Bloomington, Ill. (WEEK) – A Rockford-based company has expressed interest in purchasing the former State Farm corporate headquarters building in Bloomington.
State Farm says the demolition project is now on hold. A company spokesperson says they have been looking for a buyer for that property that would be a great community steward.
They say Urban Equity Properties has a track record of purchasing and redeveloping older buildings in cities similar to Bloomington. The company plans to bring 230 luxury apartments to the building if the sale goes through.
“We can take these buildings and we can turn them into flagship developments and by doing that other developers will follow. We really wanted to save the building because once you knock down a building like this you lose a lot more than just brick and mortar,” Urban Equity Properties Media Relations Director Jim Hagerty said.
“Bloomington is a wonderful community it’s a university town, State Farm is a major employer. We’ve looked at the community, we’ve looked at what the market can bear so we don’t have any doubts about not filling these units.”
Both parties expect to close the sale in October with Urban Equity Properties looking to start construction next summer.