The city of Peoria and American Life Inc. are in the midst of finalizing negotiations that would develop the 17-acre space around the Peoria Sports Complex into a mixed-use facility.

On Wednesday, the Peoria City Council approved the Memorandum of Understanding with American Life Inc., rendering the city and real estate giant free to proceed with finalizing a developmental agreement, according to a press release.

“We are delighted to partner with the city to develop the Stadium Point site. The complex will create a mix of uses combining Class A office, hotel, multifamily, and retail that is unique to the area,” President of American Life Greg Steinhauer said in the release.

“The live, work, and play experience will bring unparalleled amenities to the Peoria market, create high quality jobs, enhance the sports complex and set a new standard for offerings available to visitors, sports fans, residents and businesses in the Peoria community.”

In order to convert 17 acres of city-owned land near the Peoria Sports Complex — known as Stadium Point at P83 — into a vertical, multi-use facility, the city of Peoria issued a request for proposal in October 2019 in search of a master developer.

RFP requirements included: Class A office space, a full service hotel, dining options vertically integrated multifamily residential units, retail outlets and considerations for the Peoria Sports Complex and Major League Baseball spring training operations.

The city expects the project to extend more than one million square feet when completed.

Click here to read the full press release.