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IH Mississippi Valley Credit Union buys lot at busy Peoria location
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Peoria construction at War Memorial and University may host business
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Courtesy The Kim Group
The long-vacant property at a busy Peoria intersection might have a combination of retail and residential buildings in the not-too-distant future.
According to developer Katie Kim of The Kim Group, plans are progressing for development of the former Jim McComb Chevrolet site at the corner of War Memorial Drive and University Street.
“We’re working with the owners of the property right now to redevelop the roughly five acres that are right there at that southeast corner,” said Kim. “We have a financial institution that has the 1.6 acres right at the corner under contract.”
Kim said that the original hope was to have a single entity purchase and develop the entire site, but dividing the property has emerged as the desired scenario.
That’s too long to be empty, according to at least one city official.
“This is a gem in the city,” said Mike Wiesehan, chairman of the municipal Planning and Zoning Commission.
The good news from that perspective is part of that 4½-acre lot might not be vacant much longer. And the rest of it might be filled eventually with a combination of retail and residential buildings.
A business has a contract to purchase 1.6 acres at the northwest corner of the property, according to Peoria-based developer Katie Kim. That would be at the southeast edge of one of the busiest intersections in Peoria.