Innovative Spaces Make Greater Peoria a Creative Place to Do Business

PEORIA, Ill., June 16, 2022 /PRNewswire/ -- While brick-and-mortar space may come at a premium in larger metropolitan areas, the revitalization in the Greater Peoria area is helping business owners get a greater return on their investment. For people looking for a hip, creative space to start or revitalize their business, the Greater Peoria area has a lot of innovative spaces being created in buildings being repurposed for multi-tenant spaces, mixed use and single tenant.

"I think we're made a little different here in the Greater Peoria area. We like to start businesses and grow them from within and really the fabric of Greater Peoria allows that to happen," said Katie Kim, CEO of Peoria-based commercial real estate development firm The Kim Group. "We are a catalyst area… an ideation area where we have amazing coffee shops to meet in and grow ideas."

Among the restoration projects The Kim Group has completed in the Greater Peoria area is Keller Station, which has evolved from its original use as an Illinois Department of Transportation building to an incubator for local entrepreneurs. Starting with the existing infrastructure, The Kim Group renovated the interior of each building to create commercial spaces for salons, boutiques, coffee shops, eateries, shared office spaces and more.

"When you move into Keller Station, you become part of the Keller Station family because you know everybody knows what's going on with each other and builds each other up," Kim said. "If you have an issue with a business problem, there's always somebody on campus that can help you out with it or can connect you and really advance the close-knit network that we have in Greater Peoria." In addition to new developments, Kim said the Greater Peoria area provides a network of skilled individuals willing to share their expertise with one another. In other words, as a business owner, you never go it alone in the Greater Peoria area.

"Since Peoria has the economics with its low cost of living and it has those connections, people want to build other people up," Kim said. "You may have some knowledge, but maybe don't you know how to get to the next level. Then you have a conversation with somebody, then they have a conversation with somebody else. Then it all connects and creates this beautiful blossom, if you will, of entrepreneurship within our community."

Another local developer, Baldovin Construction, has similarly transformed buildings that have stood for generations into trendy, innovative spaces for growing businesses in addition to creating trendy new housing options throughout the area. Some of the firm's most recognizable projects have taken place in Peoria's Warehouse District, where fabulously preserved brick buildings are being redeveloped and repurposed for up-and-coming small businesses.

"What drew me to redevelop or be a part of the redevelopment of the Warehouse District in Peoria is that I've always thought that is a key to being a hip and attractive community — revitalizing older spaces," said Chief Managing Officer Casey Baldovin. "It costs more, obviously, to renovate than build new. So, when you see people make that kind of investment in their work, buildings, or community, it's showing to the outside world that they do take pride in what they have… not just their work, but their community."

Baldovin said his firm has been involved in numerous projects around the Greater Peoria area, including a renovation of the Süd Building in Pekin. He said his firm takes pride in the region and believes in its potential to serve as an economic hotbed not just for the state of Illinois, but for the country. "When we do feasibility for clients, we'll look at multiple buildings or multiple lots for a new build. I start to look at it as an entrepreneur — how is this going to work?" Baldovin said. "What is your cost per square foot? We try to help them identify some of those because some people don't look at those items. Then, we have in-house designers, so we start laying it out to try to maximize the function of their space."

In addition to available commercial space, both Kim and Baldovin pointed to Greater Peoria's living amenities as potential factors for attracting new business owners. For example, factors such as cost of living and quality of life serve as advantages for the Greater Peoria area over larger metropolitan regions.

"Having lived in Chicago for seven years after graduation thinking I wanted the big city and all that comes with, it also comes with big travel times. So, in moving to the Greater Peoria area, I can get anywhere I want in the city within a 10- to 12-minute timeframe," Kim said. "That means to get to and from gives you your time back, time to grow your business more, more time with your family. You also have the chance to hop on a train and go to Chicago or St. Louis in nearby Bloomington. We do have the Peoria International Airport, but we also have amazing transportation hubs here and that ability where you can live here in Peoria and work on your business during the week."

"Greater Peoria has, in my opinion, one of the best cost of living ratios. You can have your cake and eat it too. You can work remotely and live here, and I think your dollar goes a little further," Baldovin said. "You can have a little bit more time to travel or spend with your family and really do what maybe gives you a better work-life balance. I also think Greater Peoria has a phenomenal ability to bring people in."

Residential and commercial development firm, KDB Group LLC has been instrumental in the revitalization of the Prospect Road corridor in the village of Peoria Heights. Beginning with the Pabst Campus, KDB Group revitalized the historic brick building once owned by a brewing powerhouse, providing commercial space for area businesses while simultaneously honoring the village's heritage. KDB Group is also developing a sustainable, mixed-use space just up the road — Grayboy Plaza Lofts will draw visual inspiration from surrounding infrastructure to create space for retail, commercial, and residential spaces, along with urban green spaces and rooftop terraces. KDB Group has also invested in cultural amenities throughout the Greater Peoria area, refurbishing the historic Scottish Rite Theatre in Peoria and developing the Betty Jayne Brimmer Center for the Performing Arts in Peoria Heights to provide two brand-new cultural centers as venues for dance, theater, concerts, and films.

For more information: Lenora Fisher, Director of Business Attraction, Greater Peoria Economic Development Council. Email: [email protected] // 309-253-6010

SOURCE Greater Peoria 2030