Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Peoria approves Opus development agreement to build speculative industrial space in Innovation Core
Summary
Council approved resolution 2026-47 authorizing a development agreement with Opus Development for a 12-acre parcel in the Peoria Innovation Core to construct about 150,000 sq ft of speculative industrial space, with an option on an adjacent 12-acre parcel and financial terms tied to fair market value.
The Peoria City Council on March 24 approved a development agreement with Opus Development that authorizes the sale and development of a 12.2-acre city parcel in the Peoria Innovation Core for speculative industrial construction intended to attract semiconductor-supply-chain and advanced manufacturing tenants.
Economic Development Director Maria Lochner said Opus will build approximately 150,000 square feet of flexible industrial space designed to be divisible for multiple smaller tenants that emerging technology firms commonly seek. Lochner described performance milestones in the agreement: Opus must submit a site plan within 60 days of execution, seek site-plan approval within six months and complete construction within roughly 23 months of approvals.
Financial terms discussed in staff materials and summarized by Lochner include a fair-market land price set at about $15.40 per square foot for the initial parcel, producing an estimated $8.18 million into the PIC revolving fund upon close of escrow; the agreement includes an option for Opus to purchase an adjacent 12-acre parcel (C2) at a future time with a floor/ceiling mechanism that protects both parties (a 3% minimum annual floor to cover holding costs; up to an 8% per-year cap for valuation growth during the option period).
Council members asked about water supply and industrial user types. Lochner and other staff said the city will not proceed with development that lacks required water under Peoria’s assured water program; staff noted existing CAP allocations and ongoing conversations with the State Land Department about additional allocations or developer-funded water solutions. On user types and public concern about heavy chemical users, staff said allowable uses are governed by zoning and permitting and the PCD and special-use review process will provide additional oversight.
The council approved the resolution 7-0. Staff said the Opus project aims to create immediate industrial inventory that could serve as a landing pad for supply-chain firms evaluating Peoria and the broader region.
