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Material cost increases slow development of upscale apartment building in East Peoria

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EAST PEORIA (WEEK) -- After more than a year of planning, the Riverview Lofts in East Peoria were finally approved last August.

But, planning & development director Ty Livingston says additional costs have led to a delay in construction.

"(Developers have) been hit with a much higher cost for materials," Livingston said. "Similar to other projects that we’ve talked to, they are kind of hitting the pause button and waiting for the project material cost to come down."

Livingston says the plan was for the project to take around a year and a half - the developer, Teekona Group, would start building in the spring and wrap up around October of next year.

Now, they are estimating the construction will finish around early 2023, and Livingston says this same supply issue is pretty much everywhere.

"I talked to a contractor the other day where they were still waiting on windows for a project they had started and was nearly completed," Livingston said. "The material supply chain has been disrupted and that’s just holding things up.”

Livingston says right now, it’s a waiting game until material prices improve. While new residents say this type of property is just what they were looking for.

"I think it would be healthy for the area - as long as there are jobs to support it," said Michael Yesenka, who moved to East Peoria one month ago.

"We were hoping to get connected in a way the suburbs kind of can't - that's what we were looking for," said Savannah Self, who moved to East Peoria just weeks ago with her husband.

Livingston says the project - worth at least $13 million - is all part of East Peoria's master plan.

“The more folks that you have living adjacent to all the development the city has done over the past 20-plus years really reinforces and supports that investment in the long-term," Livingston said. We are really excited about seeing this moving forward.”

Harry Croton

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