Chicago Construction News staff writer
Fulton Hotel Development expects to start construction on a $57.1-million hotel in downtown Peoria in January 2025.
The old Sully’s building and the former Illinois Central College Perley building will be demolished for the project.
The new Hilton Garden Inn will be a mixed use development will include140 guest rooms, 50 residential apartments, conference rooms, a restaurant, and a swimming and fitness center.
“The developers have invested millions of dollars…in the development of architectural plans (and) engineering plans, in contracting with professional management companies and market research companies, and have a contract to purchase the ICC Perley building,” developer representative Tom Leiter said at a city council meeting.
The project will be located within downtown’s TIF district. Qualified redevelopment costs will be reimbursed through the tax increment over the remainder of the TIF, which expires in 2036. The TIF is set to expire before the qualified redevelopment expenses would be fully reimbursed.
The hotel developer has agreed to pay $3 per occupied room on a monthly basis for using the Niagara parking deck. The hotel will be assigned 140 parking spaces while the apartments would have 80 spots reserved.