BLOOMINGTON, (WEEK) — The sale of State Farm’s Downtown Building was finalized Thursday afternoon, with the new owner planning to transform the 13-story building into Bloomington Lofts.
The new owner of State Farm’s former headquarters is a Rockford-based developer named Urban Equity Properties, LLC. (UEP)
The sale qualifies as a tax exempt.
“Urban Equity Properties is excited about this project and the opportunity to be part of the great things happening in downtown Bloomington,” Founding Principal Justin Fern said. “We knew the redevelopment would be a wonderful fit for us. When it looked like we could save the property, we contacted State Farm directly, and they have been terrific to work with.”
The new owners said when they found out about the property they contacted State Farm themselves.
UEP plans to turn the downtown building into apartments.
The complex would be called “Bloomington Lofts” and would feature 200 luxury loft apartments, a fitness center, lounges, communal space and a cafe.