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economic development

Peoria Place celebrates first development

$500 million Caliber by Greystar is a three-building, Class A industrial development

Posted 6/6/24

Peoria and Greystar officials earlier this week celebrated a ribbon cutting for the completion of Caliber, a three-building, Class A industrial development in Peoria.

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economic development

Peoria Place celebrates first development

$500 million Caliber by Greystar is a three-building, Class A industrial development

Posted

Peoria and Greystar officials earlier this week celebrated a ribbon cutting for the completion of Caliber, a three-building, Class A industrial development in Peoria.

Caliber marks the first piece within Greystar’s $500 million, 88-acre Peoria Place master plan, which, when completed, will include luxury apartments, build-for-rent homes and ground-floor retail in the heart of Peoria’s historic downtown, according to a news release.

In January, Greystar broke ground on Marlowe Peoria Place, which will add 370 apartment homes to the Peoria Place master plan. The project will feature a fitness center, pickleball court, two dog parks, a coworking space in the clubhouse and a pool with cabanas and spa. At build-out, Peoria Place will include more than 700 apartments, 255 build-for-rent homes, 4,900 square feet of retail space and the Caliber logistics project.

“High on this city council’s list of priorities is bringing new life to our historic downtown,” said Peoria Mayor Jason Beck. “Greystar’s Peoria Place is a critical component as we work to grow new housing and employment opportunities in the place in which our city was founded.”

Located at 9303, 9451 and 9595 N. 79th Ave. in Peoria, Caliber by Greystar spans 411,918 square feet in three buildings – 114,446-square-foot Building A, 122,863-square-foot Building B, and 174,609-square-foot Building C.

“For 30 years, the city has worked to spur new development in historic downtown Peoria, and Peoria Place hits the mark,” said Mayor Pro Tempore Jennifer Crawford. “As the councilmember that represents this part of Peoria, I am thrilled to see the evolution and know that this development will help spark even more opportunities in this area.”

All buildings feature 32’ clear height, modern 50’ x 52’ column spacing, energy efficient LED lighting, ESFR sprinklers and 190’ truck courts. Infrastructure installed at each building offers tenants the opportunity to double their power capacity from 3,000 to 6,000 amps, supporting expanded capabilities and value-add improvements such as roof-mounted solar systems and EV charging stations. Together, Caliber offers 99 dock doors and six drive-in doors, as well as parking for 554 cars.

“The completion of Caliber is the first step toward realizing our vision for Peoria Place, and we’re extremely pleased to hit this milestone,” said Wil Hogue, Greystar Senior Associate. “Caliber will serve as a magnet for new business and employment, fortifying the ‘work’ element in our live-work-play master plan. We appreciate everyone who joined us today to celebrate this achievement and we look forward to the positive economic impact to come.”

All buildings also include completed speculative office space with conference rooms, break rooms, open and private offices, and restrooms. To facilitate an immediate move-in, Greystar has speculative HVAC and lighting on site so that a new tenant can immediately occupy 40,000 square feet while waiting for permits to occupy their entire leased space.

“These buildings were designed to fill Peoria’s need for flexible, immediately available industrial space,” said JLL Executive Managing Director Anthony Lydon, who along with JLL’s John Lydon, Hagen Hyatt and Kelly Royle serve as Caliber’s exclusive leasing brokers. “We already are fielding strong leasing interest from a host of high-quality users, which we know will bring great value to the community.”