The Peru City Council voted to approve a plan that would tear down part of the Peru Mall. The plan would replace the mall with an apartment complex and free standing retail stores. The redevelopment will change the name of the property to “The Crossroads at Peru.”
Architect Andrew Koglin says the plan is to create an outdoor mall that could help GK Real Estate attract new tenants. The company plans to market the apartment units to older people without children at home and young professionals. Recognizing that the building’s glory days as a mall are over, about 60% of what’s there now would come down.
Both the city and company plan to complete a predevelopment agreement in the next 60 days. The company estimates that it will take 10 months to go through the predevelopment phase, along with a 16-17-month construction period.
Alderman Aaron Buffo voted no, citing opposition to the housing plan. He doesn’t feel apartments are right for the location. Businesses will be all around them.
Alderman Mike Radke voted in favor, but he had some doubts. He says he’s skeptical about the redevelopment plans. But he doesn’t want the city on the hook for tearing down the mall if no other developers come along.