PEORIA, Ill. – The people behind a downtown Peoria redevelopment project have eyes on making a historic theater grand again.
On Tuesday, the Peoria City Council gave approval for an around $7.2 million project on the 500-block of Main Street.
The plan would expand Hoops Pizza and Pub to nearly double its size, two new restaurants, and a 24-room boutique hotel.
The purchase also includes a nearby-city parking lot, which IDOT currently leases until the end of June 2027, bringing the total cost to around $8 million.
Before the vote, one of the developers behind the project, Jeff Giebelhausen, spoke about how he believes the renovation is the first step in bringing back the Madison Theatre. He is hopeful that the renovations could motivate others for their bigger vision.
“A lot of the things we’ve done in the development set the stage for hopefully donors to come forward and make the Madison possible,” Giebelhausen said.
The council approved a TIF deal that could potentially reimburse the project’s developers around $1.6 million in eligible costs.
Comments