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Cullinan Properties Under Contract for Eastland Mall

The 53-acre site faces potential demolition as the city considers financial incentives to support future redevelopment.

Updated on Oct. 23, 2026 in Commercial

Screen-print poster illustration of a low-slung, abandoned commercial building in a vast parking lot, depicting urban redevelopment.
Cullinan Properties has signed a contract to purchase the 53-acre Eastland Mall site in Bloomington for $11.3 million to facilitate demolition and redevelopment. AI Illustration. Upload story photo >

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Cullinan Properties is under contract to purchase the 53-acre Eastland Mall site for $11.3 million. The city is now considering financial incentives, including a loan guarantee and tax rebates, to support the developer's plans to demolish the structure.

Why it matters

The redevelopment aims to address the long-term vacancies and declining foot traffic at the site caused by the shift toward online shopping. If finalized, this transition could transform a major local land parcel and alter the surrounding retail landscape.

The 53-acre site is currently owned by CBL Properties, which saw it listed through CBRE this past summer. The city's proposed assistance includes an 80% loan guarantee via the Bank of Springfield and a new tax increment financing district.

The players

Cullinan Properties

An East Peoria-based developer tasked with the potential site demolition and future redevelopment.

CBL Properties

A Tennessee-based retail real estate firm that currently owns the Eastland Mall.

Bloomington City Council

The local governing body currently considering financial incentives to facilitate the site's transition.

The details

The developer, operating as Eastland Mall Redevelopers LLC, intends to tear down the existing enclosed mall to clear the site for new use. To facilitate this, the city proposes a tax increment financing district that would provide tax rebates to the developer, alongside a loan guarantee to assist with financing. These measures are designed to offset the costs of demolition and site preparation for the large property.

Timeline

  1. Summer 2026: CBRE listed the property for sale.

  2. October 26, 2026: City Council reviews proposed financial incentives.

  3. November 2026: Earliest potential closing date for the property sale.

  4. Next 6 months: Expected period for the drafting and approval of the redevelopment agreement.

The Home Front

This project aligns with a broader national trend of repurposing struggling enclosed malls as retail habits shift away from traditional brick-and-mortar storefronts. The proposal reflects a growing municipal focus on using tax incentives to revitalize large, underutilized commercial sites.

Residents should monitor upcoming City Council discussions regarding potential traffic impacts and future site usage that may affect nearby property value. Keep an eye on local public notices if you live in the immediate vicinity to stay updated on demolition and construction timelines.

The takeaway

The proposed mall sale marks a significant step toward repurposing a major, underutilized local commercial asset. Residents interested in the site's future should watch for the outcome of the October 26, 2026, City Council meeting to understand the scope of the approved redevelopment agreement.

Further reading

Learn more about local commercial shifts in the Commercial section.

Live Poll

Should your city provide loan guarantees to private developers for local shopping center renovations?