PERU – A $70 million dollar renovation could be happening to the property known as the Peru Mall over the next three years, if developers have their way. Peru Director of Economic Development Bob Vickrey said Mayor Scott Harl and himself have met with the owners, GK Real Estate in Barrington, to get an idea for what they will be proposing at an upcoming planning commission meeting.
“We’re very thrilled about it, since the early 70’s the mall has been an important part of the city of Peru and North Central Illinois” Vickrey said Tuesday.
The Peru Mall began life in 1974, expanding to 465,000 feet of retail space. However, a number of economic downturns have reduced the number of tenant to just a fraction of what it once held.
In the new plans, set to be unveiled sometime this summer, the northwest corner of the property will see 150 one and two bedroom apartments in a $27 million dollar construction project developers hope will be completed by 2021. Much of the existing building will be either tore down or renovated, with storefronts facing outward. Entertainment and restaurant buildings are also a part of the proposed redevelopment, with a hopeful construction date by the end of 2023.
The upcoming planning commission meeting has yet to be announced, but it will be open to the public. With a substantial price tag for what was once a major retail area in the city, Vickrey is hopeful that some public tax considerations will be made to guarantee the projects success.
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