Dreamers + Developers = Downtown Development

Businesses want to be downtown because of the potential synergy with other companies.

by Michael J. Freilinger, Downtown Development Corporation of Peoria
CORE Construction
CORE Construction recently relocated its main office to a larger space at 601 SW Water Street in downtown Peoria.

Any town with a riverfront has a unique advantage over those that do not! A vibrant riverfront encourages tourism, which in turn encourages dreamers and developers, as we are seeing today in downtown Peoria. One exciting, new development was recently announced by two partners who see significant benefits in not only bringing more visitors to Peoria’s riverfront, but in attracting employees who will stimulate the downtown economy.

OSF HealthCare is partnering with CORE Construction to move CORE’s headquarters downtown and establish a virtual care center along SW Adams Street. By developing a joint venture focused on medical facilities, two very different companies (construction + medical) show how working together can create synergy to solve problems applicable to a much wider segment. To better facilitate this massive undertaking, CORE Construction will move its base of operations into the Warehouse District.

So, why downtown? National studies show that businesses want to be downtown because of the potential synergy with other companies. Not only does that apply to businesses in the same industry, but it enhances the ability of different sectors to work together—as this example shows. OSF HealthCare is a strong regional employer and understands the importance of a strong commitment to downtown. As a result of its work, another homegrown company, CORE Construction, has chosen to make the move to downtown Peoria.

“From the City Council side and also as a proud Peorian, it’s really exciting to see this energy coming back to our downtown,” says Mayor Jim Ardis. One of the biggest benefits of living and working in a vibrant downtown is walkability—to work, parks, restaurants, museums, groceries, etc. Another significant advantage is the ability to collaborate with other businesses to get a job done, whether large or small.

Citing the University of Illinois innovation hub still on the drawing board for the 200 block of SW Adams, OSF CEO Bob Sehring said he hopes the proximity of the OSF buildings and the innovation hub will help create attractive spaces for other startup companies to consider as well. In turn, all of this new business will drive the need for new living spaces, restaurants and retail shops—and it opens the door to a myriad of other conceptual opportunities for dreamers and developers to come together, just as OSF HealthCare and CORE Construction  are doing.

The DDC invites you to tour our downtown, dream big and collaborate to help continue the momentum of redevelopment in downtown Peoria. To learn more about development incentives and opportunities, call (309) 369-6038 or visit downtownpeoria.us. PM