The City of Peoria announced yet another development project in the P83 Entertainment District, bringing a highly sought-after destination dining district and restaurant concepts to Peoria. The Peoria City Council approved a development agreement and a real estate purchase agreement with Common Bond Development Group (CBDG) for the redevelopment of the north Peoria Sports Complex area.
“The City of Peoria created and strategically shaped the P83 Entertainment District brand, and I am excited to see our efforts continue to pay off,” said Mayor Cathy Carlat. “Common Bond Development Group is an innovative company that has proven its ability to deliver notable restaurant and retail projects throughout the region and I am excited to welcome them to Peoria.”
Last October, the City of Peoria issued a Request for Proposals (RFP) to solicit partnerships to develop city-owned sites within the P83 Entertainment District to bring high quality projects and designs to the area. The P83 Entertainment District is a key investment zone for facilitating economic development activities, as outlined in Peoria’s Economic Development Implementation Strategy. The 2.66-acre site that was identified for this project is within the Peoria Sports Complex north parking lot, near the future site of Stadium Point, and east of 83rd Avenue and south of Paradise Lane. CBDG was selected in the RFP process and the city has been working with them for six months to develop a dining district in P83 that will include three, first class restaurant concepts, one of which is anticipated to be Postino WineCafe.
City staff has worked collaboratively with CBDG to negotiate development and real estate purchase agreements that outline the terms and conditions for acquisition and development of three quality restaurants and associated improvements to the property. CBDG is a commercial real estate development company located in Phoenix that has demonstrated an ability to deliver several notable industry-redefining restaurant and retail projects throughout the region.
“We’re excited to move this project forward in partnership with the City of Peoria,” said Brian Frakes, principal and founder of CBDG. “We’re committed to delivering a development with best-in-class restaurant concepts that fit what the community has been looking for, and Postino WineCafe hits every single mark. We are also in the process of adding additional tenants that bring diversity and hospitality excellence to the project.”
This project is expected to be a total of 15,000 square feet and likely begin construction next year.
“The city has sought to create a unique dining district that would serve as a special gathering place for residents and visitors, and we are thrilled to see it coming together,” said Jen Stein, Peoria’s Economic Development Services Director. “And, even more exciting is being able to announce top-tier restaurants that have decided to grow their brands in Peoria, which have long been in demand by our residents. This new destination dining district will be transformative for P83.”
For more information about this project and other premier sites in Peoria, visit www.peoriaed.com.