H&LA Development Update: Peoria, Illinois

Our recent research for a project in Peoria, Illinois revealed some exciting new hospitality-related developments happening in the area. These developments will have an impact on tourism, employment, and the general economy in Peoria and the surrounding areas in 2024 and beyond.

  • City officials in Peoria are moving forward with plans for a new downtown park that would stretch for four blocks above Interstate 74 between Perry Avenue and Adams Street. Dubbed InterPlay Park, this area would include a mix of green space, trees, walking paths, and community gathering places. This project is expected to cost between $160 million and $200 million to complete. As of our research date, no official timeline has been announced.
  • In August 2023, the Peoria City Council approved a new $26 million Riverfront Master Plan. Supported by $15 million in state funding allocations, the plan will include flood protection measures, public seating, public restrooms, a sculpture garden, a dog park, and a “barge park” extending out into the river.
  • OSF HealthCare opened its new $237 million OSF HealthCare Cancer Institute on the OSF Saint Francis Medical Center campus in Peoria in spring 2023. This 180,000-square-foot facility now offers a range of inpatient and outpatient treatment services. As one of just two facilities in Illinois to offer proton beam therapy, it is expected to draw patients from throughout the Central Illinois region and beyond.
  • A new family entertainment center called The Putt Club is now under construction in East Peoria. This new attraction will include two 18-hole miniature golf courses – one indoor and one outdoor – along with a full bar and restaurant. Located along Interstate 74 near the Bass Pro Shops, this 18,000-square-foot facility is scheduled to open in March 2024.
  • The City of East Peoria has announced plans for a $6 million renovation and expansion of its existing EastSide Centre multi-sport complex, which currently consists of 10 baseball/softball fields, four soccer fields, three indoor basketball courts, and a 20,000-square-foot gymnasium. This project will involve the addition of four multi-use courts, as well as renovations to existing restrooms, locker rooms, and concessions areas. Once completed, this project will improve the city’s competitive position when it comes to attracting regional sports tournaments.
  • A new passenger rail line has been proposed that would run daily between Peoria and Chicago, with stops in LaSalle-Peru, Ottawa, Morris, North Utica and Joliet. At an estimated cost of over $2.5 billion, this major project could increase visitation to Peoria and significantly benefit local businesses. The new rail line would most likely be administered by the Amtrak passenger rail system; however, no official timeline has been determined.
  • General Wayne A. Downing Peoria International Airport was recently awarded a $15 million federal grant to build a new air traffic control tower. This will replace the existing tower, which was built in the 1950s and is now the second oldest air traffic control tower operating in the United States. The airport is also planning to undergo a complete resurfacing of its runways. These important upgrades will improve safety conditions and support future air travel in and out of Peoria.