Market Study for in and near downtown housing

The housing market research firm Tracy Cross presented their assessment of demand for new and rehabbed housing in and near downtown Peoria. The demand for new housing is strong.

"Downtown Peoria and the nearby areas could add nearly 200 living units annually.
The demand is there," said Erik Doersching, executive vice president with Tracy Cross & Associates Inc. of Schaumburg, the company that developed the study. There is the potential for 168 new rental units - 102 of those from the redevelopment of buildings already within the Warehouse District into loft apartments. There could be an additional 16 "for sale" condominiums and 10 row or townhomes within the district.

Read the presentation below:

Market Study Presentation

Now would be a good time to start the Heart of Peoria Development Corporation, which would bring equity capital for Heart of Peoria housing development, and spread the risk. More information at:

http://peoriadevelopmentcorporation.blogspot.com/

http://warehousedistrict.blogspot.com/

www.cityofpeoria.blogspot.com



Alumni Housing Near Universities

Some recent articles on senior communities affiliated with colleges have appeared in the press and should be of interest to administrators thinking about such projects at their institutions to attract alumni.

Regards,

Gerard Badler
Managing Director
Campus Continuum
17 Cushing Street
Newton, MA 02461


email: gbadler@campuscontinuum.com
phone: 617 964-2422

Great New Book


Chicago City Planning Consultant Doug Farr has written a great book, Sustainable Urbanism: Urban Design with Nature.

Doug Farr believes that "sustainable urbanism" is more than designing green buildings. It also includes the creation of green neighborhoods and planning for sustainable urban growth. Farr describes the design reform movement and gives tips on how to create sustainable urbanism through leadership and communication in cities, communities, and neighborhoods.

Doug Farr is the founding principal and president of Farr Associates, a Chicago-based architectural firm dedicated to sustainable urbanism. He has served as co-chair of the Environmental Task Force of the Congress for the New Urbanism, chair of the AIA Chicago Committee on the Environment, and chair of the U.S. Green Building Council's LEED for Neighborhood Development (LEED-ND) Core Committees. He also developed form based codes for Bloomington and Normal, Illinois.

For more information about Doug Farr and Sustainable Urbanism: Urban Design with Nature, visit the Farr Associates web site at www.farrside.com

New Urbanism and Sustainable Sevelopment

Good article about new urbanism and sustainable development. The two concepts go together very well.

http://www.tndtownpaper.com/Volume7/nu_goes_green.htm

Green Peoria


City staff have developed several plans for the consideration of the Citizens of Peoria, the Planning Commission and the Heart of Peoria Commission. All the documents are early drafts, and have not been adopted by City Council. Staff have presented the concept plans to numerous citizen groups, and the plans have been substantially revised as a result of extensive citizen input. Staff are asking for additional citizen input and Commission approval. Please send your thoughts and recommendations to Craighullinger@gmail.com

These plans can be considered for addition to the Comprehensive Plan and Heart of Peoria Plan.

These plans include:

1. Green Peoria Plan

2. Green Heart of Peoria Plan

3. River’s Edge Redevelopment Initiative

4. Green Edge

5. River Trail Drive



GREEN PEORIA / GREEN HEART OF PEORIA

The proposed Green Peoria / Green Heart of Peoria which would add "green" sustainable principles and goals to the Comprehensive Plan and Heart of Peoria Plan. Most of the principles are appropriate for the entire City and for the Heart of Peoria. These green goals include efforts to:

* Improve and Enhance our Environment
* Live Close to Downtown and the River
* Conserve Our Neighborhoods
* Encourage Sustainable Development
* Save Time and Energy - Walk to Work

Historic Peoria is an inherently "Green" City. Peoria was originally built at high density. Trips to work, shopping, and schools were made by walking or a short streetcar ride. The historic city was energy efficient.

Modern American urban development is auto oriented, with large homes on large lots distant from destinations. Modern suburban development is built at low density. Long auto trips waste a great deal of time and energy.

Our historic “Heart of Peoria has "hollowed out". Most retail has left downtown, and a great deal of near in housing has been demolished. Historic older buildings are often underutilized.

The following are potential improvements to "Green" the Heart of Peoria:

· Energy efficiency in all buildings is encouraged
· Developers are encouraged to create green housing
· Mixed use development will be emphasized
· Historic buildings will be adaptively reused
· Walk ability of the city will be encouraged
· Incentives will be employed to support improvements
· Energy efficient buildings will be required
· Sedimentation & erosion controls will be enforced
· The environment of the River's edge will be enhanced
· Bike trails & racks will be emphasized
· Transit will be maintained
· Trees and natural landscaping will be planted
· Renewable energy sources will be sought
· Recycling will be supported
· Air and water quality will be improved

More info at:

http://greenpeoria.blogspot.com

http://groups.google.com/group/green-edge



RIVER’S EDGE REDEVELOPMENT INITIATIVE

The River’s Edge Redevelopment Initiative would improve and enhance the appearance of the area along the Illinois River. A major industrial area known as Eagle View would be created at I-474 and the River, with a large open space known by the same name. Adams and Washington street would be improved, and the appearance substantially enhanced. The Warehouse District would be redeveloped into a vibrant mixed use area. Open space would be created where possible along the River. The City has created two new Tax Increment Financings Districts to help bring this redevelopment about. Six business owners have signed redevelopment agreements and improved their property, and numerous other business owners are considering redevelopments.

