PEORIA, AZ — The city of Peoria has approved a new development agreement and is committed to spending up to $1.5 million for public infrastructure improvements for its historic Old Town area in the southern part of the city.
Last year, Peoria posted a request for proposals for the redevelopment of several parcels for potential high-quality dining and entertainment options in a pedestrian-friendly environment. The city's request called for proposals that prioritize top-tier or specialty restaurants, while the secondary use accepted would be specialty retail or multifamily.
On Tuesday, Peoria's City Council approved the new development agreement with Zonapart LLC, an entity connected to Phoenix-based Arizona Partners in Real Estate, to create a plan for a proposed retail and dining district with new restaurants, shopping, and entertainment options.
The agreement could mark a significant step for Old Town Peoria, which has undergone a number of meetings, plans, and developers over the years but struggled to progress. Last year, plans to redevelop portions of Old Town died after Vintage Partners backed out of the project.
