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Developer says Stadium Point remains viable but needs equity; council presses for clearer timeline
Summary
City staff and Steinhauer Properties told the council they are pursuing equity partners to fund Stadium Point and will prioritize multifamily and a Hilton Curio hotel while continuing to market proposed Class A office space.
City staff and the Stadium Point master developer, Steinhauer Properties, updated the council April 22 on progress and market obstacles for the 17‑acre Stadium Point project in Peoria’s P83 district, emphasizing that the team is seeking equity partners to move from schematic design to construction.
Deputy City Manager Mike Faust and developer Rory Sandstrom outlined the project’s history: the development agreement (DDA) was negotiated and approved in April 2021, followed by an implementation development agreement (IDA) in November 2022 that adjusted timing and confirmed public-incentive tools. Sandstrom said Steinhauer has spent more than $10 million in predevelopment capital and has executed schematic design for all vertical elements — multifamily, hotel, office and…
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