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 firstname.lastname@example.org