Urban Equity Properties purchases former State Farm Insurance headquarters
BLOOMINGTON, Ill. – Rockford-based Urban Equity Properties has entered into an agreement with State Farm Insurance to purchase the company’s former headquarters in downtown Bloomington, the companies announced last week.
The agreement comes after a year of unsuccessful attempts by the insurer to market the 90-year-old property. At 112 E. Washington St., it served as State Farm’s headquarters until 1974. Divisions of the company continued to operate there until 2018.
When previous sales fell through, State Farm announced in July its intention to demolish the 13-story building. Instead, it will be transformed into “Bloomington Lofts” a high-rise residential complex with 230 luxury loft apartments, fitness centers, tenant lounges, communal space and a ground-floor café. Apartments will include kitchens with granite counter tops and gourmet stainless-steel appliances.
“Urban Equity Properties is excited about this future development and the opportunity to be part of the great things happening in downtown Bloomington,” Founding Principal Justin Fern said. “We knew this would be a fit for us. And when it looked like we could save the property, we contacted State Farm directly, and they have been great to work with.”
Read more: http://rockrivertimes.com/2019/09/12/urban-equity-properties-purchases-former-state-farm-insurance-headquarters/