Located within the Peoria Warehouse Historic District, the original six-story Federal Warehouse Building was built in 1914. Subsequently, the one-story Mitchell Fabrics building addition was completed in 1936. The $28.7 million historic rehabilitation is expected to be completed in March 2024 and will contain 94 market-rate residential units, 12,600 square feet of first floor commercial space, rooftop entertainment space and in-door basement-level parking.
Adams & Oak
Peoria, IL
Total Development Costs:
~$28.7 million
Project Sources:
25% State Historic Tax Credits, 20% Federal Historic Tax Credits, Construction/Mini-perm Loan, Collateralized 2nd Mortgage, Tax Credit Bridge Loan, 15-year R/E Tax Abatement via City TIF, City Façade Grant, Opportunity Zone Equity, and Deferred Developer Fee
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