P
eoria has reached an agreement with the Arizona State Land Department to develop 6,700 acres of land for future projects. The city will invest $140 million in infrastructure for the Peoria Innovation Core, a 10.5 square mile area near Lake Pleasant Parkway. The state will auction off the land to residential builders, employers, and commercial developers over the next 20 years. Peoria aims to attract major economic development deals and create an ecosystem for growth. The city plans to recover up to $500 million in infrastructure costs over 15 to 20 years through land auctions. Several companies have already expressed interest in developing megaprojects in the region.