PEORIA, Ill. — New life is coming to Peoria’s Warehouse District.

Over the last few years, there has been a lot of work done to bring business and create excitement in one of Peoria’s most historic districts.

While the Warehouse District has plenty of rich history, local developer Casey Baldovin along with the Downtown Development Corporation of Peoria is looking to create an even brighter future.

The Downtown Development Corporation of Peoria (DDC) announced Thursday that it bought parcels to bring new retail and residential options to the city. The DDC bought the Mitchell Fabrics building and will turn it into a new retail space, and also bought nearby parking lots.

Ninety-nine units of residential space will be available with luxury-style apartments. City leaders said the apartments will be priced within the market rate to make luxury style affordable for young professionals.

Developers have drawn up designs for three new lofts on the roof of the Federal Warehouse Co. building. Preleasing will be made available for these apartments in the coming weeks.

The area-based Baldovin Construction Co. is the developer for the upcoming projects. The company worked on the Childer’s Eatery on University St., Slow Hand Craft BBQ in Peoria Heights, Sucré Sweets, and Socials in Morton, and more.

DDC President and CEO Michael Freilinger said this development has been an 18-month process.

There are also talks of potential a rooftop restaurant and bar.

The announcement was made at the Mitchell Fabrics building.

“You see people walking around to other businesses and that’s what we’re trying to do. Drive-up the energy down here,” said President of Baldovin Development Company Casey Baldovin.

That’s exactly what Baldovin plans to do after buying the Federal Building and the Mitchell Fabrics building located at 800 and 810 SW Adams Street.

Baldovin says this will be a great place for young professionals to come to work, live, and play.

“It’s not the house, the fence, the kids the car. It’s now ‘I work hard, I might have two jobs. How do I wanna spend my money?’ Baldovin said.

Baldovin hopes many businesses come into the retail space.

“We hope to fill up 12,000-14,000 square feet with 5-10 businesses,” Baldovin said.

Freilinger says this is only possible because of a historic tax credit, TIF reimbursement, and opportunity zone incentives.

“Five years from now when this whole neighborhood is bustling with people and there’s over 2,000 people living on one city block. It’s gonna be a dynamic stage,” Freilinger said.

The DDC also bought two parking lots on SW Adams Street.

Baldovin hopes to increase the amount of parking downtown for tenants, employees, and people visiting the area.

“Next week we’re gonna make an announcement on another piece of property we closed on. That will also tee in with parking,” Baldovin said.

These buildings are located across the street from Zion Coffee and right by Dozer Park.

Baldovin says he hopes to offer the luxury apartments at a reasonable price.

He adds he wants to bring a rooftop restaurant and bar there too.

Freilinger says this project could be started next spring and finished spring 2021.

Baldovin says this should bring 100-140 jobs to the area.

DDC purchased from WTC Investments LLC four properties in total.

726, 800, and 810 SW Adams Street and 807 SW Washington Street.

If you are interested in moving your business into this area, you can call Baldovin Development Company at 309-422-6917.

This story will be updated.