Peoria approves tax incentive agreement with mixed-use project developer
The city of Peoria moved forward with what could be the final development agreement needed for a new mixed-use office project in the West Valley city called Stadium Point, which has been in the works for several years.
The project will comprise more than 1 million square feet of space across 17 acres owned by the city along 83rd Avenue south of Bell Road at the Peoria Sports Complex, the city’s spring training facility, within the P83 entertainment district.
Stadium Point is expected to start construction in 2023 and comprise 645,000 square feet of class A office space between two buildings, a 220-room hotel, 357 multifamily units and 65,000 square feet of retail or restaurant space and a 28,000 gross-square-foot food hall, according to the developer.
The November agreement establishes a timeline for the developer, Washington-based Steinhauer Properties Inc., to replat the site. It also facilitates the implementation of the Government Property Lease Excise Tax program, or GPLET, a tax incentive agreement that the city said could serve as a reimbursement for public infrastructure improvements made by the developer.