Peoria’s Downtown Development Corporation is planning to see Riverfront Village eventually become a linear park.
The development corporation that exists solely to unite public and private partnerships, has negotiated the purchase of the development rights for the property and is willing to sell to the city for one million dollars. That’s pending the Peoria city council’s approval of a Cooperative Agreement to maintain the land as open space.
Mike Wisdom currently holds the development rights to the property that is rented to three businesses, including the Greater Peoria Business Alliance, New Amsterdam and Joe’s Crab Shack that closed Monday.
Peoria Mayor Jim Ardis says, “when all the backseat quarterbacks want to talk about what they should or shouldn’t have done 20 years ago when they made this decision, make sure everybody understands, at the time that was a very popular decision for most of this and it really put a lot of energy into downtown.” Ardis says he’s grateful to Mike Wisdom for his willingness to sell his development rights to the Downtown Development Corporation.
The fair market value of the 2.6 acre property is not being released. The tenants remaining on the platform are expected to move in the next 12 months.
Those interested in contributing ideas to what the green space will look like can offer their ideas at PlanPeoria.com.