Latest news with #FlahertyandCollins
Yahoo
04-03-2025
- Business
- Yahoo
East Peoria plans to create a new 'entertainment district' in the city
A new major development district is in the works for East Peoria. East Peoria Mayor John Kahl announced during his State of the City Address on Friday that the city is moving forward with plans to create an entertainment district on Center Street, between Costco and CEFCU, called "Center Street Crossing." Kahl said the city has already been in talks with developers who "have made clear they're ready to go" in getting the development moving. The district will include both residential and commercial spaces along both sides of Center Street, Kahl said. Another parking garage will also be built. "More importantly, it's more of an entertainment district, multifunctional where we can close down that stretch of roadway and host community events, whether it's live music venues," Kahl said. Two developers have shown "strong interest" in moving ahead with development, including Indianapolis firm Flaherty and Collins, which is building the Bluetowne luxury apartment complex in East Peoria. "They had always talked to the city dating back six years that once the Bluetowne project got up and running, they'd be interested if the parcels were still available to do a second phase and that's what we had planned for Center Street," Kahl said. Kahl said he got the impression that the developers would like to break ground sometime this year if the city and the developers can reach a final plan agreement. Kahl did not have an estimate for what the financial impact of the district would be on the city, but he did liken it to the Levee District, which has been a financial boon for the city. "Look how East Peoria's benefitted from the Levee District," Kahl said. "What a lot of people don't understand — and I go back to the council at the time, those were very difficult decisions — that stuff didn't come free, there was a major investment and East Peoria invested over $130 million in revamping its downtown and it's paid for itself." The boundaries of the Centre Street Crossing district fall within the city's West Camp TIF District, which would mean developers could benefit from extra incentives. "When you look at stuff like that, you have to know going into it, you have to be responsible with taxpayer money so when you sit down and have those discussions, you're up front and transparent about 'hey, this is what the city is willing to do' so you're either in agreement with those terms and willing to make the investment — but it's always been what we've done here is a good public/private collaboration," Kahl said. This article originally appeared on Journal Star: East Peoria plans to create a new 'entertainment district' development
Yahoo
12-02-2025
- Business
- Yahoo
In downtown St. Paul, Flaherty and Collins proposes 300 market-rate apartments at Green Line's Central Station
In downtown St. Paul, an Indiana-based developer is proposing installing 300 units of market-rate housing in two new buildings to be erected on either side of the Green Line's Central Station light rail stop off Fifth and Cedar Street. The St. Paul City Council appears poised next week to approve tentative developer status for Flaherty and Collins, which was the sole company to respond to a joint request for proposals issued last year by the city's Housing and Redevelopment Authority and the Metropolitan Council, a fellow land owner. Ryan Cronk, a vice president with Flaherty and Collins, said the company has expressed interest in developing the vacant lots around the Green Line since 2015, and the proposed project could add up to a $130 million real estate investment. 'The plans are just that — they are very conceptual,' said Cronk, addressing the city council during Wednesday's HRA meeting. 'How does this interact with the streetscape? How does this interact with the train station?' He said the project includes 300 market-rate studio as well as one, two and three-level apartments in a 20-story tower to be built on the north side of the Green Line station and a smaller six-story building that would be added along the station's south side. It also includes 10,000 square feet of commercial space at the ground level, by Fifth and Minnesota streets, and a skyway connection joining the two buildings above the light rail tracks. City Council President Rebecca Noecker, who represents downtown, said the long-awaited development could by the lynchpin that helps revive real estate energy in a market struggling to draw or retain office tenants. 'It is hard to overstate how exciting this proposal is,' said Noecker, addressing Cronk and her fellow council members during the HRA meeting. 'We are overdue. This site is the lynchpin of downtown. There is so much potential,' she added, while emphasizing that the plans could yet be improved. 'This is just a start. I don't think we're there yet. I'm going to be pushing you.' Several council members have expressed interest in adding affordable units to the project. Nicolle Newton, director of the city's Department of Planning and Economic Development, said there's time to negotiate those and other considerations before a project agreement is finalized with the developer by the end of 2026. On Feb. 19, 'we'll just be saying, 'yes, we're going to be holding hands with this team,' and we'll be working toward what a project would look like,' Newton said. 'No less exciting, just an earlier step. It's still a huge deal.' The Metropolitan Council, a joint land owner with the city HRA, is expected to approve tentative developer status for Flaherty and Collins on March 12. The company continues to own 2700 University, a six-story, mixed-income building, which it opened along the Green Line's Westgate Station in 2016. 'It seems that a lot of the commissioners share some excitement about this,' said Council Member Cheniqua Johnson, the newly-installed chair of the St. Paul HRA. Local News | Coal-fired pizza coming back to Robert Street in downtown St. Paul Local News | St. Paul officers justified in Belle Plaine shooting of murder suspect Local News | Downtown restaurant and event space, formerly Pazzaluna and Momento, to be sold at auction Local News | B Kyle: On public safety in St. Paul: progress made, more work ahead Local News | Stella, Landmark Tower and Hamm Building conversions could bring 1,200 residents downtown
