Development agreement in place for Old Town Peoria | News

Thanks to a new development agreement with Zonapart LLC/Arizona Partners in Real Estate (AZPRE), the city of Peoria is one step closer to redeveloping the heart of its city.

The project aims to bring vibrant, new restaurants and retail to five city parcels in Peoria’s historic Old Town area.

“A tremendous amount of hard work and energy has been put into this proposal,” said Jen Stein, Peoria economic development director. “AZPRE has an exceptional portfolio, and we are excited to work alongside this premier developer as they deliver an amenity that our community has long desired.”

The agreement identifies several sites along 83rd Avenue and Jefferson Street, including the Historic Central School Building, the vacant NAPA building, the vacant Jefferson Street parcels and the Jefferson Street Park and Ride Lot. The agreement further outlines a schedule of performance, in which the developer will come back to the city with a detailed development plan.

This plan will incorporate community feedback from the area, including more than 300 resident responses recently received from the Design Concept Report. As the project progresses, additional public engagement will occur to ensure this area continues to reflect the character of Peoria’s cherished Old Town.

“AZPRE is a commercial real estate development company that has demonstrated an ability to deliver several notable restaurant and retail projects throughout the region,” Mayor Cathy Carlat said. “We are excited to see their hand in bringing to life the historic, civic, residential and commercial vitality of Old Town Peoria.”

Peoria’s Old Town has long been identified as an important revitalization and redevelopment zone. In line with Peoria’s Economic Development and Revitalization Strategy, and significant public feedback and engagement over the years, Peoria has guided intentional improvements and completed meaningful investments to elevate the area. This includes enhanced streetscape and landscaping design, public artwork and gathering spaces, and a stronger integration between new and existing businesses.

To further these efforts, in November 2021, the city issued a Request for Proposal (RFP) to solicit high-quality projects and qualified partners to support the continued redevelopment of city-owned sites in the area. Over the past several months, Peoria has been working with AZPRE on a proposal that will bring restaurants, shopping and entertainment. With a shared vision to create a unique, dynamic dining and retail destination, this partnership builds on a brewing energy that has been cultivating in the area in recent years.

“Arizona Partners Retail Investment Group, a leading innovator of specialty retail centers throughout Arizona, is excited to participate with the city of Peoria in the evolution of their old town into a vibrant restaurant, shopping and entertainment district, while preserving its character and rich history,” said Bruce Shapiro, AZPRE partner.

“They will bring restaurants, boutique retail and lifestyle-related businesses to the Old Town area to complement the many events the city hosts year-round, service the thousands of existing and recently built apartment units in the immediate area and function as a gathering place for Peoria residents and visitors.”

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