An artist's rendering of the new $1.2 million, 6,000 square foot strip mall coming to Peru’s north side. Image provided
PERU – Construction is underway on a new $1.2 million mini strip mall on the north side of Peru that will include four commercial spaces, including First Farmers Bank & Trust and Verizon.
Construction got underway last month on the 6,000-square-foot building located just north of Taco John’s on North Broadway, near U.S. 24.
Bill Roebel, who is developing the project through the limited-liability company B&M Partnership, said the bank has locked in a lease for one of the storefronts, and Verizon is expected to finalize an agreement this month.
He said the sandwich chain Jimmy John’s is also likely to move into one of the spots, but the company has pushed back any commitment due to COVID-19.
“They’re interested in going there,” Roebel said. “They just can’t make the commitment.”
However, if another business wants the spot, they would have first dibs, he said.
“If someone else comes along, I’d rent it tomorrow,” Roebel said. “I don’t want to take a chance. You never know about these national franchises. They could change their mind and say we’re not going there yet.”
The fourth and final location is still up for grabs, but it will likely quickly be leased out after construction is further along, he said.
“Typically, once the building starts going up, everybody gets interested and it’s not a problem to fill them,” Roebel said.
Crews are currently doing site work, which requires more remediation than usual since the land is located in a flood zone with subpar soil. Roebel said they are pouring a lot of stone at the site to elevate the land. Crews this week will dig the footers.
He said they hope to have the strip mall complete by May 1.
In November, the Peru City Council approved a tax incentive for the project that will reimburse B&M Partnership 60% of its real property taxes paid on the investment every year for ten years.
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