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East Peoria developer under contract to buy Eastland Mall
WGLT • • business
Key Points:
- East Peoria-based Cullinan Properties is under contract to purchase the 53-acre Eastland Mall site in Bloomington for $11.3 million, with the deal potentially closing in November.
- The city plans to transform the mall area by demolishing most of the existing enclosed structure while retaining Kohl's and other viable outparcels, aiming to create a modern outdoor retail and mixed-use destination.
- The Bloomington City Council will consider establishing a tax increment financing (TIF) district for the property and approving an 80% loan guarantee to support Cullinan Properties in securing funding, with protections in place if the developer defaults.
- Cullinan Properties has a strong track record in large-scale redevelopment projects across Central Illinois, including shopping centers, offices, medical facilities, and apartment buildings.
- A redevelopment agreement between the city and Cullinan Properties is expected to take about six months to draft and approve, with the city anticipating a comprehensive transformation of the Eastland Mall site.
