By Neil Doyle
BLOOMINGTON – State Farm announced Friday it has found a new interested buyer for its building in downtown Bloomington.
The new potential buyer is Rockford-based Urban Equity Properties.
The company said it plans a multi-million dollar project for 230 luxury loft apartments, including a fitness center and cafe.
“We focus on renovating and managing buildings of historical significance,” said UEP spokesperson Jim Hagerty. “We just didn’t want to see the State Farm building demolished because we knew that there could be something done with it to really benefit the community.”
Hagerty said the company plans to utilize federal incentives since the building is a contributing property in a historical district.
“This is fantastic news for our community, the downtown area, and for our economic vitality,” said Bloomington 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 true to their word have been actively trying to market and repurpose this building,” said Bloomington City Manager Tim Gleason. “One of these has finally materialized and this is a great group with a great track record.”
State Farm said both parties plan to close on the sale in October.
The Bloomington-based insurer said once the sale is finalized, it will cease plans to demolish the building.
Neil Doyle can be reached at [email protected]
