economy-and-business2 hours ago
Bloomington Council Weighs $11.3M Deal to Rebuild Vacant Eastland Mall
East Peoria developer Cullinan Properties is under contract to buy the 53-acre Eastland Mall in Bloomington for $11.3 million, with a potential closing in November. The Bloomington City Council is considering a tax increment financing (TIF) district and an 80% loan guarantee to facilitate the purchase and redevelopment. The plan involves demolishing the existing enclosed mall structure while retaining viable outparcels like Kohl's, replacing the main building with a modern outdoor retail and mixed-use destination. The city anticipates a comprehensive transformation of the site, which has been largely vacant for years due to the rise of online shopping. A redevelopment agreement is expected to take about six months to finalize.