Cullinan Properties to Purchase Eastland Mall Site

The developer plans to demolish the aging Bloomington shopping center after acquiring the 53-acre property.

Updated on Oct. 23, 2026 in Commercial

Bold vector editorial illustration showing an abandoned brick commercial building framed by a single steel I-beam on a paved lot. — Cullinan Properties has signed a $11.3 million contract to acquire and redevelop the struggling Eastland Mall site in Bloomington, Illinois. AI Illustration. Upload story photo >

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Cullinan Properties has entered a contract to purchase the 53-acre Eastland Mall site for $11.3 million. The developer intends to demolish the existing structure to allow for a total redevelopment of the property.

Why it matters

The mall has struggled with declining foot traffic and high vacancy rates as local shopping habits have shifted toward online retailers. The city is now stepping in to assist with the financing needed to revitalize this underutilized commercial land.

The acquisition involves a 53-acre parcel currently valued at $11.3 million. The city has proposed an 80% loan guarantee to support the developer's financing through the Bank of Springfield.

The players

Cullinan Properties

An East Peoria-based real estate development firm that operates under the entity name Eastland Mall Redevelopers LLC.

CBL Properties

A Tennessee-based retail real estate investment trust that currently serves as the owner of Eastland Mall.

Bloomington City Council

The local governing body responsible for reviewing financial incentives and potential tax increment financing for property projects.

The details

Operating as Eastland Mall Redevelopers LLC, the firm will utilize potential tax increment financing district rebates to move forward with the project. The city is currently drafting a formal redevelopment agreement, a process expected to span the next six months.

CBRE listed the mall for sale as a redevelopment opportunity throughout the summer of 2026.
The Bloomington City Council will meet on October 26, 2026, to discuss TIF and loan guarantee proposals.
The property sale is expected to close as early as November 2026.
The drafting and approval of a redevelopment agreement is expected to take six months.

Culture Shift

This project reflects the broader societal trend of repurposing vacant, massive retail footprints into new urban environments. It mirrors the national shift away from enclosed suburban malls toward mixed-use spaces that accommodate modern consumer demands.

Residents should anticipate significant changes to the Eastland Mall area as the demolition of the current structure begins. The redevelopment will eventually replace a long-term vacant site with new commercial options intended to boost the local economy.

The takeaway

The move to demolish the aging mall signals an end to its decades-long role as a traditional retail hub in Bloomington. Future development will likely focus on creating a modern commercial space better suited to contemporary shopping habits.

What happens next

The Bloomington City Council will hold a meeting on October 26, 2026, to officially consider the proposed tax increment financing and loan guarantee measures.