More info at:

http://www.eagleviewpeoria.blogspot.com/

http://www.warehousedistrict.blogspot.com/


GREEN EDGE PLAN

The Green Edge Plan covers the area along the Illinois River from the Riverplex and Washington Street. This plan envisions a public “Green Edge” along the river from Water Street to War Memorial Drive. Over time, the existing river edge can be converted to parks, a riverfront drive, and new residential development.

Currently this area is primarily industrial with two marinas and parks. This plan proposes that the entire rivers edge become a linear park with a scenic drive connecting from Water Street north to Grand View Drive, with new homes, additional public park land, beautification of the area, and enhancement to the natural ecosystem. Staff have proposed to the property owners that they donate the flood way area along the river. This land has little value to the owners, since it cannot be built on, and is a liability.

By donating the land the owners get a tax write off and good public relations. The Park District or IDNR could own this land. Land owners are also encouraged to donate an additional 50 feet, which would be right of way for the new road. The property owners would keep the adjacent land, which could be developed as mixed use development, and which would pay for the road. This plan will likely take many years to implement, but there is interest among some of the property owners. There is also some opposition. Implementation of this plan is completely voluntary - if the property owner do not like the plan, they do not have to implement it. That is why it will probably take many years to implement.

More info at: http://greenedgepeoria.blogspot.com/


RIVER TRAIL DRIVE PLAN

This can be described as the first phase of the Green Edge Plan, and would cover the City owned land from Spring Street south to Water Street.This plan would construct a road through the park parallel to the railroad tracks, providing access and parking to the park and attractive vistas over the Illinois River and Lake. It would also create residential property between the railroad tracks and new road, providing new housing in the Heart of Peoria. It would add security to the park, with homeowners watching the park.

To replace the approximately 7 acres used for the road and park, 7 acres of new ecosystem restoration park would be added from River sediment. This plan proposes two islands, one for wildlife habitat and one for pedestrian access. The interior lagoons would provide improved fishing and water bird habitat.

Environmental Groups have proposed two alternates to this plan. One would be to leave the park as it is presently configured. The other would be to build just the road, without the islands or housing.

If the City Council approves this plan a Request for Proposal (RFP) would be issued, and a quality developer sought to build the development.

Additional information and detailed maps can be reviewed at www.peoriaed.blogspot.com and http://www.greenpeoria.blogspot.com/

Questions or comments can be sent to Craig Hullinger at hullingerc@gmail.com.

Thank you for your review and interest.

Neighborhood Newsletter Grant

Notice of funding availability for the 2008 Neighborhood Newsletter Grant

The 2008 Neighborhood Newsletter Grant application is now available to neighborhood associations located within the City of Peoria. For 2008, the City Council has approved a maximum of $10,000 to support the production and distribution of newsletters throughout the five council districts. To be eligible for the grant, neighborhood associations must be registered with the Planning & Growth Management Department, Neighborhood Division.

Grant applications are available at the Planning & Growth Management Department, Suite 402, Twin Towers Building, 456 Fulton Street. Applications can also be downloaded from the City’s website:
www.ci.peoria.il.us. Go to Government, H-Z Departments, Planning Department, Neighborhoods, Applications & Forms. Go to Newsletter Grant. Grant applications have been emailed to the contact persons listed in the City’s Neighborhood Association Directory.

For information contact Steve Fairbanks at 494-8603.

Market Study for in and near downtown housing

Market Study for in and near downtown housing

The City of Peoria has retained the prestigious housing market research firm of Tracy Cross to assess the market for new and rehabbed housing in and near downtown Peoria. The firm will present their findings at an open meeting at the City Council Chambers of the 4th floor of City Hall at 419 Fulton Street at 4:00 pm on Tuesday, February 26, 2008. The firm will answer questions.

Anyone interested in urban redevelopment in Peoria, or in developing, building, or living in or near downtown Peoria is encouraged to attend.
http://www.tcrossinc.com/http://www.peoriaed.blogspot.com/ Tracy Cross & Associates, Inc. is a professional consulting group serving the residential real estate industry in the areas of market analysis, strategy development, and product planning. From population demographics, through economic variables, area comparables and locational factors, to growth and absorption projections, the firm's primary goal is to identify residential market opportunities where they exist, and to define what the market is and what it is not, thereby guiding its client base each step of the way along a rational, workable path to success.

Tracy Cross & Associates was founded in 1980 and represents virtually all major Chicagoland developers, builders and their lender partners as well as many pubic agencies and governmental bodies. On a national scale, the firm's expertise has led the company into the planning framework of larger-scale master-planned communities, numerous suburban developments, local redevelopment areas, and infill initiatives in inner cities and in mature, built-up suburban areas. Geographic areas of specialized focus include virtually all metropolitan regions in the Midwest, along with various markets in the South Atlantic, South Central, and Mountain regions of the country.

For Peoria, our firm conducted a detailed economic, demographic and residential analysis in order to provide insight into what, if any, housing potentials exist in downtown Peoria (and the Warehouse District in particular) during the next ten years. Levels of opportunity have been identified with these potentials to be presented on Tuesday, February 26, 2008.



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