BLOOMINGTON, Ill. — The State Farm building in downtown Bloomington has a potential new buyer.
On Friday, it was announced that Urban Equity Properties, LLC (UEP) is working with State Farm on a sales process to buy the building. State Farm said the buyer has a demonstrated track record of redeveloping older buildings in the urban core of similarly sized cities.
Friday afternoon, Bloomington Mayor Terri Renner said the deal is done with the buyers. It was originally anticipated to be closed in October.
Renner said there are no incentives in the deal, and that “everyone is excited.”
The downtown building has been on the market since spring 2018.
In a statement, State Farm said:
“Our preferred option has always been to find a buyer for the Downtown Building, and we are pleased UEP came forward with an effective plan to redevelop the building. Once the sale is finalized, State Farm will cease plans to demolish the Downtown Building.”State Farm officials
It was previously announced in July that the downtown building would be demolished after a deal with a private buyer fell through.