,” said Rick Buss, Peoria’s economic development director, in a statement. “This innovative, mixed-use project is led by the construction of Class A office space, significantly augmenting the city’s vision to attract world-class, sustainable and future-ready companies contributing to the overall prosperity of the city. We welcome American Life in fulfilling this vision.”
According to the memorandum, the project will be in four phases. The first is design of the master plan and relocation of a well on the property. The second phase will feature construction of some Class A office, parking, retail and dining. The third phase is construction of the hotel, residential, retail, dining and entertainment. The fourth phase is construction of more Class A office, parking and residential. The total project must be built out no later than 10 years, according to city documents.
“We are delighted to partner with the city to develop the Stadium Point site. The complex will create a mix of uses combining Class A office, hotel, multifamily and retail that is unique to the area,” said Greg Steinhauer, president of American Life, in a statement. “The live, work and play experience will bring unparalleled amenities to the Peoria market, create high-quality jobs, enhance the sports complex, and set a new standard for offerings available to visitors, sports fans, residents and businesses in the Peoria community.”