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Following residential: Commercial permits see 350 percent increase in Peoria

Posted by   /  March 4, 2019  /  No Comments

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Site preparation has begun on the nine-acre neighborhood retail development called 83 Marketplace, located at the southeast corner of Happy Valley Road and 83rd Avenue. Since 2013, the city approved 121 new commercial tenant permits, including 83 Marketplace, which will feature specialty retail and restaurants. / By Jacob Stanek / Independent Newsmedia

 

By Philip Haldiman | YourValley.net

The old real estate idiom “commercial follows residential” is a reality in Peoria.

The city has seen an explosion of housing growth in the last decade, and commercial development has followed in a big way.

Since 2013, the city approved 121 new commercial tenant permits — buildings dedicated to one specific tenant, such as a QuikTrip or fast food restaurant. Approvals peaked last year with 42, about a 200 percent increase from 2017 and a 350 percent increase since 2013.

Economic Development Services Director Rick Buss said there are a variety of reasons for the increase, but some include a strong economy, the city’s focus on relationship development and customer service, and specifically introducing Peoria to the world, regionally, nationally and globally.

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  • Published: 3 weeks ago on March 4, 2019
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  • Last Modified: March 4, 2019 @ 9:34 am
  • Filed Under: Real Estate

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