Calling it land banking to ensure future use, Peoria City Council voted June 19 to spend $2.7 million for two parcels of land totaling 7.51 acres adjacent to the P83 entertainment district. Both parcels lie between 83rd Avenue and Loop 101. The unanimous decision came in two separate votes at Council’s regular meeting.
Real Estate Development Officer Scott Whyte, whose previous title was economic development services director, told council there was limited vacant land along Loop 101, and the parcels could be offered to an emerging market niche. Whyte also said the purchase represents a potential Greenway Road connector for circulation improvement into P83. He said it was a good opportunity for the city to settle the properties.
In his written communication to council, Whyte said the P83 district was a key investment zone for “facilitating economic development activities,” and “it is important to have improved modern buildings and spaces available in Peoria.”
