Redevelopment Plans for Tower in Peoria

Peoria is taking bold steps toward revitalizing its downtown core with two key redevelopment projects: the Tower on Adams (PNC Bank Building) and the long-shuttered Riverview Plaza. These efforts signal a renewed commitment to modernizing infrastructure while creating new residential, commercial, and job opportunities for construction workers and tradespeople across the region.

Three Developers Submit Redevelopment Proposals

The City of Peoria recently received redevelopment proposals from three firms for the transformation of the Tower on Adams property:

• Baldovin Construction (Peoria-based)

• J. Jeffers & Company (Milwaukee)

• Urban Equity Properties (Rockford)

Central Illinois Proud reports that each firm submitted plans to convert the 11-story PNC Bank Building into a mixed-use complex with more than 100 residential units, along with new commercial and retail space. The adjacent Creve Coeur Building and accompanying parking deck—part of the city’s $1.75 million purchase from Cullinan Properties in 2023—are also included in the scope of redevelopment. Total renovation and construction costs are projected to exceed $50 million.

“Our hope is to still see that the building developed as a mixed-use building. PNC will be here for the foreseeable future, and we’re looking forward to seeing what the developers’ vision for the project might be. From our perspective, what we wanted to ensure is that the life safety issues — if there’s something that happened in the building and our firefighters had to go into the building, that it would be safe for them to enter the building so that’s the reason why we went this route."

City Manager | Patrick Urich

Current Tenancy and Leasing Updates

Although underutilized, the Tower on Adams continues to house commercial tenants. PNC Bank extended its lease through 2031 but plans to reduce its space and relocate some staff to the Metro Center. Meanwhile, Clifton Larson Allen (CLA) has a lease that runs through 2027 but is preparing to move to a new office in Peoria Heights by the end of 2026.

Construction Timeline and Job Creation

Following the selection of a development partner, construction is expected to take approximately two years. For the construction workforce, this represents a significant and stable employment opportunity. Roles likely to be in demand include:

• Structural and retrofitting teams

• HVAC and mechanical contractors

• Electrical and lighting installers

• Exterior restoration specialists

• Elevator modernization technicians

• Carpenters, drywallers, tilers, and painters

City Development Vision and Ownership Strategy

City Manager Patrick Urich clarified that Peoria does not intend to remain the long-term owner. Any redevelopment agreement will include the sale of the property back to the selected developer. The city’s objective is to guide and facilitate the revitalization process while ensuring that the updated property enhances downtown livability and economic activity.

The vision includes a dynamic blend of residential units, retail storefronts, and commercial office space to re-energize downtown both during the day and into the evening.

Riverview Plaza: Progress on Life-Safety Upgrades

Parallel to the Tower on Adams redevelopment, efforts are underway to address critical safety concerns at Riverview Plaza. The 20-story building was shuttered in February 2024 after a water main break compromised the fire suppression system.

In a recent agreement, property owner MJ Illinois committed $500,000 to an escrow account designated for fire alarm and sprinkler repairs. In exchange, the city has agreed to drop potential fines and penalties.

Chase Bank vacated the building in September, and most tenants have since relocated. A prior settlement between the city and MJ Illinois called for code violations to be addressed, but action only began following the escrow agreement.

Economic and Construction Industry Impact

Both redevelopment efforts are essential components of Peoria’s broader downtown revitalization strategy. By transforming vacant and underutilized structures into vibrant mixed-use hubs, the city aims to attract new residents, support local businesses, and preserve architectural heritage.

From the standpoint of tradespeople and construction professionals, these projects offer sustained work across various specialties. Local contractors, materials suppliers, and skilled laborers stand to benefit from increased demand throughout the project lifecycles.

As Peoria advances these high-impact developments, it is paving the way for a renewed and dynamic downtown—a cityscape shaped by the contributions of its workforce and fueled by a commitment to progress.