Redevelopment - 301 SW Adams, 304 SW Jefferson, 312 SW Jefferson (Parking Deck)

The City of Peoria, located in Peoria County, Illinois, is seeking qualified real estate development teams through a Request for Qualifications (RFQ) to redevelop three downtown properties: the 301 SW Adams Street Building, 304 SW Jefferson Avenue Building, and the adjoining 312 SW Jefferson Avenue Parking Deck. The procurement aims to transform these properties, with a focus on converting existing office spaces to residential use and creating a mixed-use development. Developers must demonstrate comprehensive vision, expertise, and qualifications in urban redevelopment. The RFQ requires submissions that showcase the ability to maximize local workforce participation and leverage available incentives such as Tax Increment Financing and various tax credits. A pre-submission meeting and building tour is scheduled for May 13, 2025, at 9:30 AM, with proposal responses due by July 24, 2025, at 2:00 PM CT. The city plans to shortlist two to four developers for interviews and ultimately select a preferred developer who can initiate redevelopment within 180 calendar days of executing a Redevelopment Agreement.

The City of Peoria has established specific participation requirements for this redevelopment opportunity, mandating 10% Minority Business Enterprises (MBE) and 5% Women Business Enterprises (WBE) involvement. The properties encompass approximately 167,000 sq ft across eleven stories, including a historic building listed on the National Register of Historic Places, with potential eligibility for Historic Preservation Tax Credits, Low Income Housing Tax Credits, and New Market Tax Credits. Developers will need to address significant infrastructure challenges identified in the existing conditions reports, including water intrusion, aging mechanical systems, and outdated electrical infrastructure. While no specific incumbent vendors are mentioned, the city's strategic plan emphasizes downtown development, business growth, and economic prosperity. Although a precise award value is not specified, the project represents a substantial investment opportunity with potential for transformative urban redevelopment, supported by the city's commitment to revitalizing its downtown area and creating innovative mixed-use spaces.