The City of Peoria is planning $522M over the next 10 years to support the future 6,700-acre Peoria Innovation Core.
The City entered into an agreement with the Arizona State Land Department that lets it lead planning for the site, which largely centers in an area along Loop 303 between State Route 74 and Lake Pleasant Parkway. Peoria will make an initial investment of $140M for public roads and utility infrastructure to spur development of the intended economic development and business core targeted at attracting advanced industries.
Projects planned for PIC in Fiscal Year 2026 total more than $116M and include construction costs, studies and consulting costs.
Land in the site will be acquired by prospective developers through ASLD auctions. In exchange for making the land “shovel ready,” Peoria will be reimbursed for its costs. The City will carry the costs until then.
This year’s Capital Improvement Plan includes a new category created specifically for PIC. Roughly 20 projects are planned over the course of the next 10 years, including six in FY 2026. These include $27M for road improvements to Ashler Hills Drive from Lake Pleasant Parkway to 96th Avenue, including design, land acquisition and construction.
Peoria has already approved some of the funding sources needed for projects in PIC, and officials acknowledge recouping all the expenditures will require several years. Improvements are expected in phases, with reimbursements from earlier phases going to offset the costs of later projects. (Source)
