FIVE NORTH at Vistancia could see 1,500 more residential units than originally proposed under a request by owners IHP Capital Partners and Varde Partners, who are seeking changes to the Vistancia planned community district.
The current zoning allows a total of 10,500 units in the overall 7,100-acre Vistancia master plan. The request would increase that to 12,000.
The newly proposed housing would be in the master plan’s 320-acre FIVE NORTH commercial core, which is located toward the southern end of Vistancia and is planned for a mix of multifamily, retail, industrial and other uses. The total unit count in FIVE NORTH would be 1,900.
Opponents to the additional housing have submitted a petition with 108 signatures and provided 142 opposition letters to the City of Peoria raising fears about potentially increased crime, harm to property values and infrastructure impacts. Proponents of the project have submitted 216 letters of support, saying they favor increased housing diversity and commercial support.
The Peoria Planning Commission will hear the request this week. If approved, construction could begin next year. Vistancia representatives say an agreement with a multifamily developer is in escrow. The first components to be constructed will be the multifamily portion and a semiconductor supply project. Commercial and hospitality components will then follow. (Source)
