Teekona Group, Inc., acting as the master development company, shall oversee the development of this project over the next two years with the expectation of including other partners who will purchase/ lease and develop smaller portions of the master plan. Teekona Group will ask for options on future designs for value engineering, sustainability, as well as rooftop amenities.
Located in the community of East Peoria which features a strong economy, offers close proximity to all needs, recreational amenities and has a pro development municipality. This project is well positioned to take advantage of the need for residential apartments.
Commercial and residential vacancy rates in this market are currently 9% and 4% respectively. These rates are expected to fall significantly over the next 2 years. The only apartments that are “comparable” to this project is in Peoria, and they are not new construction. Teekona Group, Inc. has acquired a market demand study that estimates the demand for a total of 543-822 market rate rental units.