Development agreement
500-516 Main Street, Peoria, IL
4/ 5
High impact
Bedrock impact score
Action type
Development agreement
Asset class
Multi-asset · site-wide
Status
On municipal record
Filed
2026-07-28
Jurisdiction
Peoria, IL
Days on record
4 days
01Investment highlights
Why this deal matters
- Development agreement in Peoria, IL
- Bedrock impact score 4 of 5 — High impact
- City-backed redevelopment agreement in a designated Hospitality Improvement Zone signals public subsidy/incentive support for mixed-use hotel conversion
- A comp for underwriting similar adaptive-reuse hospitality plays in downtown Peoria.
- On the municipal record 4 days (filed 2026-07-28)
02Deal summary
The rationale
City-backed redevelopment agreement in a designated Hospitality Improvement Zone signals public subsidy/incentive support for mixed-use hotel conversion — a comp for underwriting similar adaptive-reuse hospitality plays in downtown Peoria.
Peoria City Council is adopting an ordinance approving a redevelopment agreement with 500-516 Main Street LLC to renovate three ground-floor commercial units and convert the second floor to boutique guest lodging at 500-516 Main Street within the Hospitality Improvement Zone District.
03Deal facts
The filing record
- Jurisdiction
- Peoria, IL
- Action type
- Development agreement
- Asset class
- Multi-asset · site-wide
- Applicant
- 500-516 Main Street LLC
- Status
- On municipal record
- Filed
- 2026-07-28
- Days on record
- 4 days
04Location
Where this sits
500-516 Main Street, Peoria, IL
40.69931, -89.59745
Street view
At street level
Area demographics
Peoria County
181,111
Population
$55,729
Median HH income
73,519
Households
$643
Median rent
U.S. Census · ACS 5-year
Nearby amenities
Within ~1 mile
20 Transit
12 Schools
20 Dining
10 Banks
19 Parks
Points of interest · Google Places
05Record timeline
Filing to current status
- Filed with jurisdiction2026-07-284 days on record
- Scored by BedrockRelevance 4 / 5Automated land-use signal
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