Caterpillar’s announcement that it plans to remain in Peoria and build a new global headquarters will provide a catalyst to help revitalize the city’s downtown and spark the entire region’s economy, business and civic leaders say.

“A Fortune 50 company that was sought by other states and countries and has decided to stay here. [That] is a huge affirmation,” said Jeff Griffin, President of the Peoria Area Chamber of Commerce.

Caterpillar’s plan to build a three-tower building on a 32-acre site, encompassing six city blocks along Peoria’s riverfront, is projected to bring jobs and attract other business associated with construction of the campus. The campus, estimated to take six to eight years to complete, will also include green space, walking and bike paths, food and retail options, and employee amenities such as fitness and childcare services. When complete, it will provide a destination for employees, customers, dealers, and suppliers from around the world.

“This announcement will provide stability to the community, and it sends the message that one of our major employers will be here long into the future. That is good for all of us,” said Peoria Mayor Jim Ardis who, along with Illinois Gov. Bruce Rauner, was present last week when Caterpillar Chairman and CEO Doug Oberhelman made the announcement.

“Our key message will be, what is it about Peoria that is attractive to keep a company like Caterpillar — a $55 billion company — in our city? How can Caterpillar build world-class mining equipment in Illinois and be competitive worldwide?” said Ardis. “Peoria is almost dead center in the middle of the country, and it offers a lot for a more affordable price. We have a great transport network, with rail, an airport, a good interstate system, river transport, and good, hard-working people.”

The city and Downtown Development Corporation, along with the Chamber of Commerce, the Peoria Convention and Visitors Bureau, the CEO Council, and the Greater Peoria Economic Development Council are working together to promote the region as an attractive, economically viable place to live and work.

Building on this effort, they will work to attract more foot traffic to the downtown. Other components to the revitalization efforts include the Peoria Riverfront Museum, which opened in 2012, and plans to renovate the Warehouse District by building more residential units and creating more riverfront activities.

The city received good news on Thursday, when the Illinois Historic Preservation Agency announced that the Warehouse District and two other Peoria buildings were included on a list of 24 Illinois buildings named to the prestigious National Register of Historic Places. Also included were the Lincoln Branch of Peoria Public Library and the Kickapoo Building on Main Street. The designation of these historic sites can attract more visitors to the area and provide building owners with the ability to access Historic Tax Credits when improving their structures.

“The museum is doing well, and the level of interest in development of the Warehouse District was good before Caterpillar’s announcement. Now, it’s even better,” Griffin said.