City Weighs Aid for Eastland Mall Redevelopment
Bloomington may back an $11.3 million purchase to help modernize the site.
Updated on Oct. 23, 2026 in Commercial
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Cullinan Properties is under contract to purchase the 53-acre Eastland Mall site for $11.3 million. As the project moves forward, Bloomington leaders are evaluating financial incentives to help facilitate the demolition and redevelopment of the aging property.
Why it matters
The proposed redevelopment signals a potential shift for the local commercial landscape as the city moves to address long-term vacancies caused by declining mall traffic. These financial supports are aimed at incentivizing developers to transform underutilized property into new, productive sites.
Cullinan Properties has reached an $11.3 million deal to purchase the 53-acre Eastland Mall site. The Bloomington City Council is currently weighing an 80% loan guarantee to support the developer's financing through the Bank of Springfield.
The players
Cullinan Properties
An East Peoria-based developer currently under contract to purchase the 53-acre Eastland Mall site.
CBL Properties
The current owner of Eastland Mall based in Tennessee.
Bank of Springfield
A financial institution providing lending services for the redevelopment project.
The details
The developer, operating as Eastland Mall Redevelopers LLC, plans to demolish the existing enclosed mall structure to clear the site for new construction. To bridge the financing gap, the city is proposing a tax increment financing district to offer future tax rebates. Additionally, the city's 80% loan guarantee would provide a safety net for the developer's bank loan, helping to stabilize the project's early phases.
Timeline
Summer 2026: CBRE listed the mall as a redevelopment opportunity.
October 26, 2026: City Council meets to discuss TIF and loan guarantees.
November 2026: The mall sale is expected to close.
Next 6 months: The city expects to finalize the redevelopment agreement.
Money Landscape
The use of tax increment financing is a standard municipal tool for de-risking the repurposing of aging retail space. This development reflects a broader effort to revitalize commercial real estate that has struggled with long-term vacancies.
The potential city-backed loan guarantees represent a commitment of public financial resources toward site redevelopment. Households should watch for updates on the final agreement terms, which may impact local tax revenue allocations over the coming years.
The takeaway
The move to acquire and clear the Eastland Mall site marks a significant step toward modernizing the local commercial footprint. Residents should monitor the October 26, 2026 City Council meeting for final decisions on proposed financial incentives.
Further reading
For more on the changing landscape of local storefronts, visit our Commercial section.
Live Poll
Should your city provide loan guarantees to private developers for local shopping center renovations?
