One building that has been on the drawing board for years may soon become reality in East Peoria.
On July 20, city council unanimously approved issuing Gary E. Matthews, president of EM Properties Ltd., about a quarter of an acre of land to construct GEM Tower, a 12-story building on the property behind TGI Friday’s.
In return, the city will receive access to land to construct Bass Pro Boulevard, a road planned to run along the east side of Riverfront Park to Bass Pro Shops.
The whole GEM Tower project site is about three to four acres.
“Mr. Matthews has had this as a dream of his for many years actually,” said commissioner Tim Jeffers. “This agreement accommodates to the developer. … Also it helps us as a city.”
The building will include eight floors of “high-end commercial offices” and the top four floors will house condominiums, said city attorney Dennis Triggs.
“The property that is being transferred in order to enable this development to occur will be returned to the city if it does not happen,” Triggs said, adding that the minimum market value of the proposed building is $15 million. “If it happens, then there will be a terrific amount of revenue generated for the city. I say ‘if.’ The track record indicates it will happen. Then, the skyline will be changed forever.”
Commissioner Mike Unes noted the continued economic growth that will continue following the Bass Pro Shops announcement.
“This is the first of many developments that I see coming to the city of East Peoria because of Bass Pro Shops,” Unes said.
Commissioner Dan Decker seconded Unes’ predictions.
“We received some criticisms last week when we talked about Bass Pro,” Decker said, adding that the criticisms were understandable. “But, knowing all along what Bass Pro brings with it, I think was one of the driving factors of all of this. East Peoria is becoming a very different town, and hopefully soon we’ll have numerous other announcements right on its heels.”
Matthews was not at the meeting and could not be reached for comment.
