Late last month, the Peoria City Council unanimously voted against extending an economic development agreement with ZonaPart LLC (Arizona Partners in Real Estate) to create a development plan to revitalize the Old Town area.
Peoria has struggled for years to gain traction on Old Town revitalization. AZPRE was first brought into the mix in 2021 to redevelop the district and join with the City in an economic development agreement. Council granted a conditional agreement in 2022 with stipulations that the advisor form a development plan and engage in public outreach meetings to gather input by Dec. 26.
Peoria officials say that agreement never took effect and no public outreach has taken place. City staff had recommended extending the deadline until June 20 to allow the developers more time to satisfy the stipulations, but Council rejected the recommendation.
Terms of the agreement included AZPRE creating a retail, dining and entertainment district in Old Town. Peoria would have reimbursed the developer for needed area infrastructure improvements. Requirements included the creation of a development plan with a proposed phasing and completion schedule, along with a determination as to what public infrastructure improvements would be required.
Council members said they voted against the agreement extension because they did not want to add more delays.
Before connecting with AZPRE, Peoria had spent two years working with Vintage Partners on an Old Town redevelopment plan. Vintage Partners walked away from the project after negotiations failed to deliver an approved agreement, among other difficulties.
It is currently unknown whether Peoria and AZPRE will continue with any sort of relationship, but City representatives have stressed that revitalizing the Historic Downtown area remains a priority. (Source)
