Apartments, office project near Peoria spring training stadium could begin next year
Peoria could get 400 new apartments as part of a mixed-use plan including offices, a hotel, restaurants and a public plaza on the parking lots of the Peoria Sports Complex at 83rd Avenue south of Bell Road. The hitch: The city will sell the 17 acres, but it’ll be deeded back for a government property lease excise tax (GPLET), and the developer will temporarily lease it. This arrangement will let the city reimburse the developer for infrastructure improvements and will allow the developer to forego property taxes until the improvements are done. Phoenix and Peoria have lost court cases over GPLETs, but the city says this one should go through because it’s a reimbursement deal for public projects.
