Place strategy

Development agreement in place for Old Town Peoria | New

Thanks to a new development agreement with Zonapart LLC/Arizona Partners in Real Estate (AZPRE), the City of Peoria is taking another step toward redevelopment of its city core.

The project aims to bring vibrant new restaurants and retail to five city plots in Peoria’s historic Old Town district.

“An enormous amount of hard work and energy has gone into this proposal,” said Jen Stein, Peoria’s Director of Economic Development. “AZPRE has an outstanding portfolio, and we are thrilled to work alongside this leading developer as they deliver gear that our community has long wanted.”

The agreement identifies several sites along 83rd Avenue and Jefferson Street, including the historic Central School Building, vacant NAPA Building, vacant Jefferson Street parcels, and Jefferson Street Park and Park. The agreement further outlines an implementation schedule, in which the developer will return to the city with a detailed development plan.

This plan will incorporate feedback from the area’s community, including responses from over 300 residents recently received from the Design Concept Report. As the project progresses, additional public engagement will take place to ensure this area continues to reflect the character of Peoria’s beloved Old Town.

“AZPRE is a commercial real estate development company that has demonstrated the ability to deliver several notable restaurant and retail projects throughout the region,” said Mayor Cathy Carlat. “We are thrilled to see their contribution to bringing to life the historic, civic, residential and commercial vitality of Old Town Peoria.”

Old Town Peoria has long been identified as an important area for revitalization and redevelopment. In keeping with Peoria’s Economic Development and Revitalization Strategy, and significant public input and engagement over the years, Peoria has guided intentional improvements and made significant investments to uplift the area. This includes improved streetscape and landscaping design, public artwork and gathering spaces, and stronger integration between new and existing businesses.

To continue these efforts, in November 2021 the city issued a Request for Proposals (RFP) to solicit high-quality projects and qualified partners to support the continued redevelopment of city-owned sites in the region. Over the past few months, Peoria has been working with AZPRE on a proposal that will bring dining, shopping and entertainment. With a shared vision to create a unique and vibrant dining and retail destination, this partnership builds on a brewing energy that has grown in the region in recent years.

“Arizona Partners Retail Investment Group, one of the leading innovators of specialty retail centers throughout Arizona, is thrilled to partner with the City of Peoria in the evolution of their Old Town into a vibrant restaurant district, of shopping and entertainment, while preserving its character and rich history,” said AZPRE Partner Bruce Shapiro.

“They will bring restaurants, retail shops and lifestyle-related businesses to Old Town to complement the many events the city hosts year-round, service the thousands of existing and newly built apartments in the immediate area. and will function as a gathering place. for Peoria residents and visitors.