State Farm’s Downtown Bloomington building sold

State Farm
State Farm said the sale was finalized Thursday afternoon. (WJBC file photo)

 

By Neil Doyle

BLOOMINGTON – State Farm has announced the sale of its Downtown Bloomington building has been finalized.

The Bloomington insurer said the sale agreement with Rockford-based developer Urban Equity Properties, which was signed in September, went through Thursday afternoon.

In a news release, State Farm said the sale preserves the building for the community and ends the long-term financial obligations for maintenance and upkeep.  The location served as the company’s headquarters until 1974.

Urban Equity intends to transform the 13-story building into “Bloomington Lofts,” a residential complex with more than 200 luxury loft apartments, including a fitness center, tenant lounges, communal space and ground-floor café.

Neil Doyle can be reached at neil.doyle@cumulus.com

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