Rendering courtesy of Greystar Real Estate Partners
Greystar Real Estate Partners, LLC (“Greystar”), a global real estate company, announced the groundbreaking of Marlowe Peoria Place in January. This new venture marks the latest addition to Marlowe-branded apartment communities and forms a significant part of the comprehensive Peoria Place master plan.
Strategically positioned west of Grand Avenue and south of Monroe Street, Marlowe Peoria Place is poised to be a cornerstone in the Peoria Place project, which envisions more than 700 apartments, 255 build-for-rent homes, and a significant amount of logistics space.
“Marlowe Peoria Place is an important piece in the overall Peoria Place master plan,” says Billy Cundiff, managing director of development at Greystar. He highlights the project’s significance, saying, “Marlowe Peoria Place will highlight the entrance to Old Town Peoria with a public art piece and bring 4,900 square feet of retail space that will serve as an amenity to the entire area. This project is truly a partnership between the city and Greystar to get the master plan off the ground.”
Peoria Deputy City Manager Mike Faust underscored the project’s role in the city’s growth. “In Peoria, we realize that a diverse housing portfolio is key to attracting new business,” says Faust. “Peoria Place is a wonderful addition to the community, bringing new retail businesses and a connection to our P83 Entertainment District with easy access to the 101.”
Marlowe Peoria Place, as the first conventional multifamily community within the master plan, features a three-story design with 370 apartment homes. These homes, offering one- and two-bedroom floorplans, range from 650 to 1,180 square feet. The community aims to blend comfort with luxury, boasting interiors with quartz countertops, stainless steel appliances, two color schemes, and a host of community amenities. These include a 1,200 square foot fitness center, pickleball court, two dog parks, coworking space, and a pool with cabanas and a spa. The architecture, inspired by Spanish desert styles, will resonate throughout the master plan.
Adjacent to the city of Peoria municipal offices, the Peoria Place master plan is set to enrich the Old Town area with restaurants, retail, and lifestyle-related businesses, complementing the city’s vibrant events. Its proximity to Pioneer Community Park, the Westgate entertainment district, State Farm Stadium, and the Peoria Sports Complex underscores its strategic location.
This ambitious project is backed by equity partners Link Capital Partners and BCI Asset Management. For more information, visit peoriaed.com/available-sites/peoria-s-premier-development-sites/peoria-place.