Eastland Mall Sale Paves Way for Bloomington Redevelopment

The 53-acre site is set to change hands for $11.3 million as city officials move to finalize a new development plan.

Updated on Oct. 30, 2026 in Commercial

Bold vector editorial illustration showing a steel girder on a wide asphalt surface, representing upcoming urban redevelopment in Bloomington. — Cullinan Properties has reached an $11.3 million agreement to purchase the 53-acre Eastland Mall site, with Bloomington city officials planning a total site redevelopment. AI Illustration. Upload story photo >

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Cullinan Properties has reached a $11.3 million purchase agreement for the 53-acre Eastland Mall site, a deal supported by Bloomington city measures. The transition marks a significant shift for the retail landscape as the current owner, CBL Properties, looks to offload the asset.

Why it matters

The city council's move to provide 80% loan collateral and establish a tax increment financing district aims to jumpstart the redevelopment of the aging property. This ensures the area remains a viable commercial hub as the mall is removed from CBL Properties' financial records.

Cullinan Properties is set to acquire the 53-acre Eastland Mall for $11.3 million, with the city of Bloomington backing the project with 80% loan collateral. Redevelopment of the site is currently slated for the coming years.

The players

Cullinan Properties

A developer involved in retail and mixed-use projects that now leads the Eastland Mall acquisition.

CBL Properties

A mall owner and operator that is offloading the Eastland Mall from its financial portfolio.

Bloomington City Council

The local governing body providing 80% collateral on the developer's loan to enable site redevelopment.

Kohl's

A department store chain that will continue its anchor presence at the Eastland Mall site during transition.

The details

The redevelopment process relies on the city establishing a tax increment financing district to reimburse development costs. Under the current agreement, Cullinan Properties will acquire the property while existing tenant Kohl's maintains its anchor store operations. Following the expected sale closure, the project involves a complete site demolition and transformation of the 53-acre footprint.

September 2026: Cullinan Properties and CBL Properties entered a purchase agreement.
October 26, 2026: City council approved measures to facilitate the site redevelopment.
November 2026 - January 2027: The property sale is projected to close.
Fall 2027: Demolition of the mall could begin.
January - April 2027: The city intends to vote on the tax increment financing district.

The Home Front

Large-scale mall redevelopments are increasingly common as municipalities transition away from enclosed retail structures toward mixed-use developments. These projects often utilize tax increment financing districts to offset the significant costs associated with brownfield demolition and site prep.

Local homeowners should monitor the city's upcoming votes on the tax increment financing district to understand how redevelopment will impact the local tax base. While Kohl's remains open, neighbors should stay alert for site notices regarding demolition timelines beginning as early as fall 2027.

The takeaway

The transformation of the Eastland Mall site signals a shift in the local retail landscape as the city moves to modernize aging infrastructure. Residents should track the scheduled 2027 city council vote to stay informed on how the project will be financed and phased.