South Carolina-based Greystar Real Estate Partners has broken ground on a new $500 million mixed-use project in Peoria's Old Town area called Peoria Place.

The first phase of the development will include a 411,918-square-foot industrial facility called Caliber across three buildings totaling 114,446 square feet, 122,863 square feet and 174,609 square feet on the southwest corner of 79th and Grand avenues.

The new industrial project is part of an 88-acre mixed-use infill development, which at full build-out will feature the Caliber industrial park, luxury apartments, build-to-rent homes and retail. The Business Journal previously reported that Peoria Place would comprise four-story apartments with ground-floor retail, 243 single-family homes for rent and two garden-style apartment facilities.

“Peoria Place is a unique opportunity to activate Peoria’s downtown with high-quality residential and employment options," said Greystar Managing Director Billy Cundiff, in a statement. "The immediate access to major arterials, an educated workforce and high population growth has created an ideal location for manufacturing and logistics companies expanding their operations. It has been a pleasure working with the city of Peoria, and we look forward to delivering this successful project."

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By Staff - Phoenix Business Journal