Peoria’s Plans for Major Growth

Peoria’s city officials are hoping to reposition its identity from a “bedroom city” to a dynamic development hotspot by designating 8,300 acres of state trust land for growth. The two designated areas, labeled the North Peoria Gateway (NPG) and Peoria Innovation Core (PIC), are set to drive commercial and business expansion. Peoria Mayor Jason Beck said the city’s focus for the innovation core could be medical, engineering, and manufacturing, claiming it would have a lot of similarities to the growth in Austin, Texas, and Phoenix and that it would take decades to build out the site. Additionally, the city plans to develop Peoria Airpark, a general aviation airport, and commercial and industrial park, which could generate 15,000 jobs and $15 million in annual tax revenue for the city, with a $3 billion economic impact. These updates are set out to establish Peoria as a thriving economic hub in the coming years. 

Source: https://www.bizjournals.com/phoenix/news/2024/04/03/peoria-innovation-core-growth-tsmc-phoenix.html