The city of Bloomington has reached a deal with a firm to develop about half of what the city calls The Trades District. Last night Mayor Mark Kruzan told the City Council that officials have signed a deal with the Indianapolis-based company, Flaherty & Collins. The business has agreed to develop a six-acre piece of land just east of Rogers Street and south of 11th Street. The city currently owns the land, which has long been reserved for a certified technology park. Kruzan says the city will give the land to Flaherty and Collins.
“In exchange, F&C has committed approximately 43 million dollar investment” Kruzan explains. “I wanna note that land has been tax exempt for generations” Kruzan concludes
Although the city has referred to the project as a technology park, the vast majority of the planned development is housing. About 200,000 square feet of new residential space is included in the agreement compared with 35,000 square feet of new office, co-work and event space. Kruzan says the housing will not be geared toward students.
“Part of what it is, as a candidate, is to expand our downtown as a visions of a community priority” Kruzan continues to explain.
As part of the agreement, Flaherty and Collins would not be able to sell the property for 20 years, a measure Kruzan says should protect the area from unwanted development. There are still some agreements to be signed before the deal is finalized. The City Plan Commission will also have to approve some aspects of the development.