By Greg Halbleib and Maria Henneberry
BLOOMINGTON – The site of the former General Electric building near Veterans Parkway in Bloomington could soon be converted into retail space.
Christopher Zoellner of the St. Louis realty firm Balke Brown Transwestern said the facility has a buyer who wants to convert most of the 30-acre site into a shopping area.
“It would be similar to the center in Normal that currently houses Fresh Market,” Zoellner said, comparing the planned area to one a short distance north. “It would be four or five larger tenants and then a little bit of small shop space, and then an outlot that would accommodate either more small shop space or a sit-down restaurant.”
Zoellner said the current facility covers about 180,000 square feet on a large parcel.
“The property sits on about 30 acres,” Zoellner said. “The intent with the shopping center would be to build on about the front 20 acres with plans to develop the other 10 acres with other developers for hotels and so forth.”
Zoellner says the new owner plans to approach the Bloomington City Council in March or April to request city assistance.
“The developer is seeking incentives which are going to be necessary to get the property turned around and back into use and on the tax rolls (instead of) the albatross that’s just sitting there,” Zoellner said.
Zoellner also says the developer will also ask to widen GE Road for a turn lane and installation of stoplights at the location at Keaton Place.
Greg Halbleib can be reached at [email protected]. Maria Henneberry can be reached at [email protected].