By Neil Doyle
BLOOMINGTON – A new buyer has emerged for State Farm’s building in downtown Bloomington.
In a release Friday, State Farm said its working through the sales process with a new interested buyer, Urban Equity Properties, based in Rockford.
Once the sale is finalized, State Farm said it will cease plans to demolish the building. The Bloomington-based insurer announced in July it planned to knock down its former headquarters after a previous sale fell through.
Both parties anticipate closing on the sale in October.
“This is fantastic news for our community, the downtown area, and for our economic vitality,” said Mayor Tari Renner. “This is a company with a long record of economic and downtown development, as well as dealing with historic buildings.”
State Farm said Urban Equity came forward with an effective plan to redevelop the building.
According to Urban Equity Properties website, the company has been developing real estate for more than a decade. “Our philosophy is to identify, acquire, renovate and manage buildings of historical and/or architectural significance, with an emphasis on long-term ownership. Many projects focus on historic preservation and the revitalization of urban areas by providing live/work loft spaces and commercial/retail opportunities.”
Neil Doyle can be reached at [email protected]
