On Monday, the Peoria Journal Star announced that Cub Foods was leaving their location on Knoxville. This caused quite the conversation around town, especially since in today's paper the developer was on record stating that they found out about the move from the newspaper on Monday.
From my understanding and what others have told me, the city approved the development of the MidTown shopping center with Cub Foods being the anchor because they thought it would stabilize the area. The MidTown shopping center also has a handful of little stores/shops. In order to do this development, there were some homes that had to be purchased and judging from the editorials it does not seem like the homeowners received a fair price or did they want to move. So there was a lot of negative feelings from the start, and now it seems like it is taking an "I told you so" attitude.
The article in the Journal Start states that the City of Peoria "owes $5.3 million for the public private partnership that underpins Midtown. It's general obligation bonds end with a $1.1 million final payment in 2019." The developer stated that Schnucks was once interested in the location. However, the "rumor" around town is that Schnucks is going to locate on Knoxville but on the other end of town...the end where a lot of middle to higher end housing is going, which would make sense for Schnucks demographic market.
In my mind, the space still has a lot of potential, and it is close to the two main downtown hospitals who are both in the process of major expansion projects. It is also located along one of the main arteries in the city. It is a great location for a multitude of businesses, and if you are interested, please contact me and lets work a deal to get you into the space.
Comments(0)